SAN DIEGO--(BUSINESS WIRE)-May 1, 2003--PTSC (Patriot Scientific Corp.)(OTCBB: PTSC - news) CEO, Jeff Wallin announced today the initial notification phase of the intellectual property compliance program.
Prior to discussing recent accomplishments at PTSC, I should like to announce the next shareholders meeting is being planned for October 2003. Specific details as to the actual date, time and location will be provided in the near future.
Despite a sluggish semi-conductor market with few new technology "design wins", PTSC continues to make progress in a number of areas: IGNITE™ license sales, System on Chip (SoC) design, systems engineering and intellectual property enforcement. The "sweet spot" of differentiation for us remains the ultra high performance, low cost and size coupled with the low power requirements resident in our IGNITE technology. In a recent issue of Embedded Processor Watch, its' Principal Analyst, Max Baron states, "During the next few years, the search for energy-efficient computing will become more important than the drive for performance." We continue to view IGNITE as being well positioned to meet this type of market demand.
Over the past several months, PTSC has accelerated its' intellectual property compliance effort. In September, we reached an agreement with Beatie and Osborn LLP of New York to become our lead law firm to represent our licensing and enforcement objectives. Due to the strength of our patent portfolio coupled with the size of the market benefiting from our protected technology, this prestigious firm is representing us on a contingent basis. Additionally, we have obtained an independent third party opinion favorably evaluating our core technology in the microprocessor area. This strengthens our optimism to the likelihood of compliance success in multiple and sizeable market segments. PTSC expects to commence this process by contacting a number of companies in early May. We are contacting companies that use microprocessors with capabilities greater than 120 MHz. I remain confident the results of this accelerated effort will increase shareholder value in the near future.
The engineering department at PTSC has continued to make significant strides improving the IGNITE technology as well as its supporting tools and development environment to enable its continued commercialization. The IGNITE technology has now been successfully fabricated in .18 micron technology silicon, thereby validating this geometry for licensing to numerous potential customers. Our basic tools inclusive of our co-emulator and virtual development platforms have been refined, facilitating faster and more efficient application of IGNITE by our customers. Beta testing by potential customers has validated these improvements. Additional efforts are ongoing to further enhance design efficiency for our customers when evaluating and implementing the IGNITE microprocessor.
PTSC business development efforts have resulted in additional acceptance of our technology. In April, General Dynamics (GD), Decision Systems Division of Scottsdale, Arizona contracted for an IGNITE license. We are most pleased with the GD selection of IGNITE and trust this will lead to a successful business relationship for both companies. PTSC, although being slowed by SARS, is making significant progress towards international smart card and network processor opportunities utilizing IGNITE related to LOIs/MOUs announced last year. PTSC anticipates providing the IGNITE technology as a licensed microprocessor core but also SoC architectural design services. We also have discrete systems design opportunities utilizing IGNITE as a silicon processor. These opportunities would include engineering services to provide customer solutions resulting in additional sources of revenue for the company.
We are aggressively pursuing a number business opportunities to deliver increased value to all PTSC shareholders.
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.