SAN DIEGO, Calif., Nov. 11, 2004
-- Patriot Scientific Corporation (OTC Bulletin Board: PTSC) said today that the company has declined an offer from Relational Advisors LLC (http://www.relationalgroup.com
) for the sale of its critical microprocessor patents that are believed to be in widespread industry use.
Relational Advisors told the company that it represents Technology Properties Limited (TPL), Daniel Leckrone and Charles Moore in their effort to obtain PTSC ownership of patents US5809336, 6598148, 5440749, 5604915, 5530890, 5784584 and 5659703. PTSC's management and board deemed the $7.5 million dollar offer and related royalty-sharing scheme inadequate for the intellectual property held by PTSC. The company estimates the value to exceed $1 billion.
Relational Advisors, an investment fund with $3 billon under management, continues to pursue avenues to obtain the microprocessor technology held by PTSC. PTSC is the plaintiff in a lawsuit against TPL, Daniel Leckrone and Charles Moore that involves the patents and is expected to go to trial in early 2005.
PTSC is in receipt of a demand letter from NuVen Ltd., an affiliate company of TPL and a recent PTSC shareholder, to provide investment agreements, shareholder agreements, shareholder lists, board minutes and other documents. NuVen is represented by the law firm of Gibson, Dunn & Crutcher LLP of Palo Alto.
Patriot Scientific President and CEO Jeff Wallin said, "The recent activities of Relational Advisors and NuVen serve to validate the significant value of the PTSC patent portfolio. We are making every effort to realize the true value of our intellectual property for the benefit of all of our shareholders."
About Patriot Scientific
Patriot Scientific is an intellectual property company, developing and marketing innovative and proprietary semiconductor technologies into the fast- growing handheld 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 Patriot Scientific information, contact Lowell Giffhorn at (858) 674-5018. Detailed information about Patriot Scientific can be found on the website http://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 websites http://www.hawkassociates.com and http://www.hawkmicrocaps.com .
An investment profile on Patriot Scientific may be found at http://www.hawkassociates.com/patriot/profile.htm .
For investor relations information contact Frank Hawkins or Julie Marshall, Hawk Associates, at (305) 852-2383.
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.