Here's the press release on the move, etc.:
FOR IMMEDIATE RELEASE
Patriot Scientific Files 10K and Reveals
Plans to Purchase New, Larger Office
SAN DIEGO August 29, 2000 -- Patriot Scientific Corporation (OTCBB: PTSC),
the developer of the first, market-ready microprocessor for Java, today announced the filing of its Form 10-KSB for the year ended May 31, 2000, and said its auditors had issued a clean opinion on its current financial statements. The
previous year opinion had raised a going concern issue. Patriot also revealed plans to purchase a new and larger facility. Patriot stated that it expected to use its existing working capital of $1.8 million, its $30 million equity line of credit and anticipated increased
microprocessor and license revenue to accelerate its marketing and production activities.
“This is a terrific turning point for our company,” said Jim Lunney, Patriot’s president & CEO. “with our financing in place, we are moving forward to recruit outstanding candidates for key sales, marketing and engineering positions we are currently seeking to fill.”
Commenting on the potential for new offices, Lunney said: “We currently use about 4,000 square feet of office space under a lease option that will expire
in July of next year. We are currently negotiating for the purchase of a 12,700 square foot, two-story building located near our current facility. The proposed building is under construction and should be available for occupancy
during the first quarter of next year.”
“The agreement is subject to our completing due diligence and obtaining
satisfactory financing on the completed building. The cost of the project is
expected to be about $2.2 million, and we anticipate that, initially, we would
rent out to third parties approximately one-half of the total space,” Lunney
noted.
The 10-KSB also reported that certain shares sold by the company after the
filing of a registration statement, and that might have been eligible for
rescission, had been sold by investors at a profit, or held longer than one
year. As a result, at May 31, 2000 such shares were no longer subject to
rescission, and were reclassified in the third and fourth quarters of fiscal
2000 and reported as components of stockholders’ equity in the company’s
consolidated balance sheet.
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 Corporation, 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.
Contact: Patriot Scientific Corp/ Linda Romero, 858-674-5000, ext. 235/
lromero@ptsc.com |
