SAN DIEGO--September 26, 2002--PTSC (Patriot Scientific Corp.) (OTCBB:PTSC) announced today it has entered into a letter of intent with a major Chinese manufacturer to integrate its IGNITE™ embedded microprocessor technology into a silicon solution for a smart card product. China's smart card industries have formed an "industrial chain" to accelerate the development and modernization of finance, telecom, transportation and other industries as reported by Card Forum International.
"The IGNITE processor has been evaluated as having an architecture with superior performance to address multiple market segment requirements imposed by the customer" stated Dr. Patrick Nunally, the PTSC Chief Technical Officer. He continued by stating, "IGNITE will address the current market needs as well as anticipated requirements associated with advanced cryptographic devices in future products."
In 2001, China issued a total of 320.2 million smart cards, among those were 253.3 million memory IC cards and 66.9 million CPU based cards with annual growth rate of 15-25% for the next five years as stated by Card Forum International. "Although the price competition will be intense, the demonstrable technical merits and performance advantages of the IGNITE technology will enable the application of the processor by embedded developers as well as the provision of a solution utilizing a complete SoC (System on Chip) design from PTSC" said Joey Maitra, the company's Vice President of Engineering and Programs. "Additionally, IGNITE has advantages over the competition in both the contact and contactless smart card market," continued Maitra.
"PTSC has differentiated its technology from the competitors and is fully prepared to address one of the most rapidly expanding markets within the semiconductor market," said Jeff Wallin, the company's CEO.
PTSC's IGNITE™ family of microprocessors enables manufacturers to differentiate their products, replace less efficient processing devices, add functionality and reduce cost. The IGNITE's unique dual stack architecture coupled with the lowest gate count and memory footprint in the industry, enables IGNITE to be the industry's price/performance leader. PTSC has successfully integrated the industry's smallest and most powerful RISC 32-bit microprocessor. It also has a full Java application environment. The speed, flexibility, efficiency and low cost of this technology package is what makes it the most attractive advanced microprocessor in the market.
About PTSC: Founded in 1987, PTSC is an Intellectual Property (IP); Integrated Circuit (IC) and systems level embedded engineering company. The Company sells the IGNITE™ processor in silicon both in the United States and abroad. Customers also come to PTSC for product integration and development using the IGNITE technology. 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.