(OTCBB: PTSC) "Patriot Scientific Corporation" Recently Announced
Patriot Scientific Reports Fiscal Q2 Results
Actions Included Continued Share Buy Backs, Mediation Settlement in Principle
CARLSBAD, Calif., -- Patriot Scientific Corporation (OTC Bulletin Board: PTSC - News) this week reported net income of $4,108,275 after provision for taxes, or $0.01 per diluted share, for the first 6 months ended November 30, 2006, even though the company recorded a net loss of $1,881,998 for the three-month fiscal quarter ended on that date after setting aside funds to provide for settlement in principle of a dispute. A copy of the company's Form 10-Q, filed January 16, 2007 with the U.S. Securities and Exchange Commission, is available on the company's redesigned website, www.ptsc.com, where visitors can now sign up for e-mail alerts.
The quarterly results included $6,674,793 received as the company's share of the net income of Phoenix Digital Solutions, the joint venture entity that is owned half by Patriot Scientific and half by The TPL Group. Phoenix Digital receives its income from licenses purchased by manufacturers who use technologies contained in the MMP Patent Portfolio that is jointly owned by Patriot Scientific and TPL.
The report disclosed that during the six months ended November 30, 2006, Phoenix Digital received aggregate proceeds of $32,699,000 from technology licensing agreements entered into with third parties. License proceeds of $8,850,000 relating to an additional license agreement signed in November 2006 are to be received in January 2007. Phoenix Digital entered into licensing agreements with aggregate proceeds of $7,320,000 during December 2006. The dollar amount for each licensing deal varies, depending upon factors that include among other things the relevance of the patents to each licensee's revenue and the extent to which the patented technology is incorporated into specific products.
"Our revenues reflect continued momentum in pursuing our patent portfolio licensing strategy through our joint venture with TPL," stated Patriot Scientific chairman and CEO David Pohl. "We had a net increase in cash of $7,733,791 during the first six months ended November 30, 2006 as we continued to strengthen our balance sheet and our financial structure. We have subsequently used some of the cash for share buy backs."
Pursuant to its program to buy back stock, the Company repurchased 4,874,827 shares for the first six months ended November 30, 2006 at an aggregate cost of $4,024,395, and in December 2006 and January 2007 purchased 3,132,500 shares at an aggregate cost of $1,960,305. Patriot Scientific had 381,214,818 common shares outstanding on January 12, 2007. Shareholders' equity at the end of the quarter was $12,782,707, down from $16,629,014 at the end of the previous quarter and up from $10,827,551 on May 31, 2006.
At the end of the quarter Patriot Scientific had $15,714,374 in current assets that included short-term investments and over $11,718,031 in cash and cash equivalents. Current liabilities of $10,968,204 included a $4,154,600 provision for income taxes as well as $6,354,063 earmarked as an expense related to a settlement in principle reached during mediation of litigation between Patriot and a co-inventor of its patented technology. The company has no long-term debt.
"We are delighted that the strength of our patent portfolio continues to be validated by the 12 licenses that have been signed thus far with major electronics companies, 10 of them during calendar year 2006," said Pohl. "Our outlook remains positive for continued revenue based on further progress in licensing more of over 400 companies worldwide that have been notified they are candidates."
Pohl also noted that Patriot Scientific is continuing to actively evaluate sources and opportunities to create additional recurring revenue through possible joint ventures or acquisitions, all with the goal of increasing shareholder value.
Patriot Scientific and The TPL Group are co-owners of the MMP Portfolio, which Alliacense(TM), a TPL Group enterprise, exclusively manages. The MMP Portfolio patents, filed in the 1980s, protect design techniques that have become essential to a myriad of consumer and commercial digital systems ranging from computers, DVD players, cell phones and portable music players, to communications infrastructure, medical equipment and automobiles.
About Patriot Scientific
Patriot Scientific is a leading intellectual property licensing company that develops, markets and enables innovative technologies to address the demands in fast-growing markets such as wireless devices, smart cards, home appliances and gateways, set-top boxes, entertainment technology, automotive telematics, biomedical devices and industrial controllers. Headquartered in Carlsbad, Calif., information about the company can be found at http://www.ptsc.com.
The patent portfolio, marketed as the Moore Microprocessor Patent Portfolio, contains intellectual property that is jointly owned by the publicly held Patriot Scientific Corporation and the privately held TPL Group. The portfolio encompasses seven U.S. patents as well as their European and Japanese counterparts. Both TPL and Patriot assert that their jointly owned patents protect techniques used in designing microprocessors, microcontrollers, Digital Signal Processors (DSPs), embedded processors and System-on-Chip (SoC) implementations. The MMP Portfolio is exclusively managed by Alliacense, a TPL Group Enterprise.
Moore Microprocessor Patent, MMP and Alliacense are trademarks of Technology Properties Limited (TPL). PTSC and Ignite are trademarks of Patriot Scientific Corporation. All other trademarks belong to their respective owners.
CONTACTS: Patriot Investor Relations Hawk Associates Frank Hawkins or Ken AuYeung (305) 451-1888 info*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, results of litigation, seasonality and other risk factors detailed in the company's Securities and Exchange Commission filings.
(OTCBB: FNIX) "Fonix Speech, Inc." Recently Announced
Casio Hitachi Mobile Communications Introduces New Mobile Phones Featuring Fonix Text-to-Speech Integrated into the Casio Soft Mobile Dictionary
Two New Models Feature "Talking" Dictionaries, Turning a Mobile Phone into a Portable Multi-Use Communication Device
SALT LAKE CITY--Fonix Speech, Inc., a wholly owned subsidiary of Fonix Corporation (OTCBB:FNIX - News) specializing in embedded speech interfaces for mobile devices, handheld electronic products, video game systems and processors, announces Fonix DECtalk text-to-speech (TTS) on two new dictionary-enabled mobile phones for the Japanese market introduced by Casio Hitachi Mobile Communications, a company providing customers with highly reliable mobile phone products packed with cutting-edge technologies, and Casio Soft Co., Ltd., a mobile technology company integrating Casio hardware and software to worldwide mobile applications.
"Casio Soft chose Fonix text-to-speech as the voice of the Mobile Dictionary because Fonix DECtalk is clear and understandable," says Yutaka Kida, Planning Department Manager, Casio Soft. "We're excited to offer customers such a useful, high-quality device."
"These new Casio and Hitachi phones feature Fonix technology embedded directly on the devices," explains Walt Nawrocki, Senior VP and GM, Fonix Speech. "Casio Soft and CHMC have done a terrific job of engineering yet another way to incorporate TTS technology into a handheld device by combining a helpful e-dictionary and a mobile phone. We're expecting customers to readily accept these phones and create market demand for them."The Casio W51CA and the Hitachi W51H are available in Japan through mobile carrier KDDI/au (www.au.kddi.com).
For more information about Fonix speech solutions, visit www.fonix.com, or call 801-553-6600 and say "Sales."
About Casio Soft
Casio Soft Co., Ltd. was established by collecting all of the IT capabilities of the entire Casio group into a single entity. Today, the lightweight, compact, low-power hardware and software technology that are the strengths of Casio mobile devices and communication and network technology are divided between Business Solutions and Software Components. Our mission is to form a partnership with our clients in order to provide value that enhances their competitive advantages. This is accomplished by applying Casio hardware and software to create new value that contributes to the growth of our customers. Visit www.casiosoft.co.jp for more information.
About Casio Hitachi Mobile Communications
Casio Hitachi Mobile Communications Co., Ltd., established on April 1, 2004, provides customers with highly reliable mobile phone products packed with cutting-edge technologies.
The company brings together under a single roof the many highly competitive technological assets possessed by Casio and Hitachi. Among these are Casio's high-density mounting technology, imaging technology, and application technology, which make the most of its success with consumer electronics, and Hitachi's superior high-speed data transmission technology, device utilizing technology, and system design technology, all powerful drivers of its leadership in the info communications and audio-video fields.
Casio Hitachi Mobile Communications is poised not only to take advantage of the accelerating growth of the mobile phone market, but to lead the way with innovations that have never been seen before. The firm's cutting-edge technologies have been streamlined and integrated for maximum focus on its core competencies, faster and more efficient development, and a robust production system that will deliver best-selling mobile phones that really do make life more exciting and dreams come true.
About Fonix DECtalk
Fonix DECtalk offers the smallest memory footprint for a multi-language, full-dictionary text-to-speech engine in the industry. Fonix DECtalk is specifically engineered for small devices and limited memory applications and provides a standard of intelligible and natural sound quality that surpasses competitive TTS offerings. DECtalk supports a wide array of hardware platforms and operating systems and offers nine voices (four female, four male and one child's voice) and seven languages (U.S. and U.K. English, Castilian and Latin American Spanish, French, German and Italian).
About Fonix
Fonix Corporation (OTCBB:FNIX - News), based in Salt Lake City, Utah, is an innovative speech recognition and text-to-speech technology company that provides value-added speech solutions through its wholly owned subsidiary, Fonix Speech, Inc., currently offering voice solutions for mobile/wireless devices; interactive video games, toys and appliances; computer telephony systems; the assistive market and automotive telematics. Fonix provides developers and manufacturers with cost-effective speech solutions to enhance devices and systems. Visit www.fonix.com for more information, or call (801) 553-6600 and say "Sales."
Statements released by Fonix that are not purely historical are forward-looking within the meaning of the "Safe Harbor" provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's expectations, hopes, intentions and strategies for the future. Investors are cautioned that forward-looking statements involve risk and uncertainties that may affect the Company's business prospects and performance. The Company's actual results could differ materially from those in such forward-looking statements. Risk factors include general economic, competitive, governmental and technological factors as discussed in the Company's filings with the SEC on Forms 10-K, 10-Q and 8-K. The Company does not undertake any responsibility to update the forward-looking statements contained in this release.
Contact: Fonix Speech, Inc.
Investors and shareholders contact: Michelle Aamodt, 801-553-6736 investorrelations*fonix.com Media and press contact: Elizabeth Sweeten, 801-553-6617 mediainfo*fonix.com
This press release and inserted press release clips do contain forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995 (the "Act"). In particular, when used in the preceding discussion, the words "plan," "confident that," "believe," "scheduled," "expect," or "intend to," and similar conditional expressions are intended to identify forward-looking statements within the meaning of the Act and are subject to the safe harbor created by the Act. Such statements are subject to certain risks and uncertainties and actual results could differ materially from those expressed in any of the forward-looking statements. Such risks and uncertainties include, but are not limited to, the ability of the Company to complete the planned bridge financing, market conditions, the general acceptance of the Company's products and technologies, competitive factors, timing, and other risks described in the Company's SEC reports and filings.
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New license agreement with NEC today, more to come.
pcbboy
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Patriot Scientific Announces Purchase by NEC of First 2007 Moore Microprocessor Patent(TM) Portfolio License Thursday February 8, 9:10 am ET
CARLSBAD, Calif., Feb. 8 /PRNewswire-FirstCall/ -- Patriot Scientific Corporation (OTC Bulletin Board: PTSC - News) confirmed today that NEC Corporation has purchased a Moore Microprocessor Patent(TM) (MMP) Portfolio license. As the first global manufacturer to become an MMP Portfolio licensee in 2007, NEC closely follows in the footsteps of HP, Casio, Fujitsu, Sony, Nikon, Seiko Epson, Pentax, Olympus, Kenwood, Agilent, Lexmark and Schneider Electric, all 12 of whom purchased MMP licenses during 2006. ADVERTISEMENT
Patriot Scientific and The TPL Group are co-owners of the MMP Portfolio, which Alliacense, a TPL Group enterprise, exclusively manages. MMP Portfolio patents encompass fundamental design techniques that enable higher performance and lower cost digital electronic systems ranging from cell phones and portable music players to communications infrastructure and medical equipment as well as automobiles, which today utilize dozens of microprocessors.
"After several years of exhaustive study and negotiation, we are pleased with NEC's decision to purchase an MMP Portfolio license," said Mac Leckrone, Alliacense president. "NEC becomes our inaugural MMP Portfolio licensee in 2007, as well as the first to capture a berth in the networking and communications industry segment." He noted that the MMP Portfolio licensees in this segment, as well as future licensees in segments where early tiers have been captured, are subject to progressively higher royalty rates. "We are especially pleased that NEC has chosen to become TPL's program partner instead of continuing as a defendant with Matsu****a and Toshiba, against whom TPL filed broad-based infringement claims about 15 months ago in the U.S. District Court, Eastern District of Texas."
"As a co-owner of the MMP Portfolio and co-plaintiff with TPL in the litigation still pending in Texas as to infringement claims against defendants Matsu****a and Toshiba, we are equally pleased with this decision by NEC," said David Pohl, chairman and CEO of Patriot Scientific Corporation. He noted that Patriot Scientific invested millions of dollars and hundreds of thousands of man-hours over 12 years or more developing and bringing to market products based upon the company's intellectual property, including IP contained in the MMP Portfolio. "Patriot's board of directors decided in June, 2005 to shift our primary business model from manufacturing and marketing products to a model currently focused on licensing our joint venture patent portfolio," Pohl continued. "Each new licensee, with NEC being a significant example, validates that decision."
"We will continue to seek and evaluate opportunities to diversify our revenue stream by developing and marketing new technologies, entering into joint ventures or by acquiring other companies and technologies," Pohl stated, "always pointed toward the goal of increasing the financial position and strength of the company and providing value to our shareholders."
About NEC Corporation
NEC Corporation (Nasdaq: NIPNY - News) is one of the world's leading providers of Internet, broadband network and enterprise business solutions dedicated to meeting the specialized needs of its diverse and global base of customers. NEC delivers tailored solutions in the key fields of computer, networking and electron devices, by integrating its technical strengths in IT and networks and by providing advanced semiconductor solutions through NEC Electronics Corporation. The NEC Group employs more than 150,000 people worldwide. For additional information, visit www.nec.com.
About Patriot Scientific
Patriot Scientific is a leading intellectual property licensing company that develops, markets and enables innovative technologies to address the demands in fast-growing markets such as wireless devices, smart cards, home appliances and gateways, set-top boxes, entertainment technology, automotive telematics, biomedical devices and industrial controllers. Headquartered in Carlsbad, Calif., information about the company can be found at http://www.ptsc.com.
The patent portfolio, marketed as the Moore Microprocessor Patent(TM) Portfolio, is jointly owned by the publicly held Patriot Scientific Corporation and the privately held TPL Group. The portfolio encompasses seven U.S. patents as well as their European and Japanese counterparts fundamental to the design of modern microprocessors, microcontrollers, Digital Signal Processors (DSPs), embedded processors and System-on-Chip (SoC) implementations.
About Alliacense
Alliacense is a TPL Group Enterprise executing best-in-class design and implementation of Intellectual Property (IP) licensing programs. As a cadre of IP licensing strategists, technology experts and experienced business development/management executives, Alliacense focuses on expanding the awareness and value of TPL's IP portfolios. Founded in 1988, The TPL Group has emerged as a global coalition of high technology enterprises involved in the development, management and commercialization of IP assets as well as the design, manufacture and sales of proprietary products based on these same IP assets. For more information, visit www.alliacense.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, patent litigation, technical development risks, seasonality and other risk factors detailed in the company's Securities and Exchange Commission filings.
Moore Microprocessor Patent (MMP) and Alliacense are trademarks of Technology Properties Limited (TPL). PTSC and Ignite are trademarks of Patriot Scientific Corporation. All other trademarks belong to their respective owners.
CONTACTS:
Patriot Investor Relations: Hawk Associates, Frank Hawkins or Ken AuYeung (305) 451-1888 info*hawkassociates.com
Patriot Media Relations: The Hoffman Agency, John Radewagen, (408) 975-3005 jradewagen*hoffman.com
Alliacense Media Relations: Tom Rigoli, Mindpik, (650) 969-5986 rigoli*mindpik.com
posted ![[Roll Eyes]](rolleyes.gif)