Well, not quite.
You addressed the possible M&A issues from your perspective yet failed to acknowledge that PTSC has done what you say it shouldn't: the Chinese partnership and the company that fell through on price.
Discussions in October and November of 2006 with a privately held company that was a merger candidate broke down over the issue of valuation. There are informal indications the other company may want to rekindle discussions
Also, what originally appeared to be promising discussions regarding a potential joint venture in China regarding the Ignite chip have dried up. Although there currently is no ongoing R&D regarding the Ignite chip, consideration is being given, among other things, to a feasibility review of the company's patent on ground penetrating radar technology and the possibility of combining it with more recent technology plus perhaps the Ignite chip.
http://www.ptsc.com/news/press_releases/2007notes.asp
As can be seen, just from the above, there is far more that could have been discussed without mentioning either licensing or M&A. An update on any ideas for the other "umbrella ribs" could also have been given.
Be well
