PATRIOT SCIENTIFIC (OTCBB: PTSC) Patriot Scientific (OTCBB: PTSC). After suffering a dramatic plunge on earlier in the week, was trading up for the third consecutive day. The stock appears to have been bolstered by yesterday's announcement 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. Patriot Scientific President and CEO Jim Turley said, "Patriot Scientific, which is a highly profitable company with no debt and approximately $22 million in cash on hand at the end of FY 2007, is by any reasonable measure that I know of substantially undervalued. The company's common stock is trading well below what we would regard as an appropriate multiple of earnings. We have taken advantage of this decline in the price of our stock to purchases shares at a price we deem to be strongly in the interests of our shareholders."
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