Share repurchases
posted on
Dec 26, 2007 06:30AM
Carlsbad, CA - April 24, 2006: Patriot Scientific Corporation (OTC Bulletin Board: PTSC.OB) today announced a plan under which it would utilize 10 percent or more of future licensing revenues to buy back corporate stock. The Company also announced significant earnings results for its third fiscal quarter, as contained in its Form 10Q filed last Thursday, and confirmed that the previously announced cash dividend of $.04 per share is being issued today.
"The stock buyback plan adopted by the Board of Directors calls for management to use not less than 10 percent of future licensing revenue distributions received by the Company to purchase shares of our stock on the open market in a manner consistent with applicable securities laws and regulations," said David H. Pohl, Chairman and CEO of Patriot Scientific. "These buybacks are, of course, subject to the Company determining at the time licensing revenue distributions are received that such action is prudent based upon market conditions and sound financial management considerations. Repurchased shares will be placed in our treasury as a resource available for possible future use," Pohl explained.
http://www.ptsc.com/news/press_releases/20060424.asp
Shares Repurchased. Over the course of fiscal year 2007 we’ve spent over $8.8 million repurchasing shares of the Company. To date we’ve acquired more than 18 million of our own shares under a program that began back in July of 2006 when the management and the Board of Directors felt that our stock was undervalued in the market and that this would be a prudent use of corporate funds. We’ve suspended share repurchases for a while because I no longer believe this is the best use of the company’s cash at this time. Although we still believe our shares are undervalued, I strongly believe we can put that money to better and more profitable use elsewhere.
http://www.pinksheets.com/edgar/GetFilingHtml?FilingID=5447927
Patriot Scientific (OTC Bulletin Board: PTSC) announced today that the company has recently purchased shares of its common stock on the open market. The purchases were part of a previously announced program in which the company has said that it plans to repurchase shares of the company's outstanding common stock from time to time.
http://www.zibb.com/article/1760669/Patriot+Scientific+Provides+Details+of+Share+Buyback
As stock was repurchased on September 27, it would appear to negate the suspension of September 17. This would then place
PTSC in the position it was on April 24, being able to repurchase
not less than 10% of licensing revenue received.
Be well