expect to build an infrastructure within the Company to support a more aggressive assessment of business opportunities. Toward that end, I have opened a requisition for a Business Development executive and expect to fill the position shortly.
- Additionally, the Board and I are launching a campaign to replace the two open Board seats and we intend to add directors with direct electronics industry experience, and connections, to help direct the Company with respect to possible M&A efforts and help expand our scope of activity. We believe that market conditions are favorable for M&A and that quality opportunities will surface.
- From a business perspective, this quarter has been an active one for our licensing activities. Since our last report we have signed, through TPL/Alliacense, six new licenses. We have now expanded the total licensees to 43.(NOW 44)
- I know that change is both inevitable, and disconcerting, and I ask for your patience, and support during the transition. I welcome your feedback and will strive to answer your inquiries to the best of our ability.

Rick is moving rapidly to accomplish goals. I like this a lot. He is getting ready rapidly to identify acquisitions. He will have put together a powerful team to assess companies from a financial and technical perspective. He states that signings are right on track. He is impressed enough to immediately go out and purchase 100000 shares. I am still cautious but this is very exciting news. Bear Sterns indicates the tight money that now exists, purchased for a paltry $200+ million. It indicates that lenders aren't taking risks yet we have a good down payment and some "leverage" with the MMP to acquire a powerful company.

We need some luck of the Irish with PTO and we will be safe at home.