Patriot Scientific

Same old story, told by different people on different days. This trip down memory lane should give some indication of what we may hear at the end of the new 120 day waiting period. Perhaps just more empty promises from "well meaning" people who have told us repeatedly that they are committed to returning value to stockholders but so far have done diddly squat.

Patriot Scientific Corporation Announces Share Repurchase Plan, Strong Q3 Revenues

Carlsbad, CA - April 24, 2006: "We are committed to returning value to stockholders in various ways, including through our growth strategy as well as our focus on operational excellence and ability to generate and manage strong cash flow.

Letter from David Pohl, Chairman and CEO of Patriot Corporation 9/20/06

As we accumulate cash from licensing revenues, we are evaluating prudent allocation of this valuable resource with the goal of increasing shareholder value.
Consistent with our business plan, we are also evaluating potential acquisition opportunities that would provide value and an additional revenue stream. The mention of these alternative uses of cash does not preclude us from declaring future cash dividends to shareholders. Lastly, we continue to work toward the goal of getting Patriot listed and traded on a national exchange such as the NASDAQ, AMEX or NYSE

The Wall Street Transcript Oct. 2, 2006

What would you reasonably expect the company

to look like in about three years? What might be some milestones

along the way for potential investors to note?

Mr. Pohl: To date, over 300 companies have been put on

notice for the fact that they are possibly infringing. That should give

investors some sense of the size of the potential pipeline of licensing

candidates that is out there, and we currently can point with pride to

10 licenses in total. That means there are a lot more to come. So the

answer to your question is that three years from now, I picture this

company as being one that has capitalized on the opportunity to accumulate

some impressive amounts of cash in the form of licensing

revenues. Milestones would possibly include that the Board of Directors

might decide to pay some dividends to shareholders along the

way. In addition to that, the company will definitely have taken a

look at adding additional revenue streams through acquisition opportunities

and perhaps the opportunity to acquire additional technology.

So I would see this company three years from now, barring any unforeseen

developments, as being a financially strong company, listed

on a major stock exchange, and one with income and growth potential

as a very attractive investment for shareholders.

Patriot Scientific Reports Fiscal Q1 Net Income of $5.99M, or $0.014 Diluted EPS

Pohl also noted that Patriot Scientific is actively evaluating sources and opportunities to create additional recurring revenue through possible joint ventures or acquisitions, all with the goal of increasing shareholder value

Patriot Scientific Reports Fiscal Q2 Results 2007

"Our outlook remains positive for continued revenue based on further progress in licensing more of over 400 companies worldwide that have been notified they are candidates."
Pohl also noted that Patriot Scientific is continuing to actively evaluate sources and opportunities to create additional recurring revenue through possible joint ventures or acquisitions, all with the goal of increasing shareholder value.

Letter from David Pohl, Chairman and CEO of Patriot Corporation 2/23/07

Share Price. 677%! That's the dramatic increase in the price of Patriot Scientific shares in calendar year 2006, as highlighted in a recent article in the San Diego Business Journal singling out our stock price performance as the leader among San Diego companies in our market cap category. The closing price on January 3, 2006 was $0.09 per share, and on December 29, 2006 our stock closed at $0.61 per share

In another important step, we are in the process of engaging a business development executive or advisory group whose primary responsibility will be to identify and qualify other acquisition and joint venture opportunities for consideration. In addition, we have had preliminary discussions to be followed with meetings in the near future regarding a possible joint venture in China or Taiwan intended to update and adapt our Ignite microprocessor technology for various market applications

Patriot Scientific Reports Favorable Fiscal Q3 Net Income 4/24/07

Pohl reconfirmed that Patriot Scientific is continuing to actively evaluate sources and opportunities to create additional recurring revenue through possible joint ventures or acquisitions, all with the goal of increasing shareholder value

Letter to Shareholders from Jim Turley, President and CEO 6/15/07

We're very busy here at Patriot Scientific, working to grow the company and increase shareholder value. Though there may be occasional quiet periods where nothing appears to be happening from the outside, rest assured there's plenty of activity inside

Letter to Shareholders from Patriot Scientific CEO, Jim Turley 9/5/07

We had terrific year-end results – the best in Patriot’s 20-year history. Our top-line “sales” for fiscal 2007 nearly doubled to $49 million

Regarding our cash, I met recently with the board of directors and we decided not to pay out a dividend this period. We’ll revisit this issue regularly but for now I think we can put that cash to much better use in growing the company, as I hope to show you later this year.

Patriot Scientific Reports Q1 FY '08 Results10/11/07

Turley reconfirmed that Patriot Scientific is continuing to actively evaluate sources and opportunities to create additional recurring revenue through possible joint ventures or acquisitions, all with the goal of increasing shareholder value.

"We have been evaluating investment alternatives that will provide Patriot with attractive returns apart from the licensing business," Turley said. "Although many interesting opportunities have been uncovered to date, we are being highly selective in choosing candidates that we believe provide a good fit within Patriot coupled with prospects for significant growth. The recent addition of Nick Tredennick to our board of directors and the appointment of Cliff Flowers as CFO have provided additional resources in the furtherance of this effort," Turley added

Letter to Shareholders from Patriot Scientific CEO, Jim Turley 11/2/07

Speaking of potential, I've said many times that Patriot is actively seeking to develop a second revenue stream. I want that business to be predictable, product-based, and profitable. Well, we're making good progress on that front. Throughout the summer months I've been meeting with several high-tech companies and, with our CFO and members of the board of directors, we've evaluated more than 30 different companies in different industries from small 3-person startups to established firms with over 100 employees. A few of the meetings were brief; others progressed quite well and we've started a second phase of deeper discussions with some of the better candidates. We're being very thorough in our evaluation, involving each of our board members in turn and tapping outside advisors when that's appropriate. Overall I'm very excited about the prospects for expanding Patriot and broadening our opportunities. I'll be sure to share progress reports as we move along.

Letter to Shareholders from Patriot Scientific Board of Directors 1/29/08

2008 finds us in a better position to build a dynamic and exciting future for Patriot and it is our intent to do that. Our M&A search activity is being expanded by our having initiated efforts to engage an investment banking firm to help introduce us to candidate companies. We have already looked at a number of companies and are cautiously evaluating financial information. The range of companies we have looked at and will continue to focus on includes some in various areas of technology, early-stage investment, companies with established business operations, and interesting business units that offer opportunity for growth and profitability

Letter to the Shareholders March 2008 (Goerner)

Jim leaves the Company having outlined a plan to transition the Company from sole reliance on our MMP licensing revenues into an operating company with sustainable growth, profitability and increased shareholder value. It is that mission on which I intend to focus. I will provide more insight into our plans with that regard in subsequent updates.
We believe that market conditions are favorable for M&A and that quality opportunities will surface

Letter to Shareholders from Patriot Scientific President and CEO Rick Goerner 4/10/08

Positioning Patriot for future growth

The blueprint for Patriot’s pursuit of these opportunities can be summarized as follows:

· Selective expansion of our IP portfolio, acquiring new IP that builds on our existing IP portfolio.

· Minority investments, undertaken as a strategic investor, in certain early-revenue or technology ventures that, currently do not support a full acquisition decision, but that represent a technology or capability of interest to us. Patriot would gain market and technology insights from our participation in a potential “pre-M&A” investment scenario.

· Aggressively pursue full M&A activities. We will steer the company toward the acquisition of operating businesses in the electronics sector focused on software, networking and/or wireless technologies. Patriot has public market access to attract certain private or foreign entities. We are not ruling out the consideration of an acquisition of another public entity either. Patriot’s strong cash position, public company posture and significant market capitalization value give us a very solid negotiating position, especially considering current market conditions and other companies’ limited access to cash.

While it is the last category that will consume the majority of our energies, Paul, Cliff and I have begun initial assessments of several different companies and IP portfolios representing opportunities to expand PTSC’s revenues in each of the above

May Letter to Shareholders from Patriot Scientific President and CEO Rick Goerner

We have identified company M&A opportunities in software, networking and wireless technologies. We’ve also held meetings with several investment bankers to better understand their services and to brainstorm other opportunities for M&A. These relationships can assist in facilitating discussions with potential M&A candidates, both private and public. To re-iterate a point from my last letter, the acquisition process is both complicated and time consuming. I will keep you advised of progress in subsequent updates

Letter to Shareholders from Patriot Scientific President/CEO Rick Goerner 6/16/08

As for concerns regarding Patriot’s financial condition, we have cash, no debt, a public company presence with access to public equity funds and the ability to transition into a viable operating company going forward. We are making good progress in identifying, assessing and positioning future M&A transactions as I will outline in more detail in my shareholder letter later this month