P-Newco Formation. As part of our Master Agreement with The TPL Group, Patriot  
has formed a new entity named P-Newco that is jointly owned by Patriot and TPL  
Group in equal shares. Both TPL Group and Patriot have licensed certain of their
intellectual property rights in the Patent Portfolio, consisting of 7 US        
patents, to P-Newco. That company has engaged TPL Group to commercialize the    
Patent Portfolio by convincing companies using our technology to pay for        
licenses for such usage. I am Patriot's representative on the three-member Board
of Directors of P-Newco. That Board held its first organizational meeting last  
month and will meet at least monthly to review mandated reports from TPL Group  
regarding progress and results of their licensing activities that are already   
ongoing and have involved considerable travel.

Do they still meet to review these mandated reports?