Here are my notes from the meeting in no particular order and all what I believe that I heard and some with my opinions added. Please do not trade based on any of what is to follow.

Fred said that IPMetrics is working with "many' and "alot" of companies that are performing their own due diligence. He also said that Nunchi is not in beta testing yet. In the question and answer period I asked "How many is many or alot, he looked to the back of the room to Alan Cocumelli and Alan said more than 50. I said more than 50, but less than 100 and he said yes. Alan mentioned that Microsoft was one of the companies. He also said that Microsoft probably gets in the neighborhood of one thousand submittials like ours DAILY!

The presentation said that we have collected @ $16 million in Flash licensing fees but that 40 to 50 percent of that has gone to the lawyers and for other attendant expenses.

He said that they are trying to get as much money out of the Flash patents as they can to sustain the cash flow and that Nunchi, with the addition of add on patents should become more valuable over time. He said that it is very difficult, even for IPMetrics to value them and they will have to sift through the input from the 50 plus companies that are doing due diligence on the patents to determine level of interest. Obviously, if there is one company interested, the patents are worth less than if there are 3 interested and if 6 or 7 are interested it becomes that much more valuable, and so on.

In the question and answer period I asked how do they weigh the perceived gain in value of the patents over time with the prospect of having the market pass us by? He did not have a precise answer, only to say that they would judge the market for the product and try to get the most out of the patents at the time they felt was right. He also said that he believed that the patents would be worth more two or three years from now than they are now and they would be worth even more in 10 years, "but of course we would not wait that long."

The presentation said that Gartner(?) predicted that by 2015 that 40% of all smart phone users would opt in to personal tracking technology. He also said that Nunchi has the ability to make context awareness software more useful.

Anton Handal was at the meeting and and answered several questions and I wrote on my paper "impressed." I think we are in good hands in that regard. He also said he thinks that there will be several settlements prior to the Markman hearing. Someone asked if we were going to initiate any new suits against infringers and the answer was, yes when we think the time is right. On another note, as part of Handal's input he at one point was about to say something and said, "and this better not end up on the message boards" and before be could say anything someone from the audience said "then you better not say it" at which time Fred looked over to the SEC attorney sitting in the front row who shook his head and Fred changed the subject and did not let Handal finish his comment.

Lastly, in addition to the Micro Signet patents which Pat Nunally said should be officially approved and locked up within the next couple weeks, he is working on a new group of patents which have not been filed yet so he could not say alot. However, he did say that they had to do with cyber security, that it was a peer to peer security concept that would be used to de-centralize security. His example was that now when you give your credit card number etc. to someone you are in essence trusting that they will protect your information but are still subject to outside hackers etc. This tech would, in some way better protect your personal information. Not a techie, but that is what it sounded like to me.

That's it as best as I heard it. Here are my final thoughts. While it certainly would have been better to win the collateral estoppel skirmish, it is definitely not a back breaker and is possible to be appealed if and when we so choose. Likewise, the skirmish won against Apple, would have been bad if we had lost and is good that we won, but is not a huge positive. My personal take away from all of this is if you have all the shares that you want fine, if you want to wait for it to go down to 1 or 2 cents to buy more fine, but if you liked the price at 10 cents you should like it just that much more at 7 cents because what that has recently transipred does not warrant a 30% drop in the share price. The End. IMHO