I do not follow this board rigorously, and apologize for not being up to date on past postings.

But I am a longtime shareholder, with an aggregate basis in the low teens; I have tried hard to understand this stock thoroughly. To that end I have read every SEC filing it has issued, and all other public information issued over the past ten years. Along the way, I have learned one heck of a lot about microelectronics, patent law and corporate issues. All I've learned supplements what I learned during my 40-year career in business about the peirls and difficulties of establishing a successful public company.

When the patent exams resulted in a positive, my first thought was "Wow! Will this give PTSC enough leverage to negotiate RECURRING revenue streams?" Soon thereafter, a PR release announced three more licensees - and indicated RECURRING revenue streams! Short of an outrageous buyout offer, I can think of nothing more positive. Then the reorganization and termination of management staff created yet another jolt. Established companies do not act that way. Ultimately, you have to have more management continuity to achieve success.

Because of the way PTSC is structured, I believe its efforts to become a successful operating company are essential to long term share appreciation. That this structure is fraught with potential for abuse is without question.

That serious errors in management occurred is also without question: you simply cannot issue grossly inaccurate revenue guidance (PDSG) without consequence, not in today's environment. Further, mischaracterizing a dividend cannot be tolerated.

The executives directly responsible for these gaffes may have been terminated, and I think chaos attendant to building a successful company is mostly to blame. Nevertheless, I see progress in the evolving management. Pohl did a reasonable job during his tenure, surpassing most of his predecessors, but ultimately was limited by age and sparse operating experience. Turley was clearly out of his element. Goerner seemed to be tightening up operations, making progress toward operational status, then came the revenue misguidance. Don't know the full story, but you never do unless you are an insider.

I still hold long positions, and am optimistic for PTSC's future. But I will be watching carefully for the next CEO/management team, and evaluating carefully whether they have capability to establish PTSC as a successful operating company.