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Message: This is an important statement, IMHO.

This is an important statement, IMHO.

posted on May 07, 2008 08:52AM
Patriot Scientific Corporation
Notes to Unaudited Condensed Consolidated Financial Statements
Stockholders’ Equity, continued (page 18)

" In consideration for entering into the Termination Agreement, we agreed that through May 31, 2008 we would obtain Swartz’s written approval at least 30 days prior to entering into (i) any acquisition of any business entity or asset of any kind where the aggregate number of shares of common stock and derivative securities (on a fully diluted basis) issued as consideration for the acquisition equals or exceeds 10% of the number of shares of our common stock outstanding at the time of the acquisition (on a fully diluted basis) or (ii) any acquisition (regardless of size) by us of any business entity or asset of any kind that is not unanimously approved by our board of directors."

It clearly states that

1) There is a termination agreement with S.

2) After the 31st of THIS month they will NOT need S. approval for M&A

I think that S. will have sold all of the shares that he intends to sell by the end of this month and we can go forward with business plans. If this is correct, we only have a few more days until we may get statements about the plan. We have all waited for the day for S. to be out of this co. and I am in hopes that it is getting very close now. If not, I guess we could set up our own charity foundation and ask S. for contributions. lol--(For those who do not remember, we were told that S. is a Christian investor/fund co.--then we found out that he was taking profits and donating to several different charities. We could call our foundation "Patriots in Need")---GL, ads


May 08, 2008 04:00AM
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May 08, 2008 04:10AM

May 08, 2008 06:20AM
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