I've been really trying to refrain from posting until I reach a point where I can't take it (a particular line of discussion) any more.

Finally, I feel the need to step in and address two subjects that Bluewing continues to pound. I've held back, because I KNOW that I'm coming across poorly in conveying my thoughts on some occasions recently, so when I poke something (a topic) with a stick, it's made with a bit more of a pointed stick than may be necessary (though I do believe a pointy stick is sometimes needed to pop some balloons of illusion or of blatant FUD).

Now Bluewing seems to be a nice enough guy with a good attitude. But dude, IMO you're jousting at windmills on two topics.

One is company share buy-back. I think everyone KNOWs that I'm somewhat irrate that PTSC didn't buy when they could. I still think that failure may have been the basis of JT's downfall (and if it wasn't, IMO, it should have been). A huge blunder, IMO. In the note/letter to shareholders in December, we were told that company officers, etc., could not buy shares due to their possession of priviledged info. Duh. I went on a crusade similar to that Bluewing has pursued, because in that note, there was no mention of PTSC, the corporate entity, and whether it could buy. This, coupled with my personal - ignorant - believe that the company should be free to buy prompted my attention. Then there was the "non-responsive response" from Hawk on this matter. Subsequently, the company came out publicly and directly stated that PTSC, the corporste entity, could not buy back shares. That was good enough for me. They obviously evaluated the situation and the applicable laws and regs and came to this conclusion. Why was this not good enough for you???! IMO, a pointless discussion. Likewise discussion of PTSC buying back shares on 4/10/08. At that moment in time, IMO, it wouldn't be a prudent decision, for multiple reasons (two of which I'll hit, one below, and one in a planned later post). Later, with a major downdraft from I think we'll go, maybe.

This leads me to your second line of discussion, the occurance of a M&A announcement. First, we should get it straight, and use the terms the company recently used to describe their intent: "M&A acquisition". Key word - acquisition. Buy out full control or at least a majority interest in another entity. I've posted about this before.... But where I'm having a problem is with your proposed timing of such an event. You yourself point out that RG will have only been on board for about a month on 4/9/08. Hopefully, JT and Nick had made some progress on this front toward developing a short list of candidates, and hopefully that groundwork is being put to good use. But, to a large degree, the process is set back considerably, IMO. Nick will have to "sell" RG on every candidate previously identified. Plus RG undoubtedly has his own way of looking at the "ideal candidate", so the population will probably increase (as he's already indicated).

We cannot, and the company cannot, under-estimate the importance of these decisions. Much consideration and massive DD is required. The wrong decision here could be a disaster (I've seen it happen - big time - Applied Magnetics Corp, healthy company to bankruptcy because of insufficient DD on an acquisition; though I understand it is now "reborn"). I was actually a bit alarmed to see the criterion in RG's option package encouraging an acquisition within 120 days. Encentiveize a rushed decision of such importance? That aside, IMO, it's silly to think that an acquisition could be accomplished by 4/9/08. Maybe I should say "I sure hope not", as it would indicate a knee-jerk response to the option package, and little more, IMO. IMO, managing to accomplish this in 120 days is a really stretch, but if it were to be accomplished, it would far more likely be done by day 110-120, and certainly not day 25-35.

So, please discontinue these lines of discussion. IMO, there is no reasonable basis to continue. But feel free to argue the point of "post worthiness", if you wish. Hopefully you'll first consider my opinion. And hopefully this stick wasn't too pointy - you're on my/our team!

Respectfully,

SGE