Patriot Scientific Corporation Provides Business Strategy Update 04/29/19
Company to Expand Evaluation of Blockchain Technology in Life Sciences Product Development
CARLSBAD, Calif., April 29, 2019--(Globenewswire)- Patriot Scientific Corporation (OTC PINK: PTSC) today is providing an update on its business plans.
Patriot Scientific Corporation is a public intellectual-property licensing company with several patents that are fundamental to modern microprocessor design. Chips licensing our technology cover the broad spectrum of the digital market and are used worldwide. From computers to cell phones, automobiles to entertainment systems, Patriot technology helps power your world.
Patriot’s business has been based on its experience with developing unique microprocessor architectured chips for which it began offering the core of its chip technology in the form of licensable intellectual property. Over time it became apparent that the company’s patented microprocessor technology was a standard setter for efficient low-cost, low-power design. The company has licensed its patents, collectively known as the Moore Microprocessor Patent (MMP) Portfolio™, through its joint-venture Phoenix Digital Solutions to over 100 companies.
While the company is continuing to defend its core technology through an ongoing patent appeal process, the company also recognizes that the future of the ongoing proceedings is uncertain. Given this uncertainty, the company is planning for its future by expanding its business initiatives into areas that build on its rich history in the high-tech area. The board and management have evaluated a number of potential areas for investment and have determined that the utilization of blockchain technology in life sciences product development represents an exciting area of opportunity.
“While we continue to pursue our interests in the Moore Microprocessor Patent Portfolio and evaluate the best path forward for potential future licensing and litigation, we also want to prepare for the future of the company. We have evaluated a number of potential areas for future investment and have identified the emerging area of blockchain in the life sciences area as an attractive area to pursue. Data security, integrity and auditability are core to the development of new drugs and the use of blockchain technology in this area is emerging as a potential solution,” stated Carlton Johnson, Patriot’s newly appointed Chief Executive Officer. “We believe there is an untapped opportunity to significantly improve the traditional drug development process through distributed ledger technology solutions, otherwise known as Blockchain, and believe blockchain technologies have the potential to be uniquely suited for creating efficiencies to improve how drugs are tested and developed, while ultimately leading to reduced costs. In order to continue our evaluation of opportunities in this area we have retained Artius Bioconsulting, LLC, in order to examine the potential for establishing a systems integration company focused on offering blockchain based solutions for pharmaceutical product development,” added Mr. Johnson.
Patriot plans to evaluate the use of blockchain based solutions in multiple areas of pharmaceutical product development including research and development, manufacturing, clinical trials and supply chain. The goal is to identify areas of opportunity that would provide technology solutions and real-world test cases in order to address current deficiencies throughout the drug development process.
“Our team has been evaluating the use of blockchain technology in the complex setting of drug development for some time now and we very much look forward to applying this knowledge base to help Patriot with their ongoing evaluation,” stated Steven King, President of Artius Bioconsultng. “There are inherent inefficiencies in the drug development process that span from research and development through the clinical trial process which can result in lost data and inefficiencies that can result in a significant increases in time and cost. The small percentage of drugs that reach approval bear the cumulative costs of process inefficiencies for both successful and failed drugs. Blockchain technology is potentially an attractive solution for addressing these inefficiencies,” added Mr. King.
About Patriot Scientific Corporation
Headquartered in Carlsbad, California, Patriot Scientific Corporation is the co-owner of the Moore Microprocessor Patent Portfolio. For more information on PTSC, visit www.ptsc.com.
About the MMP Portfolio™
The MMP Portfolio includes US patents as well as their European and Japanese counterparts, which cover techniques that enable higher performance and lower cost designs essential to consumer and commercial digital systems ranging from PCs, cell phones and portable music players to communications infrastructure, medical equipment and automobiles.
Forward Looking Statements
Statements in this news release 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. It is important to note that the Patriot’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 emerging technologies and markets, raising sufficient capital to fund evaluation and implementation of new business initiatives, variations in Patriot’s cash flow, market acceptance risks, and technical development risks. Patriot’s business could be affected by a number of other factors, including the risk factors listed from time to time in Patriot’s SEC reports including, but not limited to, Patriot’s 10-K for the year ended May 31, 2018 filed with the SEC. Patriot cautions investors not to place undue reliance on the forward-looking statements contained in this press release. Patriot disclaims any obligation, and does not undertake to update or revise any forward-looking statements in this press release.
Patriot Scientific Corp