...'Patriot has also presented and accepted a term sheet to acquire, in exchange for cash, nearly 20% of a networking provider of software to facilitate the transfer of video content to mobile devices. The term sheet outlined a small initial investment (which we have recently funded) and a second, larger, tranche that is subject to additional due diligence which we expect to complete by the end of August. Industry projections indicate that video-enabled handsets will increase from less than 5% today to more than 70% by 2011. We believe the company has differentiated technology and has recently contracted field trials with several major international carriers that will be launched before the end of 2008. I will provide more information on this opportunity in future updates as we move through the due diligence process. The company’s technology is a direct hit in our target to pursue software, wireless and networking technology.

.....

we expect to engage an investment banker in the next month to help expand the list of opportunities for M&A and to facilitate future M&A transactions by providing guidance and advice concerning deal value, structure and integration strategies. We have identified three other “companies of interest” that would require the services of an investment banker.

....

We are also planning to hire an additional marketing and business development person to support the expanded activity level associated with the M&A effort, business planning and support of the implementation of the NuPOWER IP licensing effort.

....

We have identified three other “companies of interest” that would require the services of an investment banker.