Tuesday April 25, 9:32 am Eastern Time
Company Press Release
Patriot Scientific Launches Search for Investment Banking Firm to Explore Strategic Options and Accelerate Corporate Growth
Value Added Partners, Acquisitions, Access to Expanded Markets are Key Considerations
SAN DIEGO--(BUSINESS WIRE)--April 25, 2000-- Patriot Scientific Corp. (OTCBB:PTSC - news), the developer of the first, market-ready microprocessor for Java(TM), Tuesday announced that it has launched a search for an investment banking firm to help it explore its strategic options and accelerate corporate growth, both through value added strategic partnerships as well as potential acquisitions.
``We have reached a point that mandates involvement in far-reaching partnerships to ensure that we maximize growth for our company and its shareholders,'' said Jim Lunney, Patriot's president & chief executive officer. ``Having raised sufficient capital to continue the marketing of our PSC1000 family of microprocessors, we now need the assistance of an investment banking firm to help us articulate our future growth strategies, especially in terms of finding value-added strategic partners, potential complementary acquisitions and expanded worldwide market opportunities.''
Lunney confirmed that Patriot has already held exploratory discussions with several investment banking firms, and that several more are under consideration.
``A key criterion in our selection process is a firm's involvement in our industry. It needs to know, and have access to, companies participating in the Java embedded computing world that is growing so explosively, and helping us identify both partnerships as well as potential acquisitions that make sense,'' said Lunney.
``Other important considerations include the firm's ability to champion our stock as a true market maker, provide written sponsorship, and assist us in becoming a fully listed trading security on NASDAQ.''
Founded in 1987, Patriot Scientific Corp. designs, markets and manufactures: the PSC1000, based on the patented ShBoom technology, a 32-bit microprocessor targeted at Java and Internet appliances as well as the traditional embedded systems markets; high-performance ISDN Basic Rate and Primary Rate products for digital communications and ground penetrating radar. For more information on Patriot Scientific Corp., visit ptsc.com.
Java is a registered trademark of Sun Microsystems Inc.
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, technical development risks, seasonality and other risk factors detailed in the company's Securities and Exchange Commission filings.
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Contact:
Patriot Scientific Corp.
Linda Romero, 858/674-5000, ext. 235
lromero@ptsc.com
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