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Message: ``The letter`` update....

``The letter`` update....

posted on May 23, 2006 11:34PM
Spoke to a responsible party at Wedbush Morgan in depth today and he was able to answer some additional questions.

This is lengthy and may be a bit convoluted as I have had another of a string of longgg days.

It appears it was not a verbal request for information from my account but a written request on ``Patriot`` letterhead signed by either D.P. or one of the officiers of the company. The only problem, the signatures were forged! The letter and it`s return address was bogus.

It appears that whoever sent the letter regarding PTSC also inquired about 94 other publicly held companies. Each inquiry was made with forged signatures and was also bogus.

ADP handles shareholder information for 90% of all securities firm`s in the United States. The information they provide is in conjunction with proxies and annual reports. ADP was able to determine that 43 of the letters were frauds. Unfortunately the letter regarding PTSC was not one of those detected before information regarding PTSC in my account as well as the information regarding PTSC in almost every brokerage account of PTSC shareholders was sent to the bogus operators. If a borker uses the services of ADP that information was sent. I want to point out the information of the other 50 companies with bogus request was also sent by ADP.

I made it a point of telling this contact that I had been in touch with many shareholders of Patriot all of who said that their brokers denied knowing of this situation. I was told that if a brokerage firm used ADP the information did go out and that it is quite possible that the broker his mgr. etc... did not know of this situation. He suggested that shareholders may want to contact the compliance department of their brokerage house and speak directly with the compliance officer. If not the compliance department then speak to the reorg. department regarding the breach of security at ADP.

A few major points to consider:

1. Although I find this disturbing I do not feel that it is serious if as I was told my social security number was not given out.

2. I will check with my other brokers asap.

3. I asked for more information regarding who sent these letters and was told that the FBI did not want to inhibit their investigation and therefore was keeping everything close to the vest.

4. It is important to remember that Patriot was not the only company targeted. There were 94 total, it is just too bad that the PTSC forgery was not one of those caught before dissemination of information was released.

5. This bogus letter was sent to ADP in Feb. and asked for all shareholders of record from November `05 on.

6. Most importantly in my opinion this is nothing to panic over nor do I feel it is significant to the future of my our investment in PTSC.

7. I spoke with DP today and he had no knowledge of this situation but asked me to send him a copy of my letter, which I did. (He also was very positive in attitude regarding the future of ptsc).

God Bless

marc

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