Re: German nullification appeal
in response to
by
posted on
Jul 21, 2009 02:58PM
I just sent the following to the SEC's Office of Compliance Inspections and Examinations Examination Hotline. If any one else wants to complain the email is: http://www.sec.gov/about/offices/ocie/ocie_hotline.shtml Dear Sirs: I'm a shareholder in Patriot Scientific (PTSC) which has a market cap between $45 - 50 million dollars. They own several businesses, but one in my opinion does not comply with SEC disclosure rules which results in considerable lack of clarity for both stockholders and potential stock holders. This business is one in which they are 50% owners of patients that pertain to most electronic equipment including such things as computers, cell phones, satellite radio etc. PTSC has a master agreement with the other owner (TPL), which is a privately owned firm not traded on exchanges, that requires PTSC to receive prior TPL approval for public announcements if they pertains to the patents. By following this agreement, PTSC can bypass the filing requirements so such things as significant license purchases and any other patent information can go unreported for months. A recent example of how this causes lack of transparency is this case where PTSC did not report Smith & Nephew Purchase of a Moore Microprocessor Patent Portfolio License to the SEC but only posted this on their website. Today, 7/20/09 the US Patent Office approved and published patent # 5,784,584 on its website stating that it is patentable. This patent will have a material effect on this $50 million dollar company because hundreds of companies have used this patent and they have been put on notice of their violation by Patriot Scientific. However, PTSC has failed to disclose this information. I'm extremely concerned that PTSC is using this master agreement to sidestep its responsibilities to notify the SEC of pertinent events that have material effect on the company. Please investigate and if you agree force PTSC to announce this patent reexamination and approval and put them on notice that other material events must be filled in a timely manner. Sincerely, XXXXXXX Owner of 374,000 shares.