I would have to assume that this is PTSC`s boiler-plate, standard T&C`s regarding confidentiality, i.e., that this is what PTSC imposes on licensees. I would further assume that, even though Alliacense is the legal authority for PTSC, that PTSC and TPL each execute a license/contract with each licensee (being separate entities owning the patents). TPL`s T&Cs may differ. A lot of assumptions here, but this may answer a few questions the board has pondered.

It appears that PTSC may only disclose the value of a license AND the identity of the licensee when legally required. After that legal threshold has past, disclosure of the identity of the licensee is at the licensee`s discretion. However, once their identity is disclosed (via whatever means, at their choosing) to the public domain, PTSC would be free to also disclose that a license had been granted and the licensee`s identity. Thus, if a licensee said ``Okay`` to Alliacense/TPL to announce the license and their identity, PTSC would necessarily have to allow that disclosure to promulgate in the public domain before they announce. Hence the typical 12-24 hour wait after Alliacense announces before PTSC announces.

Along these lines, if Alliacense or TPL don`t have such prohibitions in their T&Cs, they may be free to announce the identity of licensees at their own discretion (i.e., licensee has no say). However, this would be a strategic decision for TPL.

Should Alliacense/TPL choose not to announce, and the licensee also choose not to announce, and PTSC is prohibited from announcing, then there may indeed be some licensees ``in the bag`` that we don`t have a clue about.

Still a lot of conjecture here. For all I KNOW, sense Alliacense is in the driver`s seat for the most part, this T&C excerpt may not even exist anymore - or be necessary to exist (i.e., it`s covered by Alliacense`s license agreement, and we don`t know what it says). All I can see though is that this would explain the logic behind the delay in PTSC`s announcements.

More licensee`s in the bag - covert? The 10Q should indirectly answer that question.

While I`ve hit on the 10Q, I suspect that we won`t have to wait the entire permissable period before it is released. In PTSC`s current enterprise, the accounting should be real simple (expenses known and obvious, distributions as well), and the audit of the financials equally simple. Therefore, I think they could come out at any time.

But I KNOW nuttin`!

SGE