CARLSBAD, Calif., April 16, 2012 /PRNewswire/ -- Patriot Scientific Corporation (OTCBB: PTSC) today announced it has filed its Quarterly Report on Form 10-Q with the U.S. Securities and Exchange Commission for the fiscal period ended February 29, 2012. The Report can be found on the SEC's website at http://www.sec.gov/cgi-bin/browse-edgar.
The Company also announced it had executed an interim agreement with a potential purchaser of the assets of its wholly owned subsidiary Patriot Data Solutions Group (PDSG). The interim agreement requires the potential purchaser to fund the operations of PDSG beginning with the month of April 2012 until the sooner of the close of a purchase transaction, or in the event the purchase transaction is not consummated, until its abandonment. Additional details regarding PDSG are discussed in the Company's 10-Q filing.
About Patriot Scientific Corporation
Headquartered in Carlsbad, California, Patriot Scientific Corporation (PTSC) is the co-owner of the Moore Microprocessor Patent™ Portfolio licensing partnership, and is the parent of the wholly owned subsidiary, PDSG. For more information on PTSC, visit www.ptsc.com.
Safe Harbor Statement: Statements herein which are not purely historical, including statements regarding Patriot Scientific Corporation's intentions, hopes, beliefs, expectations, representations, projections, plans or predictions of the future are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The forward-looking statements involve risks and uncertainties including, but not limited to, the risk that we may be unable to consummate a sale of PDSG's assets on terms that are acceptable to us. It is important to note that the company's actual results could differ materially from those in any such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, risks and uncertainties associated with the effect of changing economic conditions, trends in the products markets, variations in the company's cash flow, market acceptance risks, patent litigation, technical development risks, and seasonality. Our business could be affected by a number of other factors, including the risk factors listed from time to time in the company's SEC reports including, but not limited to, the annual report on Form 10-K for the year ended May 31, 2011, and the quarterly report on Form 10-Q for the period ended February 29, 2012. The company cautions investors not to place undue reliance on the forward-looking statements contained herein. Patriot Scientific Corporation disclaims any obligation, and does not undertake to update or revise any forward-looking statements made herein.
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SOURCE Patriot Scientific Corporation