CARLSBAD, Calif. -- August 14, 2008 -- Patriot Scientific today reported the filing of its report on Form 10-K for the fiscal year ended May 31, 2008.
The Company’s results included $19.9 million in earnings from its investment in Phoenix Digital Solutions, LLC (PDS), Patriot Scientific’s joint venture with The TPL Group, the licensing arm for the MMP™ Portfolio. Net income totaled $9.4 million for the fiscal year ended May 31, 2008, or $0.02 diluted per common share.
The Company also reported that SSDI, in which Patriot Scientific holds 46% ownership, experienced strong revenue growth and was operating profitably.
“There were 27 new MMP Portfolio licensees announced this past fiscal year and the Company has maintained its strong cash balance. We are also pleased to note the growth and profitability of SSDI,” said Rick Goerner, Patriot Scientific’s President and CEO.
“We are also making good progress in the M&A sector as we move to re-position the Company for future growth. We’ve announced three transactions this past quarter and have identified other target opportunities for datasharing and security solutions, a target market for Patriot Scientific,” Mr. Goerner added.
Patriot Scientific is the joint owner, with The TPL Group, of the Moore Microprocessor Patent, or MMP, Portfolio, key patents covering the design of microprocessor chips which are used throughout the world in products ranging from computers and cameras to printers, automobiles and industrial devices. Microprocessor chips are the “brain” of nearly every electronic and electrical device including home appliances, televisions, video game players and cell phones.
Patriot Scientific also reported that it had increased its stake in Talis Data Systems, LLC, a company that produces multi-domain computer and network security products to government, military and enterprise customers, to 37%.
About Patriot Scientific
Patriot Scientific is a leading intellectual-property licensing company that develops, markets, and enables innovative technologies that satisfy the demands of fast-growing markets for wireless devices, smart cards, home appliances, network gateways, set-top boxes, entertainment technology, automotive telematics, biomedical devices, industrial controllers and more. Patriot is currently in the process of expanding beyond the successful licensing program of the MMP™ Portfolio into an operating company through M&A activity focused on opportunities in the software, networking and wireless technology sectors. In addition to M&A, the company is evaluating selective expansion of Patriot’s IP portfolio and also the pursuit of minority investments in certain early-stage revenue technology ventures. Headquartered in Carlsbad, Calif., information about the company can be found at http://www.patriotscientific.com.
About the MMP™ Portfolio
The Moore Microprocessor Patent™ Portfolio contains intellectual property that is jointly owned by publicly-held Patriot Scientific Corporation and the privately held The TPL Group. The MMP™ Portfolio includes seven U.S. patents as well as their European and Japanese counterparts. It is widely recognized that the MMP™ Portfolio protects fundamental technology used in microprocessors, microcontrollers, digital signal processors (DSPs), embedded processors and system-on-chip (SoC) devices. Manufacturers of microprocessor-based products can learn more about how to participate in the MMP™ Portfolio Licensing Program by contacting: firstname.lastname@example.org.