The terms of all the licence agreements were NEVER disclosed - here are the relevant sentences from the first three license prs:

"Specific terms of the license purchased by HP were not disclosed."

"Terms of the Casio license were not disclosed."

"Terms of the Fujitsu license were not disclosed."

What really led to the shareprice explosion in 2006, was the announcement of the first and more of the second dividend, from which the market draw its conclusions to the amount of money PTSC had received and might receive in the future. The first concrete $ figures we saw from these licensees were shown in the third quarter 2005/2006.

This is my guess, what brings the shareprice up:

1. USPTO validation - significantly

2. Further news from the M&A - the bigger, the higher

3. New licensees,

4. Good quarterly numbers.

GLTA