IR Q&A
posted on
Nov 06, 2009 12:56AM
Angela, After going through 3 CEO’s in approx 3 years and nothing to show for it but a handful of defunct investments and eroded shareholder confidence, what is the plan moving forward? I don’t want to come off as glib, but oversight and accountability seems to be lacking from the Executive Team and the BOD. Did the Board do proper due diligence on Talis, Avot, Crossflo et al? If so, what was so compelling with what they uncovered which made them agreeable to an investment or total buyout? Who is the responsible for the company? Patriot has been absent a Chairman since Pohl resigned. Who are the leaders and what are they doing to fulfill their fiduciary responsibility and enhance shareholder value? Best, XXXX
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Dear XXXX:
The Company’s operating results have without argument been disappointing, and, as you are aware, our Board has recently taken measures to dismiss several members of the executive team while at the same time engaging highly respected and experienced resources to assist in assessing how best to exploit the investments made in technologies and business over the past year or so. As decisions are made about the direction of for the business, public announcements will be made.
Since you indicate that you have been a shareholder for over 3 years, your investment dates back to when the MMP licensing was the sole business endeavor of PTSC. That business has been unpredictable, and while we remain optimistic for future licensing success, the pressures of litigation, USPTO re-exams, and possibly to some extent the economy, we believe have all contributed to the recent lower than historical performance from this asset portfolio. This has been communicated by the Company in the past, and unfortunately these factors still persist today.
Although there is not a single Board member appointed as Chairman, the Board continues to work as a group in oversight of the Company. As previously announced, Mr. Flowers, the Company’s CFO for approximately two years, is also serving in the interim capacity of CEO while the assessment efforts described in the first paragraph above are underway.
Since some of your questions were of a general nature these are the best responses I can offer for now. If you have specific questions that I can answer by either pointing you to existing public information that you may not be aware of, or that would permit a response that will not constitute selective disclosure of material non-public information on my part, please forward such inquiries and I will try to be of assistance.
Best regards,
Angela Hartley
Investor Relations