An Open Letter to The Partriot Scientific Board of Directors
posted on
Sep 20, 2013 04:10PM
Dear Board Members:
As you all have at one time or another conferred to me that you or someone close to you monitors the financial blogs that relate to PTSC I have high hopes the three of you will read the following message.
I am a shareholder who represents several other shareholders in PTSC, (relatives who actually hold more shares then I own). As a group we would like to succicntly state our positon as owners in the company, PTSC, you serve and are compensated by. Thoough this message might represent the wishes of other Ptsc shareholders it is not my intent to so stipulate.
I/We refer to the trial set in just a matter of days in Northern California where PTSC and TPL take massive infringer of our patents HTC to Court. In my memory and long time as a shareholder this would be the first trial by jury of an infringer in company history at least that I can remember.
As you are aware you and the Leckrones of TPL have felt that discounted licenses and pre trial or pre hearing settlements for nuisance amounts have been the norm regarding infringers to our patents. By my calcluations over 100 of these licenses have been signed. I am not sure of the exact total as you under the direction of a private company of what you can and cannot divulge (TPL), which has no fiduciary obligation to the shareholders of PTSC. However, it is important to point out that you do have a very real fiduciarty responsiblity to inform shareholders of the company you work kor and collect compensation from.
In addition as in the case of the ITC hearings and recent decision by the ITC court you have failed time and time again to inform we shareholders as to the state of PTSC and pending or decided upon (itc) litigation.
I have read the recent redacted post by a Agora poster, CF, in where you have not informed shareholders of news as there is pending litigation. Mr. Flowers in regard to the ITC that litigation pending appeal is finalized and certainly could have earned some sort of public statement from the company. In addition though you may be about to and I hope you do except for two companies where side deals were made not to appeal a itc denial we should be learning that the other defendants in the recent ITC matter are being appealed upon it is only right.
It is our wish (the wish of those I write for), that you strongly urge, nah, stipulate to our partner TPL that they make NO settlement with HTC either before, during or after the trial pending in the next few days unless they follow the guidelines as laid out by Ron R in a previous post this very morning. In other words either HTC decides to settle for what their true infringment is been worth as wll as for future use of the patents and damages they have caused PTSC to suffer and agree to make these terms public or we allow a jury to finally decide on the stength of our case as presented, we hope with strength by Mr. Otterson.
We know as you do that Mr. Leckrone is prone to settlements. We also know that though you Mr. Flowers only hold a few recently purchased shares and will continue receiving your monthly compensation as will your other two Board members no matter what may happen in the comiing weeks as the treasury of PTSC has enough money to pay your comp for some time, and therefore it may be tempting to take the "money" from HTC and run. WE URGE you not to do that this time.
As shareholders, many of whom have been owners in the company for a decade plus plus we have suffered through those over 100 private nuisance licenses which have rarely been make known to the general investing public and have even more rarely moved the individual share price of ptsc past ten cents! I/We stongly believe that this is the point that we feel is the stand we need to take ..... a court hearing and a jury verdict on the validity of our case against HTSC to move the value of our shares upward and to make seroius notice to the balance of infrnngers that our Discount window has closed.
Gentlemen and Gentlewoman of the PTSC Board please take to heart my words.
Please, communicate with shareholders of whom there are many that you already have heard from or know of and get their opinions if you feel that what I have presented needs more input. I feel that there are many who have the same feelings as I/we do.
I realize and admit my relationship with you Mr. Flowers has been conentious and shakey at best however it is not I who you have to consider but the position you hold and the responibility you have to all shareholders of Patriot. The position many of us hope you will finally stand for and therefore do what is best for all shareholders of Patriot Scientific and not just the positon that benefits our private partner and your compensation packages.
If you have any question that my positon has validity in regards to what settlement announcements are worth (or worthless) to the share price of ptsc please take note of the recent lack of increase p/share when it was learned that there were some sort of settlements made with Acer and Amazon. Our price per share barely budged on greater daily volue then normal but still insignificant volume then should be from a company with over 400 million shares outstanding.
Bottom line ....I/we respectfully request that you insist to our partner and to HTC that there will be no settlement in the case of PTSC/TPL vs HTC unless it is as mentioned substantial and is made public in totl.
With respect and regards and I am
Marc S