I undertand you statement when you said...

"To do an acquisition, you need cash (primarily, especially in PTSC's circumstance). "

I agree cash is important in M&A activities but remember, when the handcuffs are off on Wed. and they can reinstitute the buyback program. The cash used to do so would be an "investment".

Most, if not all M&A activity is usually accomplished with cash and stock. Therefore if they were to start an aggressive buyback and use that build up of Treasury Stock as a seed that could grow, they'd be growing a nice asset base that would include remaining cash and stock that hopefully would increase in value for M&A.

An extreme example would be ,let's say, $40MM  used for accumulating at an average price of .60/share. giving them about 67MM shares in the "bank".(I'm assuming $80Mm in the bank currently) If we're lucky enough , with good numbers, some excellent new signings, the effect of a buyback on the PPS and the reduction of the float too, we could easily see the value double or triple of the bought back stock.

Just letting the money sit there and earning a measly 3% in interest is not the thing to do. IMO, use it to invest in our company and if the price grows, like it should, so does our total asset value that can used for M&A.

Oh and BTW....PR the heck out of it too. That PR that follows this Q IMO, is more important than the numbers right now.

The income statement we're going to see is history.

What "new money" in the stock will want to see right after the Q is what is in the pipeline,what are the plans for the cash and M&A, basically a, "what are you going to do for us now attitude."

I'm hoping and expecting that RG is the type of leader who will come forward with an excellent story to tell.