Mosaic ImmunoEngineering is a nanotechnology-based immunotherapy company developing therapeutics and vaccines to positively impact the lives of patients and their families.

Free
Message: I think that it is time to read this again--may happen soon!

I think that it is time to read this again--may happen soon!

posted on Feb 03, 2010 01:55PM
"Do I care about all our shareholders, you're damn right I do! I need to stay focused on that and ignore what people like xxxxx is saying, especially when their whole focus is on failure and they post horrible things knowing full well that these postings hurt the stock price and discourage new investors. Have we been a success? Obviously not, except for a short period in 2006 and 2007 when we managed to pay out 3 dividends and raise the stock price to $2.00. So many of the bashers criticized our paying out the dividends then. They wanted Patriot to go out and buy something and become a growth company. That is not an easy thing to do, as we have the now learned. We hired what we thought was a very experienced CEO, who in turn brought in his own person, also very experienced and proceeded to do M & A. Incidentally, xxxxx called me the same day we filed an 8K when we hired Rick to congratulate me on the fine choice of CEO we had made. The acquisitions made were Crossflo, Avot and Talis. All failures from the standpoint of representations made. We later realized that our management had ventured into a field they knew nothing about and did not fully understand. Big Mistake. Did we do due diligence. I wish you knew how much due diligence we did. Also, since late 2007 and early 2008, we have been clobbered by the USPTO with examination request after examination request on all of our patents. Why are the companies that we're going after fighting us so hard? Is it because our patents are strong? You bet they are! Debbie, the Crosslet (PDSG) technology is strong. The product is good, the business strategy by our former management was not. We are giving ourselves 120 days to try to find a partner who has the name recognition for this software that Patriot/PDSG lacks. Baron is providing his assistance to us and will be consulting and leading the way for partnering. If we see no progress or evidence of success at approaching 120 days, we will most likely sell PDSG. Oftentimes, when you're looking for partners, you end with a buyer. That is certainly something we will consider. If all we get left with is the MMP, we will cut overhead by 80%, reduce the number of board members to a bare minimum and enlist a strategy of stock buyback's and dividends. Venture funds who normally have the best of the best minds, have a track record of 1 in 3 and 4 of companies they acquire go bad. Do you really believe that we wanted what happened to happen? We hurt for all of you and also ourselves , family members and friends who believed in our company. We have cleaned house. The re-certifications are coming in. Give us a little more time! Regards PS: I began buying Patriot stock around 2000. I hold just under 900 K shares. 350 of those shares were option shares that I exercised. When we exercise options, the difference between our exercise price and the stock value is taxable to us, so we pay the exercise price and the federal and state tax at ordinary rates, not capital gains on the spread. I could have sold in 2006 and 2007 and didn't because I didn't want to send the wrong message. The balance of my shares were all purchased on the open market. I would venture to say that virtually all of the shares that I currently hold are under water. My average cost basis for all my share is probably around .50 to .60 cents per share. I came on the board in October 2002. From October 2002 until February 2006, I collected no board fees at all. As a matter of fact, I used to pay my way to the annual meetings because Patriot was so cash poor. There was a short time during that period, when the company carried no D & O insurance, which means that as a board member, I received no board fees and subjected all my personal assets to risk. The same is true of Carl and Helmut Falk. Why would we do that if not because we cared and believed in what we had. I'm starting to sound defensive and that is one thing I hate to do. Am I sorry for where we're at? Yes I am! Am I am going to do everything possible to turn this situation around? You bet I am! I believe that the people we have the now surrounded ourselves with are the right people and are going to make that happen. 120 days, Debbie!"
Share
New Message
Please login to post a reply