Includes 23,845,100 shares issuable upon the exercise of warrants.

 as of February 28, 2007 Proxy Statement

July 24, 2007 – Patriot Scientific (OTCBB: PTSC) today announced an agreement to repurchase all outstanding warrants for its common stock held by Lincoln Ventures, LLC.

On July 19, 2007, we entered into a warrant redemption agreement with a warrant holder, whereby at our option, we agree to redeem certain warrants representing the right to acquire an aggregate of up to 7,000,000 shares of our common stock, through October 2007. The warrants may be redeemed in quantities not to exceed 2,000,000 warrants in the first two calendar months and 3,000,000 in the last calendar month, 10K

Based on the above facts, I suggest that S&L are not converting warrants to keep the price low but, more importantly, are reducing their holdings(compare prior 10Q and 10K filings).

Be well