PTSC Streamlines Subsidiary Operations
--Reduces Operating Expenses While Reaffirming Core Focus
CARLSBAD, Calif., Nov 12, 2009 /PRNewswire-FirstCall via COMTEX/ -- Patriot
Scientific Corporation (PTSC) announced it has taken measures to reduce expenses
at its wholly owned subsidiary Patriot Data Solutions Group, Inc. ("PDSG"), while
reaffirming its commitment to provide state of the art data-sharing solutions
which include the Company's flagship technology, the Crossflo DataExchange(R)
platform ("CDX").
"We have taken measures to restructure PDSG and to rationalize our level of
investment in an aggressive move to better position ourselves to service near
term opportunities," said Cliff Flowers, PTSC's Interim CEO. "While we are
refocusing our efforts to exploit opportunities for the CDX and Vigilys
platforms, we are also undertaking to divest ourselves of the Iameter portfolio
of data analysis software and programs. The planned Iameter divestiture, in
conjunction with already implemented reductions in staffing, contractor
engagements, and other expenditures, will reduce PDSG's cash burn by
approximately 40 percent," added Mr. Flowers. PTSC based its decision, in part,
on preliminary recommendations from its consulting partner, Eclat, and the need
to preserve cash resources. Additional considerations were given to PTSC's
expected improved traction in the justice and public safety markets, and the
excellent results of the recent CDX technology evaluation which included the
reassessment of CDX as a core driver for maximizing shareholder value.
The Company also announced that its next shareholder meeting will be held on
January 28, 2010 at 2 p.m. (Central Standard Time) at the InterContinental
Chicago, 505 North Michigan Avenue, Chicago, Illinois 60611. The move to the
Chicago location was undertaken to better accommodate shareholder access from
various locations across the country. Further details pertaining to the
shareholder meeting will become available in PTSC's proxy statement expected to
be filed with the Securities and Exchange Commission on or about December 7,
2009.
About PDSG
Patriot Data Solutions Group, Inc. ("PDSG") provides products and solutions that
enable mission-critical applications to significantly accelerate the time to
value and reduce total cost of ownership for their data-sharing initiatives. The
company's flagship product, the Crossflo DataExchange(R) solution, helps link
systems together and facilitates secure data sharing for any information exchange
initiative in the healthcare, public safety and justice markets. The solution has
been designed to work directly with a number of national data sharing standards,
including HL7 (Health Level 7), NIEM (National Information Exchange Model), and
the Global Justice XML Data Model (GJXDM). PDSG's technological innovation is
backed by subject matter expertise and proven methodologies, facilitating the
rapid exchange of actionable data in mission-critical applications such as
clinical quality improvement and emergency services response management.
PDSG has been working with some of the nation's earliest and most innovative data
exchange projects including one of the most advanced statewide data-sharing
initiatives to be deployed in the United States. PDSG is the data-sharing group
of Patriot Scientific Corporation, which is headquartered in Carlsbad, California
(PTSC). For more information on Patriot Data Solutions Group, visit
pdsg.com. 
About Patriot Scientific
Headquartered in Carlsbad, California, Patriot Scientific Corporation provides
data sharing and secure data solutions for a connected world. Patriot Scientific
addresses the expanding market opportunities in the healthcare, justice and
public safety industries through its wholly owned subsidiary Patriot Data
Solutions Group, Inc. These growth activities are funded with revenues generated,
in a large part, from the continuing successful Moore Microprocessor Patent(TM)
Portfolio licensing partnership with The TPL Group. Patriot Scientific's
integrated core intelligence solution addresses the critical data/information
sharing needs of the healthcare industry, the Department of Homeland Security,
the Department of Justice, and federal, state, and local public safety and law
enforcement agencies. For more information on Patriot Scientific Corporation,
visit: ptsc.com.
About Eclat Consulting, LLC ("Eclat")
Eclat - literally, "brilliance of success." And, put simply, our success is
defined by the brilliance of our clients' success. We are a different kind of
professional services company - problem solvers who deliver tangible performance
improvements. Eclat delivers a comprehensive range of services, including
strategic, operational support, healthcare, security, and application services.
Proven performance and forward thinking - it's Eclat's foundation. For more
information on how Eclat is different, visit: eclatllc.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995:
Statements in this news release looking forward in time involve risks and
uncertainties, including the risks associated with the effect of changing
economic conditions, trends in the products markets, variations in the company's
cash flow, market acceptance risks, patent litigation, technical development
risks, seasonality and other risk factors detailed in the company's Securities
and Exchange Commission filings.
Contact:
Patriot Investor Relations
ir@ptsc.com
760-547-2700 ext. 102
SOURCE Patriot Scientific Corporation
patriotscientific.com |
