I would like to see PTSC increase the cash reserves to not less than $50 million and not more than $100 million, at which point a dividend would make sense. M&A must also be given serious consideration as the cash reserves increase, to ensure alternative revenue streams going forward which are not dependent on a decreasing number of infringers.

The problem that I have with perfomance related compensation, at this moment in time, is that it would reward the BoD for any increase in price as a direct result of licencing revenue, over which they have no control. I'd sooner stick with fixed fees until such time as perfomance can be measured.

As any BoD has to make decisions based on conditions present at the time of the decision, I merely look at what the circumstances were at that time and question if, based on the information I can find, any better or alternative options were realistically available to them. If not, then I will not blame them for acting the way they did, and will defend those decisions until such time that I am persuaded that there was information which I missed, which could change my perspective. I don't include 20/20 hindsight .

Hope this helps.

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Be well