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Message: A Huge WAG ...

What you can confirm from the information on hand is that TPL and PTSC are in a serious dispute. One that has requred legal action to attempt to resolve.

Additionally, keep in mind, PTSC loaned TPL $950K that was secured by the license fees that were due to come in in June. No problems have been mentioned with respect to that loan. PTSC later also loaned TPL $1M that was NOT secured by anything. TPL defaulted on the unsecured loan, and PTSC then filed an action on April 12 in SAN DIEGO court regarding the loan.

The action filed in SANTA CLARA court is a second, separate action. Per the PR, it is not specifically about the loan, but appears to be about the master agreement, and TPL's non-acquiecense to the resolutions approved by the PDS management committee.

Clearly, there is a problem in the relationship as outlined by the M.A., so much so that PTSC filed a complaint against TPL about it. I don't think it's a stretch to assume that since the last announced license agreement was in March, prior to the April filing, and that we haven't seen one since, this "problem" that is being fought out in court, is the reason for the lack of licensing as you surmise.

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