On Nov. 30, 2007, PTSC had approx $7.5M in cash & equivalents, and $12.6M in marketable securities. Of the marketable securities, approx $7.5M were in the ARS vehicle. So essentially, 37% of their funds were in the ARS.

On Feb. 29, 2008, PTSC had approx $7.6M in cash & equivalents, and $15.6M in marketable securities, of which ALL had been moved into the ARS vehicle. So essentially, 67% of their funds were in the ARS.

You indicate that at least one member of the Audit Committee should be a "financial expert". Furthermore, per the company's filings the audit committee is responsible to:

"Serve as an independent and objective party to monitor the Company’s financial reporting process and internal control system."

As a staunch defender of the current B.O.D., and considering our audit committee is made up of our "financial expert" and our "lawyer", 2 of 3 key ingredients you deem desireable for the make up of our B.O.D., do you think that it was wise for them to sign off on an investement strategy that placed 2/3rds of the company's resources in to one basket. Especially at a time when they were negotiating a J3 settlement that they knew would fall short of expectations and seriously impact their share price, and thus their ability to raise funds? Keep in mind that the company more than doubled its ARS committment from one quarter to the next, and at a time when the ARS process came to a precipitous halt in liquidity.

Does it smack of financial expertise to you to place the majority of one's eggs in a single basket? Clearly, the policy was endorsed, and possibly directed by the BOD as it increased from quarter to quarter, and the CFO that may have conceived of the plan, if the B.O.D. didn't, has just been elevated to CEO, even if only temporarily.

Might I suggest that with a CFO and an internal accounting department, and independent accountants and presumably an auditor, an accountant, or even a finanical expert, is not a priority for a BOD.

This is but one example of at least a few that have either depleted the treasury or impacted the company's access to funds over the last 4 years that can be directly attributed either to the audit committee's direction, if not their oversight.

Do you consider our audit committee as successful in their stewardship of the company?