The share price of many companies, mature companies that is, is a combination of past performance and forward guidance or expectation. The expectations are grounded in historical data and a management team`s ability to do what they say they are going to do.

With the ``new`` Patriot still being fresh out of the incubator, so to speak; there is little historical data for a market analyst say, to form a basis of opinion. Thus an assessment is to be based either on an independent evaluation of the MMP portfolio value, or the proferrings of management, and/or that of TPL.

Since our business model is still in its infancy there can exist uncertainty; since managment lacks longevity in the execution of the model there can exist uncertainty; since the entire PLEC industry is relatively novel concept there can exist uncertainty.

Because of the above, we are not yet likely to be beneficiaries of trading as a mature company might - based on past performance and forward guidance. Instead Patriot`s performance will have to continue to show merit, and progress in the right direction, for at least many more months, if not a year or two; at such time I think the share price will eventually catch up with the company`s intrinsic value.

I am long because I believe we do have a highly valuable patent portfolio and I believe management is headed in the right direction so as to maximize its value, and ultimately shareholder value. The price will catch up with the company someday, completing the maturation process as far trading is concerned.

Hopefully we will have branched out by then and will still be considered a growth company. All IMHO.