``The warrant buyback program is based upon an agreement which calls for a structured series of warrant redemptions over a period of several months, beginning in February 2006. ``Under the terms of this agreement we have the right but not the obligation to redeem up to 2 million warrants per month,`` Pohl continued, ``and we are pleased to have negotiated a redemption price that is equal to each applicable volume weighted average monthly trading price for Patriot`s shares less the exercise price for the first 10 million warrants covered by this agreement.`` The price and terms applicable to the redemption of the other 10 million warrants will be determined by mutual agreement of the parties.``