Unfortunately it is clear we are not going to get any more info about the settlement terms and that will be just something PTSC investors will have to be willing to tolerate. On the other hand it does not appear that the managements objectives of moving foreward pursuing licensees or M&A is deterred in any way.

"We continue to license new customers..." - note present tense

"...our current, and future, cash flow..." - cash flow = royalties?

"Patriot will continue to hold further dividend distributions, for the near term" - Dividends "will" happen in the near term. I am not sure I think that is the best use for the money, but I will be happy to take a dividend at this point.

"My objective is to close our first M&A transaction before calendar year-end... It is also our plan, at the time of a significant M&A transaction, to evaluate our ability to transfer our listing to a broader-followed, national exchange, compliant with their listing" requirements."

An M&A that can get us a national exchange listing and generate regular, predictible income in addition to licensing revenues is what I have believed for a long time will turn us from a penny stock to a dollar(s) stock instantaneously. It appears that could likely still happen by year-end. There is no way the BOD could get away with all the affirmative statements for an M&A, twice now stated intention to occur in 2008, and have it not happen.

I would have preferred disclosure of settlement terms, but overall I am encouraged by letter.