Let’s review the facts regarding what’s driving our woeful PPS performance and where we should direct most of our attention.When you look at the realities, the MMP has been under re-exam clouds since January of 2007.Despite that, the MMP has earned over $181M and notched nearly 60 licensees.Over the last 2 years, it’s averaged 1 license a month and $30M a year.Not necessarily great numbers, but certainly not dead in the water due to the USPTO process.

While I wish the USPTO process was over, and am frustrated that it’s not, I think the below proves that the USPTO process is only an incumbrance on a fully valued the share price, and not the REASON for the continued decline.Afterall, we have valid patents and 2 have emerged recertified already, even if one is being challenged yet again.

Clearly, despite a positive cash inflow into the company over the last 5 years, the management and BOD of the company haven’t been able to convince the market that they know how to grow that cash into something more.The only return of value the company has provided is direct payment through dividends, and interestingly enough, that practice was put to an end right about the time Swartz was largely out of shares and warrants.

Clearly, IMO, the TPL relationship crafted by this BOD, largely by CJ and Pohl, is the heart of the issue and problem.Infringers obviously are willing to sign deals EVEN with USPTO non-clarity as history has shown.However, based the JV relationship problems and with TPL/PTSC limited funds to battle with, not to mention PTSC’s inability to produce revenue outside of it’s licensing portion, I think many of them feel emboldened to resist licensing with or without a valid patent from the USPTO.Even with valid and recertified patents, many have been willing to roll the dice and resist and battle on infringement.TPL/PTSC will still have to prove infringement OR convince infringers it’s not worth their hassle to battle.Since TPL/PTSC has limited funds to litigate with infringers, and INSTEAD are litigating with each other, AND both companies have questionable management skill and leadership to begin with, IMO, I think THAT is the reason we’re where we are.

Essentially, no one respects our BOD or management's ability to deliver even though money was coming into the company.

I know many are frustrated and some “furious” with the USPTO, but I think the anger is proportionately misplaced.With the same folks at the helm who have been unable to do anything much with a relatively HUGE in flux of cash except lead the company into a chaotic business state, I don’t think the market or the infringers think that even with ANOTHER recertification of the ‘336, that they’re battling a strong opponent.

As shareholders, IMO, we should’ve sewn those seeds a couple of years ago of a stronger BOD with a stronger management team capable of GROWING rather than shrinking the MMP booty, so it may be late, but I don’t’ think it’s too late.Though with each passing day, more of OUR war chest goes into the pockets of a very few.

*****************************************************************************************************************

Here's my summary of the pertinent history of the last 5 years. Feel free to suggest important amendements or corrections if you have them.

FY05

• PTSC and TPL solidified forces on the MMP in June of 2005.The PPS range in that time frame was the high teens.They closed that quarter with over $11M in assets.
• The BOD members were CJ, Falk, Felcyn, Pohl & Gifforn.The CEO was Pohl, and the CFO was Sweeney

FY06

• PTSC and TPL announced the HP license on Jan 24, 2006, the price range over the next 2 weeks was in the high teens to low 20’s.
• PTSC announced the first (2 cent) dividend on Feb 14, 2006, and the price range over the next 2 weeks to the owner’s of record date was a steady climb to a high of $1.01 and setlling in the 75 cent range.
• PTSC and TPL announced the Fujitsu license on March 1 and over the next week the price shot up to a high of $2.25.
• PTSC announced the second (4 cent) dividend on March 9, 2006, and the price range over the next 3 weeks to the owner’s of record date was a steady climb to a high of $2.25 and setlling in the $1.25 range after that. PTSC closed the ‘06FY with over $12M in assets.
• The BOD members were CJ, Falk, Felcyn, Pohl & Turley.The CEO was Pohl, and the CFO was Sweeney

FY07

• PTSC & TPL went about their licensing business and closed 13 more licenses for a total of 18 by April 2007, bringing in $173 total revenue, and roughly $79M NET to EACH.
• PTSC announced the last (2 cent) dividend in Feb, 2007, and the price range remains steady in the 60 cent range.
• Pubpat requested the ‘336 reexam on Jan 30, 2007 (PPS was around 50 cents) and the USPTO granted it on April 5, 2007 (PPS was 60 cents).
• They closed the ‘07FY with over $34M in assets.
• The BOD members were CJ, Falk, Felcyn, Pohl & Turley.The CEO was Turley, and the CFO was Sweeney

FY08

• With the re-exam process in full swing on all 3 of the main patents, PTSC & TPL went about their licensing business and closed 28 more licenses for a total of 46 by end of April 2008, bringing in $80 total revenue, and roughly $30M NET to EACH.
• During this time frame PTSC & TPL settled with the J3.
• The PPS varied as high as 94 cents with the settlement and as low as the 30’s after the news of the lack of large settlement figures were released.
• Over this time, Pohl left and Tredenick & Schrock joined the BOD.Turley was fired, and Goerner was hired, and Flowers replaced Sweeney.
• They closed the ‘08FY with over $25M in assets.
• The BOD members were CJ, Falk, Felcyn, Tredenick & Schrock.The CEO was Goerner, and the CFO was Flowers

FY09

• With the re-exam process continuing in full swing on all 3 of the main patents and the ‘584 emerging recertified though amended, PTSC & TPL went about their licensing business and closed 13 more licenses for a total of 59 by end of May 2009 bringing in $30 total revenue, and roughly $12M NET to EACH.
• During this time PTSC bought Crossflo and a couple of other companies. As PTSC fumbled it’s M&A execution and rescinded guidance, the shareprice marched fairly steadily downward from the high 20’s to the low teens with a brief dip into the high single digits.
• They closed the FY with over $33M in assets.
• The BOD members were CJ, Falk, Felcyn, Tredenick & Schrock.The CEO was Goerner, and the CFO was Flowers

FY10

• Since then, with the re-exam process continuing in full swing on 2 of the main patents and the ‘336 emerging recertified and then being granted another re-exam, PTSC & TPL went about their licensing business and closed 13 more licenses for a total of 72 by end of Feb 2010 bringing in $31 total revenue, and roughly $13M NET to EACH.
• During this time PTSC fired Goerner, exposed issues with it’s Crossflo acquisition, hired Baroni, then Eclat now Attain, elevated Flowers, exchange Tredenick for Mistry, and sued its licensing partner AFTER loaning them nearly $2M.
• Despite a brief rise to 42 cents with the ‘336 NIRC, the share price has continued to march steadily downward from the current abysmal 8 cents.
• They closed the last quarter with over $28M in assets.
• The BOD members were CJ, Falk, Felcyn, Mistry & Schrock.The CEO is Flowers, and the CFO is Flowers