Re: News
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posted on
Sep 03, 2008 05:44AM
Thanks for sharing the news! Rick wrote in his letter " By September first " and that is what he delivered. I have highlighted the sections of the news that I find most exciting! GLTAL
CARLSBAD, Calif.--(BUSINESS WIRE)--Patriot Scientific Corp. (OTCBB:PTSC) today announced it has completed the acquisition, effective September 1, 2008, of Crossflo Systems, Inc., San Diego, California, a private software and services company noted for its innovative data-sharing solutions. Crossflo Systems becomes a wholly-owned subsidiary of Patriot Scientific and retains its current management team.
“Patriot Scientific is extremely pleased by the acquisition of Crossflo Systems and the tremendous talent and potential that this brings with it,” said Paul Bibeau, Vice President Business Development. “We firmly believe that Crossflo Systems will serve as a solid foundation for the new Patriot Scientific as we continue to transition it once again into an operating company.”
“The merging of Crossflo and Patriot Scientific provides both companies with a strong platform and ability to broadly execute a compelling information strategy for the justice, public safety and healthcare sectors,” said Renney Senn, Crossflo’s President. “We are very enthusiastic about the growth potential of Patriot Scientific both with the addition of Crossflo and with future upcoming additions to the Patriot Scientific family.”
“We are pleased to complete this initial M&A transaction and in repositioning Patriot Scientific into an operating entity,” said Rick Goerner, President and CEO. “Crossflo’s data sharing and security solutions address the pressing need for accessing information among multiple users in the government, interagency and healthcare marketplace. The Department of Homeland Security has mandated that information databases be integrated. The healthcare industry sees an increasing need for sharing data as well. Both of these will be key initial applications for Crossflo products.”
Crossflo Systems (http://www.crossflo.com) provides data sharing products and services to the public sector. Current customers include the New Jersey State Police, Hewlett-Packard and the company teams with companies such as SAIC, Booze Allen Hamilton and other major contractors to compete for state, local and federal projects.
About Crossflo Systems, Inc.