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Message: CDX3 being independently assessed. Why?

CDX3 being independently assessed. Why?

posted on Oct 09, 2009 04:28PM

Note in bold...the CDX3 product is several years old, so why does it require independent technical assessment? Is there a new version being released?

CARLSBAD, Calif., Oct. 9 /PRNewswire-FirstCall/ -- Patriot Scientific Corporation (PTSC:$0.315,0$0.004,01.29%) announced a major reorganization today. Rick Goerner has been relieved from his position as Chief Executive Officer and President of Patriot Scientific Corporation (PTSC:$0.315,0$0.004,01.29%) by the PTSC Board of Directors. He has resigned all positions with Patriot Data Solutions Group, Inc. ("PDSG", a wholly owned subsidiary of PTSC) and Avot Media, Talis Data Systems and Holocom Inc., three companies in which PTSC is invested. In addition, the Board has removed Paul Bibeau as Vice President, Business Development of PTSC and Renney Senn, a senior executive at PDSG.


Cliff Flowers, PTSC's Chief Financial Officer since 2007, has been appointed as the Interim Chief Executive Officer of PTSC and will have direct responsibility for all PDSG operations as well. The Company plans to continue supporting its operational functions through PDSG and to capitalize on opportunities emerging in the healthcare, justice and public safety markets that it serves.
The Board of Directors has endorse

d this reorganization of the Company with the intent of providing a new generation of leadership that will transform Patriot and its wholly owned subsidiary, PDSG, into a more innovative, integrated and global company. The changes being made are intended to accelerate the transformation of the PDSG acquisition and enable a faster implementation of its strategic direction.


The Company will seek management with appropriate industry expertise to accelerate that growth. In that regard, the Company has retained Eclat Consulting LLC of McLean, Virginia to assist the Company in its search for a Chief Executive Officer and to assist PDSG with the completion of its business plan and the acceleration of its revenue stream. Additionally, the Board expects to receive a favorable independent technical assessment of PDSG's flagship Crossflo DataExchange® product (CDX) within the next two weeks.

The Company plans to file its Quarterly Report on Form 10Q for the period ending August 31, 2009, on October 9, 2009. No conference call is scheduled at this time.

Cheers,

DG

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