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Patriot Scientific Provides Details of Share Buyback
CARLSBAD, Calif., Sept 27, 2007 /PRNewswire-FirstCall via COMTEX/ -- Patriot Scientific (OTC Bulletin Board: PTSC) announced today that the company has recently purchased shares of its common stock on the open market. The purchases were part of a previously announced program in which the company has said that it plans to repurchase shares of the company's outstanding common stock from time to time.
September 17, 2007

Dear Patriot Scientific Corporation Shareholder:

On behalf of the Board of Directors and management of Patriot Scientific Corporation, I’m pleased to extend a personal invitation to you to attend the annual meeting of shareholders of Patriot Scientific Corporation, which will be held from 10:00 AM until noon on Tuesday, October 23, 2007 at the La Costa Resort and Spa in Carlsbad, California. A light buffet luncheon will be provided following the meeting. I hope you’ll join us.
Financial Performance. Fiscal 2007 was more than just a good year for Patriot Scientific Corporation, it was a record-breaking year. At the end of May we posted the best financial results in Patriot’s 20-year history. The income recognized from our patent-licensing activity nearly doubled to $49 million and the Company’s net profit was $23.7 million, or $0.06 per fully diluted share.
Our cash position also improved dramatically, growing by a factor of nearly 5 times. We now have over $21 million in the bank, compared to just under $4 million at the end of fiscal 2006. Our exceptionally strong financial performance puts us in a much better position to acquire other companies, technologies, rights, or equipment going forward.
Warrants Repurchased. By the time of the shareholders’ meeting we will have bought back all the remaining outstanding warrants held by Lincoln Ventures. This action, which we announced on July 24, eliminates the last of the warrants held by Swartz and Lincoln since they became long-term supporters and shareholders of Patriot Scientific.
Shares Repurchased. Over the course of fiscal year 2007 we’ve spent over $8.8 million repurchasing shares of the Company. To date we’ve acquired more than 18 million of our own shares under a program that began back in July of 2006 when the management and the Board of Directors felt that our stock was undervalued in the market and that this would be a prudent use of corporate funds. We’ve suspended share repurchases for a while because I no longer believe this is the best use of the company’s cash at this time. Although we still believe our shares are undervalued, I strongly believe we can put that money to better and more profitable use elsewhere.
Be well
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