SAN DIEGO-- (BUSINESS WIRE)-April 25, 2002-- (OTCBB: PTSC) A month after it was to be completed, Patriot Scientific Corp. (PTSC) and Aspect Semiquip International (ASI) have terminated discussions designed to lead to an acquisition of ASI by PTSC. Jeff Wallin, President and CEO of PTSC made the announcement.
Mr. Wallin explained that, "After weeks of discussions and due diligence, it became clear to the executives of both companies that such an acquisition would not meet the business objectives of either company. That's the purpose of the thorough investigation and the conversations required to affect an acquisition, to be assured that it will be mutually beneficial to both the acquired and the acquiring organizations. PTSC sought an acquisition that added a company with synergistic value. ASI is a fine company, but with present market conditions and the present strategic direction of PTSC, it was decided the acquisition would not have been productive".
"This acquisition did not occur, but it was not because there was a lack of effort on the part of PTSC or ASI", stated Douglas N. Dixon, President and CEO of ASI. "It appears that timing and marketplace dictated the outcome," he concluded.
ABOUT PTSC: Founded in 1987, PTSC is an Intellectual Property (IP); Integrated Circuit (IC) and systems level embedded engineering company. The company develops, markets and enables innovative technologies to address demands in fast growing markets such as: wireless devices, home appliances and gateways, set top boxes, entertainment technology, biomedical devices, as well as telemetric and industrial controllers.
PTSC's innovative IP licensing approach allows for rapid product introduction with exceptional power, performance and cost characteristics that are crucial to the next generation of mobile and Internet devices. The company's foundation product is the IGNITE™ family of microprocessors. With the documented superior performance to other 32-bit microprocessors, its unique stack architecture provides both processing and cost efficiency. The company has long sold the IGNITE I™ processor in silicon both in the United States and abroad.
PTSC has also developed and is marketing JUICEtechnology™, an embedded power saving process for mobile devices. For further information on PTSC, visit http://www.ptsc.com.
Safe Harbor statement under the Private Securities Litigation Reform Act of 1995: Statements in this news release looking forward in time involve risks and uncertainties, including the risks associated with the effect of changing economic conditions, trends in the products markets, variations in the company's cash flow, market acceptance risks, technical development risks, seasonality and other risk factors detailed in the company's Securities and Exchange Commission filings.