From memory..  fwiw....  Some were taken aback by Mr Turley's resignation coming on the heals of Mr Pohl's retiring as CoB.. and some immediately shouted fire...  Even tho DP had stated his intent to retire and set the wheels in motion for such nearly a yr ago.   Some were pleasantly surprised..  Some down right happy..  And as GCDuck pointed out JT's resig came at the same time as his 9 mo performance review/evaluation.  Then almost immediately Mr Goerner was named CEO..  his impressive resume was poured thru, as were his initial statements in the CEO PR..  

"I am excited to join Patriot Scientific at this time. I’m pleased that Patriot's Board of Directors has selected me to lead the company through the current management transition and to help position the next stage of growth for Patriot," said Goerner.

"Patriot and Technology Properties Limited (TPL) have seen the Moore Microprocessor Patent (MMP) technology adopted, worldwide, by an expanding list of industry leaders in semiconductor chip technology. The company’s strong cash position and forecast for future cash flow from patent licensing allow Patriot to consider investment and M&A activities that will build a more product-focused company, complementing the ongoing licensing strategy of its valuable patent portfolio. Our plan is to leverage Patriot’s current and future cash flows to create a business with sustainable product growth on a global basis. I expect to continue the evaluation of currently identified potential strategic acquisitions and expand the scope of opportunities in the wireless, software and networking sectors,” concluded Goerner.

Then the speculations as to why JT had decided to resign, or was forced to, ran the gamut....  Swartz Leckerone BOD SP M/A etc.. after this horse was sufficiently clobbered.. Goerner's initial SH letter was anticipated.. and as per PTSC website, was incompletely published.. no signature.. added a few days later.  

To All Shareholders and Supporters of Patriot Scientific

I'd like to take this opportunity to, firstly, tell you how pleased I am to have the opportunity to join Patriot and, secondly, to update you on progress at your Company.

I know you are all aware that as a public company there are certain disclosures that I cannot make in this type of communication, but I will try to be as frank as the governing laws, and our compliance oversight, will allow.

• First, I'd like to acknowledge the departure of two of Patriot's Board members since the last shareholder update, Mr. David Pohl and Mr. Jim Turley. As you all know David was instrumental, with the Board, in positioning Patriot's MMP strategy with our licensing partner, TPL. His insights will be missed, but I have met with David and will be able to maintain contact with him in the future. Jim leaves the Company having outlined a plan to transition the Company from sole reliance on our MMP licensing revenues into an operating company with sustainable growth, profitability and increased shareholder value. It is that mission on which I intend to focus. I will provide more insight into our plans with that regard in subsequent updates.

   

• I've now been on board for one week and have been busy coming up to speed on the various elements of our business, finances and challenges ahead. I've had meetings with TPL, Patriot's investor relations and public relations groups as well as extensive discussion with the Executive Committee of our Board. I'm excited about the future prospects for Patriot and 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.

   

• 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.

Until next month,

Rick Goerner, President & CEO

Most/many believe JT (& NickT) did the footwork for M/A...  and then Goerner was brought in to finish the job.. some believe JT was let go because he had made poor decisions re the M/A and the Goerner was brought in to start the process over again..  There are many here that believe M/A will be implemented relatively quickly..  esp giving the performance based stock options RG has that would then be met.. in ~120 days...

hope this helps..  corrections, further thoughts welcomed 

regards..