SAN DIEGO, Calif., Nov. 15 /PRNewswire-FirstCall/
-- Patriot Scientific Corporation (OTC Bulletin Board: PTSC - News) said today the company is clarifying its press release of November 11, 2004 in which PTSC announced it 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.
PTSC previously reported that Relational Advisors told the company that it represents TPL, Daniel Leckrone and Charles Moore in their effort to obtain PTSC ownership of patents (US5809336, 6598148, 5440749, 5604915, 5530890, 5784584 and 5659703). The $7.5 million offer included a royalty-sharing scheme deemed inadequate for the intellectual property held by PTSC, which has value estimations in excess of $1 billion. To clarify, Relational Advisors simply communicated the offer to PTSC in its capacity as financial advisor to TPL.
PTSC previously reported that Relational Advisors was an investment fund with $3 billon under management. To clarify, Relational Advisors is not an investment fund and does not manage money on behalf of others. Relational Advisors is an affiliate of Relational Investors LLC, an investment fund, which is not associated in any way with TPL, PTSC or any matters between them. To further clarify, Relational Advisors is not pursuing the acquisition of the specified technology on its own behalf, but acting solely as the financial advisors to TPL who has offered to acquire the technology. The source of the funding for the offer was not disclosed to PTSC.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
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.