THE GOOD: Serious about M&A
1. "...and has recently been actively buying shares in the open market as we view the current price to be at an attractive level to redeem shares." -putting their money where there mouth is and purchased 2 million shares so far and counting. Sounds like they think .30 is about as low as sp will go.
2. "...the company expects not to make further dividend distributions, choosing to instead, use the cash and capital assets (stock) of the company to pursue its M&A efforts." -RG has not made a penny off his shares yet and if something dubious was going on, he could be pushing for a dividend like the other guys did in the past to make some quick money.
THE BAD: Doesnt sound like M&A is happening anytime soon, in contrast to last 2 shareholder letters which specifically said would happen in 2008.
1. "To re-iterate a point from my last letter, the acquisition process is both complicated and time consuming."
2. "Again, no definitive timeline has been outlined for considering these actions..."
THE UGLY: No more licencees?
1. No reverse split until "The company has a reliable, long term opportunity for growth of (less volatile) revenues, profits and shareholder value..." Whats so volatile about our ability to license? 2. "I remain excited about the opportunity to build on Patriot’s past successes" ???
Barely a word about future licensing activities. Whats up with that? I guess we all have to ask each other one question - do you feel lucky punk? Well Do you?
