San Diego, CA - July 25, 2003 - Patriot Scientific Corporation (OTCBB:PTSC) today announced that distribution of assets of the Falk Family Trust, the successor to the company from which PTSC acquired its basic microprocessor technology in 1994, has begun. The trust currently owns, directly or beneficially, 16,832,943 shares of PTSC or approximately 15% of the outstanding shares.
Gloria Felcyn, trustee of the trust and a member of the company's board of directors, said, "We anticipate that we will shortly begin distributing the trust's holdings of PTSC to the heirs. In some cases, this will involve selling shares in the open market or through arranged transactions for the benefit of the heirs as well as converting debentures into shares and exercising warrants currently held by the trust."
Felcyn said, "The Falk family continues to be a supporter of PTSC and its technology. But with the successful conclusion of the lawsuit in which the family and PTSC were named as defendants, the assets of the trust that was formed on the death of Helmut Falk in 1995 must finally be distributed to the heirs. Several heirs have indicated they will continue to hold PTSC shares they may receive as part of a distribution. In addition, we expect execution of the warrants will benefit PTSC's cash flow. We realize the distribution must be orderly and will be conducted in a way to minimize any negative impact on the price of PTSC."
About Patriot Scientific
Patriot Scientific is an intellectual property company developing and marketing innovative and proprietary semiconductor technologies into the fast growing hand held wireless and smart card markets. The company's portfolio of patents encompasses what is believed to be fundamental microprocessor technology and includes additional patents pending to protect its technology and architecture. For more information please visit Patriot Scientific online at www.ptsc.com.
An investment profile on Patriot Scientific may be found at www.hawkassociates.com/patriot/profile.htm.
For investor relations information contact Frank Hawkins or Julie Marshall, Hawk Associates, at (305) 852-2383. Email: firstname.lastname@example.org For Patriot Scientific information contact Jeff Wallin at (858) 674-5010. Detailed information about Patriot Scientific can be found on the website www.ptsc.com. Copies of Patriot Scientific press releases, current price quotes, stock charts and other valuable information for investors may be found on the website www.hawkassociates.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.