SAN DIEGO-October 31, 2002, 2002--PTSC (Patriot Scientific Corp.) (OTCBB: PTSC) announced today the signing of a Memorandum of Understanding (MOU). with a major semiconductor company in China. The MOU is for the development of an initial System on Chip (SoC) design using the IGNITE™ microprocessor for a smart card application. The undisclosed company intends to quickly enter into a contract to have PTSC complete the initial SoC design.
Under the MOU, PTSC and the company will jointly develop a series of IGNITE ™ based SoCs. The two parties have plans for several design phases in which PTSC will design advanced encryption SoCs for smart card applications and the complete design of a Java Card Virtual Machine (JVCM).
"This agreement is another example of how IGNITE is able to address the current market needs as well as anticipated requirements associated with innovative smart card solutions," said Jeff Wallin, PTSC 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 smallest and most powerful 32-bit RISC microprocessor in the industry with 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.