October 10, 2008
-- Patriot Scientific (OTCBB:PTSC) today reported the filing of its report on Form 10-Q for its fiscal 2009 first quarter ended August 31, 2008.
The Company's results included $6.6 million in earnings from its investment in Phoenix Digital Solutions, LLC (PDS), Patriot Scientific's joint venture with The TPL Group, who are co-owners of the MMP™ Portfolio, and responsible for its management and commercialization. Net income totaled $3.2 million for the fiscal quarter ended August 31, 2008, or $0.01 per diluted common share compared to a net loss of $2.0 million in the year earlier quarter.
The Company also reported that Holocom (formerly SSDI), in which Patriot Scientific holds 46% ownership, experienced continued strong revenues.
"We announced four new MMP™ Portfolio global licensees this past quarter resulting in a continued strong cash and marketable securities position of $21.3M for the Company," said Rick Goerner, Patriot Scientific's President and CEO.
"We are also making good progress in our M&A initiative as we move to re-position the Company for future growth. We announced the closing of our acquisition of Crossflo Systems, an investment in Avot Media and have identified other target opportunities for datasharing and security solutions that build on the Crossflo product offering for healthcare and government/agency datasharing," 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 holds a 37.4% stake in Talis Data Systems, LLC, a company that produces multi-domain computer and network security products for government, military and enterprise customers.
Patriot Scientific has recently engaged Imperial Capital, an investment banker, to assist in its pursuit of public company M&A targets. About Patriot Scientific Corporation
Headquartered in Carlsbad, California, Patriot Scientific Corporation is a leading intellectual-property licensing company that developed key microprocessor technologies used in myriad wireless devices, smart cards, home appliances, network gateways, set-top boxes, entertainment technology, automotive telematics, biomedical devices, industrial controllers and more. Patriot Scientific has recently embarked on an aggressive business expansion initiative based on selective expansion of its IP portfolio, minority investments in early-stage technology companies and full M&A. For more information on Patriot Scientific Corporation, visit: www.ptsc.com