Subject: RE: Shareholder meeting From banks50 PostID 396120 On Thursday, April 14, 2005 (EST) at 7:35:04 PM Response To: hitemp PostID 396115
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Ms. Felcyn was the secretary, Lowell reported that all inititives passed. Proxy voting was 78% of registered votes, so approx 205 Mil votes were counted, and 64 Mil didn't vote. 186 Mil votes in favor of the additional 100 Mil shares. The lowest vote count in support of any BOD member was 190 Mil. Presentation portion lasted just over 1 hour. Questions consumed the last hour, and I am grateful to management for scheduling enough time for them.
Look for slides on the company website, that showed the outline of the meeting.
Litigation... C. Johnston will be the interim Attorney answering on the 22nd, until new counsel is selected. They did not want to discuss any litigation issues as they felt it would not be wise. BTW, I understood that Mr. Leckorne was in attendence at the Meeting. We may hear in about 30 days the status of B&O on the other cases of which they are Attorneys of Record (Intel and the Japanese 5), this with regards any rights or obligations of B&O from future settlements, or their continued representation in the other matters. Mr Johnston also indicated we are pursuing a clarification of the latest Court Order (presumably for what evidence can and cannot be utilized in the litigation going forward).
Sales...We have Ignite sales representitives. I was busy asking other questions and was not able to followup on this revelation, nor was it expanded upon. We are in discussions with 7 firms on Licensing; no exactness of the level of ''Discussion'' was offered when asked. There is Canadian interest, Chinese interest (China card individual who was a principal in the announced PR recently passed away) remains. There is interest in our new ''Charging'' technology. Pat Nunnley gave a good presentation on Inflame, said it was similiar to the ''Cell''. Pat showed diagrams in Ignite, Inflame and the Charging technology and how it could be utilized, and how we were superior due to the Core of our technology. They want to Benchmark INFLAME. Mr. Don Breneir still has a nonexclusive right to represent Ignite to the Automotive industry in the USA.
AMD... a Robert Ober from AMD in San Jose spoke on AMD a bit. A generic short show and tell on AMD really, although he did that that although they do not have present interest in utilizing our patents, the company engineering teams have been made aware of it and may in the future.
THE BOD and Management (excluding Dr. Falk) was exposed for not owning shares and collectively only owning about $30,000 worth of stock. One Shareholder described the BOD as Club like; with additional none PTSC ties among the members. Lowell said PTSC wants to get the Investment community interested in buying shares, to which it was said that Retail can't even get the BOD and Management to buy shares; so why would large investors, and how must that look to the Investment community ? Lowell said we were under valued at 10 cents. Lowell said we are at the point when some in management are considering buying shares. The BOD was requested to expand itself to the 7 members the Charter allowed, to get someone from business and especially the technology arena on it. Lowell was asked about buying back shares said that he found that as a Delaware Company they could not buy shares from the public float (that was new to me..??). One question was asked about the Preferred Shares, and would management consider folding the Warranted Shares into Preferreds, or using them in some fashion like that. No Preferreds have been issued as of yet, nor are being considered. When asked, Lowell said the BOD will most likely not select a Chairman of the Board. Lowell said (when asked) that the additional shares beyond what we were committed to providing from the new 100 Mil, was to be used as Employee Options plans and for Treasure stock.
One Shareholder asked about Reverse Splits, and that at some point it might be acceptable and beneficial. Lowell discussed it, said not considering it at this time. Other Shareholders said to give the stock more time before considering doing that.
About 75 shareholders attended, refreshments were provided and the uniformed wearing, badge hanging, gun toting security guard made himself easily visible the entire time.
FWIW, I had a chance to chat with all the BOD members as well as Lowell and Jeff... They conducted an organized and friendly Shareholder Annual meeting.. Lowell said they would see us again in 12-16 months.
Corrections welcome, taken from my recollection of events.
--- In PTSC_Investors@yahoogroups.com, ''limerickhook'' < limerickhook@o...> wrote: > > Hopefully you guys can remember all the pertinent info from management > so you can relate it to the unfortunate individuals like myself who > could not attend. Give 'em hell. > > Ryan
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