This was the first question, which came to my mind, when I returned from our holidays and found the latest Proxy...

100mio additional shares?

Why more dilution, when at the same time the company is buying back shares (and has lost a lot of money with its average buyback price)?

Why 100mio more shares, which gives you only $22,5 mio at the current shareprice level?

Don't you have enough confidence in the future MMP license income? I thought, we would be able to earn a lot more than 20mio bucks, especially after a USPTO validation of the patents.

Or are you calculating with a much higher shareprice in the nearer future (what I'd appreciate, if you did) and your next M&A targets are the public traded targets (mentioned in your presentation in context with Imperial Capital), and therefore you are thinking about purchasing a company for $200mio (100mio shares @$2...)??

If the latter is your goal, then I could understand and accept the additional 100mio shares...but so far I remain sceptical (or should I say anxious...?) - and this is because of two FACTS:

1. You are still "interim".

It still feels like as if the CEO was not 100% committed to the company - on which occasion will this end?

2. More than 40% loss since your start at the end of February.

Though there is no doubt, that PTSC made a lot of positive progress, the company has lost more than 40% of its capitalization since the beginning of March - but as long as the market doesn't follow your actions with a rising shareprice, all your efforts are "useless" for us shareholders.

In a nutshell: I'm convinced, things are heading in the right direction, but given the above mentioned facts and my experience with PTSC over the last two years and nine months, I am "not happy" with the Proxy.

GLTA