PTSC then

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

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l2007s

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PTSC then

posted on Oct 20, 2010 12:07PM

Anyone want to take a stab at PTSC/PDSG now (as of the end of fiscal 2010). To think that Gloria and the BoD only needed 120 days to decide. The decision should have been made long ago.

Year End Shareholder Call

Monday, August 17, 2009

In the past year, PDSG continued to expand its law enforcement information sharing projects based in New Jersey. We are working with the New Jersey State Police and various counties, along with our local integration partner, Enforsys, to enable the counties to share information with the New Jersey state police, as well as to potentially facilitate the sharing of data between multiple interstate and federal agencies.

We are wrapping up the Michigan Intelligence Operations Center, or MIOC, project, in which we provided data sharing capability for this Midwest fusion center. As is the case with nearly all of our public sector projects, our participation in this project gives us greater visibility, experience and, most important of all, proof of concept credentials to pursue additional fusion center projects in the future.

PDSG also completed an extensive project with the California Administrative Office of the Courts, or AOC, in which PDSG assisted the AOC Data Integration Group's effort over several months to prepare the nation's largest court system for information exchanges that will involve dozens of California agencies.

Our AOC experience is valuable and differentiates PDSG as we seek similar opportunities with other core agencies across the United States. We understand the AOC project to be the largest IEPD development initiative of its kind to date. This high-profile project enhanced our reputation as a authority on what are known as IEPDs, a federally required methodology which prepares any government agency for successful standards-based data sharing exchanges. As further evidence of PDSG's acknowledged expertise in this area, we have been asked to present two papers at the 2009 NIEM National Training Event to be held later in September.

This past year, PDSG's in-house subject matter experts were also sought out by the Sacramento Superior Courts and the Sacramento District Attorney's Office to develop and provide IEPD assistance, which will facilitate their sharing of justice and court information.

As a result of our relationship with Hewlett Packard and their longstanding relationships in the state of Montana, we partnered with HP to launch a pilot Healthcare Information Exchange, or HIE, this past spring. This project, connecting four Montana regional hospitals with the state health and human services agency, serves as a necessary and credible reference platform as we pursue other HIE opportunities.

PDSG's revenue have been lower and more difficult to project than anticipated. Several new pipeline projects have been pushed out due to various state budget issues that have cut or delayed funding for these programs. PDSG is focused on developing a larger pipeline of increasingly diverse projects to reduce our dependence on a relatively limited number of opportunities. For the present, however, delays in funding, contract awards, and program starts have significantly impacted anticipated PDSG revenue recognition. As a result, on July 16, Patriot retracted its original revenue guidance for PDSG of $3 to $6 million for the calendar year 2009. In addition, until there is a clearer picture regarding local and state budgets, as well as federal stimulus funding to support the Obama electronic medical record deployment and Department of Homeland Security Initiatives, we are unable to provide any confident revenue guidance update.

Building our sales team and continuing investments in broader marketing and product development efforts are essential to the expansion of our pipeline of quality sales opportunities. As these opportunities move to closure, we are confident we will realize a growing and more predictable revenue stream.

Additionally, to further assist in guiding PDSG activities, as previously announced, Patriot has retained the services of Mr. Greg Baroni to provide independent external assessment of PDSG's business opportunities, products, and activities. Mr. Baroni has started his review, and he's expected to finalize his report and recommendations within the next 30 days.

One other area Patriot has made a small investment in is the patent licensing opportunity with NuPOWER Semiconductor for its power management IP. NuPOWER has recently received a Notice of Allowance for the final two patents included in the NUSEM portfolio. Once the final two patents issue, the assignment papers will be filed naming NuPOWER and Patriot as coassignees of the seven NUSEM patents.

Per our agreement, NuPOWER and Patriot continue to work on new licensing opportunities integrating the NUSOM technology into new integrated circuit designs. Though we have no imminent signings forecasted, the expenses to date, including patent filing costs, associated with this project have been nominal, and Patriot will become a coassignee of the entire NUSOM power management IP portfolio.

For the current quarter and year, we had net income of $0.1 million and $0.9 million, respectively, compared to net income of $2.6 million and $9.4 million in fiscal 2008, the decline attributable primarily to the previously stated reduction in MMP Portfolio licensing activity and the impact of negative operating results from our PDSG subsidiary.

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