Patriot Scientific Rejects Offer to Sell MPU Patents
Online staff -- EDN, November 11, 2004
San Diego, Calif.-based Patriot Scientific Corp. said today that the company has declined an offer from Relational Advisors LLC for the sale of its microprocessor patents that cover semiconductor IP for the handheld wireless and smart card markets.
The company reported today that it was told by Relational Advisors that it represents Technology Properties Limited (TPL), Daniel Leckrone and Charles Moore, which are trying to obtain ownership of Patriot’s U.S. patents 5809336, 6598148, 5440749, 5604915, 5530890, 5784584 and 5659703.
Patriot’s management and board determined the $7.5 million offer and related royalty-sharing scheme was not inadequate for its IP, which it estimates to exceed $1 billion. The company has filed suit against TPL, Leckrone and Moore, involving the patents, which is expected to go to trial early next year.
The company said it also has received a demand letter from NuVen Ltd., an affiliate company of TPL and a recent PATRIOT shareholder, to provide investment agreements, shareholder agreements, shareholder lists, board minutes and other documents.
Patriot president and CEO Jeff Wallin said in a statement, “The recent activities of Relational Advisors and NuVen serve to validate the significant value of the PATRIOT patent portfolio. We are making every effort to realize the true value of our intellectual property for the benefit of all of our shareholders.”
