Were there any disclosure Failures?
posted on
Nov 23, 2010 12:36PM
from the 8K filed 8/10/01:
" Giffhorn, Korodi and Miller jointly hold the position of President"
"David Pohl will continue as VP of Admin & Corporate Secretary. Giffhorn and Pohl will continue as members of the BoD"
From the DEF14A Proxy filed 9/12/2001:
Company entered into two separate employment agreements with Pohl; one for his position as Secretary and the other for his position as VP Administration
From the 8K filed 3/13/03 sub doc 3:
Miklos Korodi and David Pohl who served in the office of the president are
leaving the company to pursue other business opportunities, which simultaneously complements the Board of Directors strategy to maximize capital and reduce
expenses.
When was it that David Pohl become the co-president? Anyone? I could not find a press release that stated that Miller was replaced by Pohl as co-president with Giffhorn and Korodi. Perhaps I just missed it somewhere. I also could not find an employment contract for for any of them for the position of co-president. Is it possible they received no compensation for their role(s) as co-president?
From 8K filed 6/17/05 sub doc 2
From 8K filed 6/17/05 sub doc 2 SAN DIEGO, Calif. -- June 15, 2005 -- Patriot Scientific Corporation (OTC Bulletin Board: PTSC), a high-tech intellectual properties company working in the advanced microprocessor field, has named long-time board member David H. Pohl to the newly-created position of Chairman, CEO and President of Patriot Scientific. "With the recent excitement surrounding our powerful new marketing opportunity created by our alliance with the TPL Group," Pohl said, "and with the revenue foundation that the new agreement provides for us to build upon - we want to continue to move forward in achieving success and increase of shareholder value. This company is now poised and positioned to aggressively commercialize and license our valuable intellectual property portfolio." Pohl will lay a foundation for future business by working closely with the Board to refine and implement the Board's vision in a forward-looking and comprehensive business plan, one that redefines the company and focuses Patriot on a number of future revenue opportunities. In assuming this new leadership role, Pohl draws on years of experience with Patriot, as well as decades of experience guiding new - often high-technology - business ventures. Pohl was most recently Of Counsel with the Encinitas, based law firm of Herold & Sager and was at one time a senior attorney with the large, prestigious national firm of Jones, Day, Reavis & Pogue, Ohio. He has served on Patriot's Board since 2001, and before that, served as a strategic business consultant for the firm. From 2001 to 2002, Pohl served as Vice President of Administration and Corporate Secretary for Patriot. As Board Chairman, Pohl replaces former Chairman Don Bernier, who resigned from the Board in December 2004. Several recent and significant changes inspire this energized new direction. These include the company's first-ever profitable quarter this year, providing business development resources not previously available. Adding to that is a dramatic new agreement, announced last week, with The TPL Group, bringing to an end years of bitter legal disputes over the ownership of seven core-technology microprocessor patents. In addition, Patriot recently received independent validation of the performance of two new ultra-low-power array microprocessor technologies, IGNITE™ and INFLAME™. Taken together, these dramatic market changes prompted the Board's actions, creating an opportunity to move Patriot in a vigorous new marketplace direction. "The agreement with the TPL Group last week changed the map for Patriot Scientific," Pohl explained. "Instead of our resources being caught up in litigation - and our being known as 'that little guy who's suing all the big guys,' we are now once again what we had always intended to be - an aggressive, innovative and dynamic intellectual properties company focusing on the international microprocessor and wireless market. Patriot is now anticipating a strong revenue stream that will enable it to focus its resources on effectively analyzing, developing and commercializing applications based on its patent portfolio, as well as on related business opportunities." Patriot Scientific CEO and President Jeff Wallin and CFO Lowell Giffhorn have left the Company although Giffhorn remains on the Board. "Our previous management performed well in a very difficult environment; in doing so, they helped the company during some demanding times," Pohl said. "However, our new opportunities require us to refocus Patriot Scientific, and the Board felt that a new and different management style was in the best interest of both the Company and our shareholders. Patriot Scientific will have a newly-focused business strategy, and it was the Board's opinion that new leadership will be required to see that strategy through. This is likely to include adding some new directors to enhance our current Board." Hmmm…..I wonder which shareholders he was referring to.