Patriot Scientific

First you should know that the Patriot Board believes that one of the main reasons our stock price is where it is, is due to what is written by posters on boards like this or maybe just this one. By people like me so believe me they will hate when they read the truth below as most of the other posters well.....

I went to the shm not feeling well but hoping that shareholders would hold the PTSC three amigos board members feet to the fire. It was not to be by most of those in attendance. I really was stunned at the lack of emotion from the shareholders that had not had a chance to confront their board for three years face to face. And oh by the way according to Gloria we can probably expect more virtual meetings.

After reading some of the recent post regarding the meeting and after attending the meeting I am sorry to say that many shareholders drink kool aid in my opinion.

I am sorry but I have to be direct, frank and tell you how I saw this meeting. A waste of time. Nothing except maybe the news on Apple was New. I felt that this was just a rerun of the LaCosta mtgs and the other meetings. Same words just fewer people on the dais and no screen dog and pony show.

Few shareholders had the nerve to ask pointed and direct questions regarding the ridiculous situation we find ourselves in with a public company that is directed by a bunch of people out for themselves. I noticed that though I must have asked a half a dozen pointed questions only one was mentioned in the notes sent along to the this board. I will therefore attempt to give you my version and for the most part go into hibernation again. I will say that I believe that many not all but many of the people in attendance had no real knowledge of what the past history of Ptsc and Tpl has been.

First, I notice Stan Kaplan is given quite a few kudos in many reports. He is a nice man and certainly more diplomatic then I but when people bend over backward to thank the PTSC board for the hard work they have done and how we appreciate all they have done it is beyond understanding. I will say that it was Stan who tried to get some straight answers on Apple and the bottom line as I heard it is that Apple has a license, we will never know how much they paid, they the board do not have to tell us and the way Lecky spoke it sounded like there were problems on TPL's end that made them take minimum wage from Apple. At least he answered Mr. Kaplan in such a convoluted way that is what I believe he was saying. Once again that is my take and I appreciate Mr. Kaplan for bringing it up however most of his other points and in fact most questions were softballs except for a few from a Mr. Cook.

My first question was the one that our friend in Shreveport asked for someone to ask. The reason I frame it like that is because Cliff our earstwhile leader made a snide comment about the shareholder in Shreveport La and I can only think of one man and friend from that neck of the woods. One of the main and substantial posters on this board. A man who if he heard Lecky say how he thinks Ware will jude the Markham would probably say we will see and to to jump the gun as nobody knows how the Judge will go. The answer to whether they have a strategy in place if we have a favorable Markham outcome is probably yes as it took me several times in asking to get that they do have a strategy. Big secret I know but we will see....

Why nobody at least in the post that I have read today brought up how our Board in total plead poverty for the pittance they make for the great amount of work they do. If I was not sick before that statement I got sick right there. I felt like I was listening to D.C. politicans who work so hard and for so little. I was ready to take up a collection for them and in fact I think it was the last shareholder question of the day who asked them if we paid them more would they buy stock in the company???????? Do you see where I believe kool aid was being served? I know I am on meds but they are Dr. prescribed. How could anybody even suggest they get more money when I and a few others thought they were paid to much?

Cliff made a major point of how he is underpaid for the San Diego market. I live in San Diego and for what he does and for how he has performed for the shareholders, his bosses, believe me he is not underpaid. CJ brought up hours they put in years ago on somethings and how they are constantly on the phone and that came from me asking them what they did to earn their pay. The only way they could justify the money they are getting is to show an hourly wage that would make Trump blush.

I asked them if they were embarrassed they earned so much for what they delivered. To a Board member they all said no. Gloria is putting a niece through College and Cliff has four kids and the excuses and poor mouthing went on and for these folks with their six figure incomes. (See why I was ready to take up a collection?).

Lets get back to Cliff.... He said and I paraphrase not quote but I am darn close... that if he was presented with working for and getting stock or buying stock in Patriot Scientific today would he .... now remember he brought this up. He said he would have a hard time taking the job or buying stock (Which he has not bought any to date because he does not have any money).

Nobody else challenged him on that so I did and like I said I had hoped I would have had some support as I got up and asked point blank after making such a statement what was he doing working for Patriot Scientific at this time. If he did not believe in the company and he is underpaid why not leave and get a job that pays more?

His answer, he is there because he wants to support his fellow board members and some other b.s.. Folks, I do not believe this man could get a job paying close to what he makes at PTSC. I may be wrong but that is my opinion. I believe as a shareholder we deserve a leader and a Board who is truly underpaid because he puts his heart and soul into his job and deserves to make more then he is paid not the other way round. I do not believe that PTSC should be a high priced welfare agency for people who do not believe by their own words in the company.

Very little discussion on the fact they would not accept majority voting and when the Comm of Elections read the results for majority voting and board purchase of stock she only read how many share were voted for the board's position on both issues. Once again I got up and asked what the total count was and lo and behold the shareholders by a huge margin either voted against the Boards positions or abstained. Interesting they were not going to tell us that.

P.s. I am not trying to blow my own horn as most there know I do not have enough breath to blow a horn but I was like I said aghast at the love fest I saw. To thank the board for having a shareholder meeting and giving them a round of applause is a bit much maybe I missed the jump in shareholder value (actually I did I should have bought more at a nickel and I would be real happy today).

Larry, did ask if ptsc board just accepts what the tpl settles for? The boards response was read and basically was b.s. imo that said yes they are kept in the loop but as lecky said someone has to make the decisions and we all know who that is.

Mr. Cook asked why it took till 2011 that the board went and asked tpl for more insight into settlements etc.... The answer was there was little oversight to that point as they trusted TPL. Which folks brings up a Major point or statement when Lecky got his chance to run the floor he said and I know everybody heard his say that from day one he has been honest, open and aboveboard with the Board at Patriot and has never ever done anything that could be considered not in Patriots best interest.

Mr. Leckrone, then made what I thought was an outstanding and a Joe Biden (sorry for the politics) type of statement. He said and he was very very clear that he believed that everything that TPL and Patriot did in regard to the MMP and settlements were open for all to see and should be transparent.

Of course I had to speak again. I asked that based on his comments would he now allow the board to give out the amounts of the settlements when they occur instead of keeping the figures a secret. This man should of been a politician.... he immediately realized that he had misspoken and went into his cock and b**l story that if people knew what was paid then other companies would know how much to pay. We have heard this so many times the old timers can recite this statement in our sleep. So no we will not know how much and so much for openness and transparency.

Somebody, whether Cook, Larry, Kaplan or somebody made the comment on did they not thing that companies knew what they were doing and could see that TPL caved at every opportunity and that someone in one of the companies stated that TPL settles for nuisance amounts which some of believe is accurate. Leckrone pooh pahed that. However, when Cook asked if early signers are still being given discounts (how many years now can you fall under the early signer umbrella?) Lecky said yes there is a step by step process which they have "shown" ptsc board members. So believe it or not folks we are still in the early signer stage.

I think it was brought up that Lecky was asked why not if we have a favorable Markham go for court. He went on and on about his decision on what to do and it is best to take the sure thing etc.... I believe we are at a stage that unless the settlement is HUGE then go to court. If it is huge and there is a nice dividend then other companies will get the message if not then we are just here to keep the Leckrones and the three amigos in their current state of poverty.

It turns out that TPL has an interest in a property (brought up by Mr. Cook) in London. Apparently according to the board PTSC has not business regarding that property and what tpl does with it's money but I wonder what about the term co-mingle?

As someone said PDSG has few potential buyers that is what they said and then they said it will probably be sold soon. It's product is so good that nobody wants to use it but wants to spend money to develop their own. Makes no sense to me either. If I knew there was a product out there that I could buy that was better then anything I or anybody else had I would buy it because it can be had for cheap or that is how I heard it, once again imo.

I do not want to forget but though I did not get his last name I did hear a man by the name of Rick thank the board for the great Q & A they put out back in December. I wanted to tell him crumbs are always thrown to the pigeons but I did not.

Lecky said that he believes there were only five times that his products at tpl and the mmp were sold together. I would like to see the books on that one. Remember i reported earlier that Lecky said that "since day one they have been open and visible". Also said that there have been $350 million in settlements to date of which ptsc has seen less then half

Coming to a close here folks.....

I told Lecky as he went on and on that he was not saying anything different then he said at LaCosta oh so many years ago or any other time he has graced us with his presence. Nothing and other then Apple nothing new.

In closing someone asked him if the last four signings we have recently heard about were window dressings for this meeting. He never never answered it directly other then to say sarcastically or maybe honestly he "kept them in a drawer".

Applause by most and meeting was adjourned.

That is my take and if I have offended anybody I am sorry but honestly folks for those of you at the meeting if you owned a business would you run it the way ptsc is run???? Oh Wait you do own a business.... It is called Patriot Scientific

Marc