First, yes, we are way undervalued IMO. Why? P/E - but not P/E based on historical numbers. As has been pointed out, the P/E factor that should be assigned is based on expectations for the future. So then some jump on royalties being soooo important, as if recurring revenues from done deals are the only why to develop a P/E. To this I say ``take a look at where we`re at in this game!``. Recurring revenue? How `bout literally hundreds of companies yet to be ``exercised``, each paying progressively higher prices for licenses?

Someone pointed out that we are at 8 cents/share earnings (sans Casio and Fujitsu). Now I should say that, IMO, when calculating an appropriate P/E ratio, fiscal calendars should be thrown out the window. So don`t lock into thinking that the 8 cents will be ``THE NUMBER``. The number is in constant change, and the instant P/E will adjust to the instant earnings number and perceived future prospects.

So, at the known 8 cents and a PPS near $1.60, our effective P/E right now is 20/1. Is that realistic in light of what can be reasonably expected to occur other the next months and years? Again, look where we`re at - very, very early. Look at it this way: we`re only considering three licenses out of a potential of, say, 300+. One percent. And we`ve gleened some $24M from one percent, which were sold ``on the cheap``. Do the numbers. Future prospects?....future revenues?....perceived future value?

Obviously, IMO the current P/E is so low as to be silly.

Oh, and did I mention how the issuance of dividends can also positively effect the P/E?

Now, re: PPS, throw in the not-yet-known earnings income from Casio and Fujitsu. Already factored in to our PPS? But that would suggest a lower, perhaps much lower, P/E. 10/1? 5/1? Is that appropriate?

Yeah, I think we`re undervalued, and I think it`s primarily because there are still very few investors who are even remotely aware of the PTSC/TPL story and probabilities for the near future. A few more announcements, a few more spikes, and we may just get the desired and justified attention.

JMHOs, but I KNOW nuttin`!

SGE