This M&A stuff is a distraction. Validation of the patents is #1. Licensing is #2, not our stragegy remains intact. Increasing the SP due to #1 & #2 will create more leverage for M&A, not when the SP hovers at a 2+ year low IMO......I find the statement of having cash and no debt, yet access to public equity funds in the same breath troubling without the active synergies of #1 & #2.......Particulary if the M&A would be in the IP arena. Then we're right back to #1 & #2...

We have identified company M&A opportunities in software, networking and wireless technologies. We’ve also held meetings with several investment bankers to better understand their services and to brainstorm other opportunities for M&A. These relationships can assist in facilitating discussions with potential M&A candidates, both private and public. To re-iterate a point from my last letter, the acquisition process is both complicated and time consuming. I will keep you advised of progress in subsequent updates.

We are making good progress in identifying, assessing and positioning future M&A transactions as I will outline in more detail in my shareholder letter later this month.