• When Carlton Johnson joined PTSC’s BOD in August of 2001, PTSC had 61.9M shares outstanding and a market cap of approx $18.6M. It had about $594K in current cash, equivalent, or receivable assets.

• When Gloria Felcyn joined PTSC’s BOD in September of 2002, PTSC had 83.1M shares outstanding and a market cap of approx $4.2M. It had about $594K in current cash, equivalent, or receivable assets.

• When Cliff Flowers joined PTSC in September of 2007, PTSC had 391.3M shares outstanding and a market cap of approx $172.2M. It had about $22.3M in current cash, equivalent, or receivable assets.

So, essentially PTSC has been under the control of these 3 people in various configurations for over 10 years. In that time, PTSC has taken in over $135M in revenue. It has paid out approximately $32M in dividends, and last I checked less than $20M in taxes, leaving these 3 PTSC leaders with about $83M of that revenue to build a business.

As of the last 10q, PTSC had about $10.9M in current cash, equivalent or receivables. So essentially, they’ve spent about $72M in over the last 7 years “building” the company to a state where there is $10.9M in “cash” and a market cap of approx $24M

Considering the re-exam successes, the licensing successes, the lack of debt, and the “opportunities” that have been present for a company with cash over the last 4 years, is this performance acceptable?

Considering the COLLOSSAL FAILURE this performance reflects, what BOLD CHANGES has PTSC made that would suggest any different path moving forward? I’d suggest, they’re still operating in the “craps” mode, trying to roll the dice as long as possible hoping that chance will reward them, before shareholders unite and “crap them out”, so to speak.

Additionally, where did this $72M go?! Obviously some of it went to employee and director salaries/expenses. Despite what some may think, NONE OF IT went to Eric Swartz since he made his millions off of the dividends, and off of his selling of shares in the market. Also, NONE OF IT (aside from loan proceeds) went to TPL, since their gluttony came off the top before the money made it to PTSC. The question is WHERE DID THE MONEY GO? Who was involved with these ventures that PTSC mangled so badly? What consultants like Baroni were lined up at the trough? What other vehicles did PTSC employ either intentionally or unintentionally to shuttle the money out of the treasury?

Hopefully, we can get some answers and accountability at the SHM.

While these 3 people cite their lack of confidence in shareholders by stating they’ve denied the last shareholder proposal due to the totally UNPROVEN “likelihood of a failed election” or the “potential that shareholders would not elect a qualified director” (paraphrased), it is amazing (and grotesquely hypocritical) that they fail to cite the VERY SUBSTANTIALLY PROVEN likelihood that this trio will continue to flounder and empty the treasury of PTSC while delivering no value to shareholders.

IMO, what is really NON-BINDING, should be the titles of Board or Director Member, or compensation to these 3 people unless SERIOUS, POSITIVE PERFORMANCE RELATED conditions are put on them, IMMEDIATELY.

I hope they will take their history to heart, and like the Michelle Bachman’s of the world step aside when they realize they’re performance is not up to snuff, or like the Rick Santorum’s of the WORK HARD AND DELIVER. It’s CLEAR that history would suggest NEITHER is likely from this group. Their stance on shareholder proposals reflects that their outlook looking forward will remain consistent with the past. Can shareholders force a different outcome?!

Essentially, THEY’VE DARED US TO!