PTSC moving fast on news:
Patriot Scientific's Financing Goes Effective
SAN DIEGO--(BUSINESS WIRE)--July 6, 2000--Patriot Scientific Corp. (OTCBB:PTSC), today announced that the registration of its previously announced $30 million finance agreement with Swartz Private Equity LLC has been declared effective by the Securities and Exchange Commission.
Under the terms of Patriot's finance agreement with Swartz, these funds can be drawn by Patriot as needed over the next three years, subject to certain limitations. Patriot intends to use these funds to accelerate the manufacturing and marketing of its patented line of PSC1000 microprocessors.
"This new funding agreement, our second with Swartz Private Equity, helps to ensure that Patriot will have access to funds to accelerate our focus on commercialization of the Java-specific PSC1000 microprocessor," said Jim Lunney, Patriot's chairman, president & CEO.
"Moreover," the CEO said, "we intend to continue to enhance the chip's leadership by regularly improving its performance and cost characteristics, and continually adding to its growing portfolio of compatible development tools and application software."
Founded in 1987, Patriot Scientific Corp. designs, markets and manufactures the PSC1000, based on patented ShBoom technology, a 32-bit microprocessor targeted at Java and Internet appliances as well as the traditional embedded systems markets. For more information on Patriot Scientific Corp., visit ptsc.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, technical development risks, seasonality and other risk factors detailed in the company's Securities and Exchange Commission filings.
CONTACT:
Patriot Scientific Corp.
Linda Romero, 858/674-5000
lromero@ptsc.com
KEYWORD: CALIFORNIA |
