PATRIOT SCIENTIFIC CP (U-PTSC) - News Release Patriot Scientific and Holocom Networks Announce Secure Computing Company Funding
2007-07-20 09:15 ET - News Release
CARLSBAD, Calif., July 20 /PRNewswire-FirstCall/ -- Patriot Scientific Corporation announced today that Pilot Power Group, Inc. and its affiliate EDMS, LLC have acquired a controlling interest in DataSecurus, LLC (formerly Holocom Multi-Domain Computers, LLC). DataSecurus develops secure data- and power-control technologies that enable high-security PCs for government and military installations.
Users of DataSecurus PCs can access both secure classified networks and unsecured unclassified networks (such as the Internet) from the same computer, without the possibility of unauthorized access or loss of classified data. Previously, such users required two or more physically separate PCs on the same desk. The patented technology, known as the Sentinel(TM) System, has been praised by the U.S. Department of Defense personnel, NATO officers, and other federal agency employees.
Patriot Scientific CEO Jim Turley said, "We saw the potential of the technology but also realized that it's not among our core competencies. DataSecurus needed added capital and industry expertise, so Patriot felt that it was wise to attract a partner willing to make that investment. Pilot Power Group will share ownership in the enterprise while carrying the product through to commercialization. This configuration made the most sense for our shareholders."
Patriot's subsidiary, Holocom Networks, will retain a 22% interest in DataSecurus, as well as ongoing board-level positions. Holocom also has the option to invest additional capital in DataSecurus to either maintain or increase its ownership position. Holocom Networks is jointly owned by Patriot and Scripps Ventures, Inc.
Thomas R. Darton, vice president of Pilot Power Group and CEO of DataSecurus said, "We are very excited about this new investment and feel that the technology has great promise. We have completed a supply contract for design services, have signed consulting agreements with key stakeholders in the technology, and have signed an exclusive manufacture, distribution and sales agreement with the developers and owners of the technology. We will have a number of announcements to make as this product comes to market later this year. The company is accepting orders for shipment in the fourth quarter of 2007." He added that "Patriot's history of involvement in high-technology products and design will make their representatives valuable Board members for DataSecurus."
About Scripps Secured Data, Inc. dba Holocom Networks
Holocom Networks' suite of products and services provides physical protection for secure SIPRNet and other classified networks. Its flagship product, the patented Secure PathWay(TM), is installed at numerous federal agencies and for all branches of the military, domestically and internationally. Headquartered in Carlsbad, California with additional offices in North America, the Pacific Rim, and Europe, Holocom Networks secures mission-critical networks at government and private facilities across the globe.
For more information, visit www.holocomnetworks.com or call 888-HOLOCOM (465-6266).
About Pilot Power Group
Pilot Power Group, Inc. is a leading independent energy provider to large commercial and industrial customers in California and Texas. Formed in 2001, the company currently services over 1.5 million Megawatt Hours per year of electrical load. Through its affiliate, EDMS, LLC, Pilot also provides energy scheduling services and back office data processing for major energy industry organizations.
For more information, visit www.pilotpowergroup.com or call (866) 627-9577.
About Patriot Scientific Corporation
Patriot Scientific Corporation is a publicly held intellectual property-licensing company that develops, markets, and enables innovative technologies to address the demands in fast-growing markets such as wireless devices, smart cards, home appliances and gateways, set-top boxes, entertainment technology, automotive telematics, biomedical devices, and industrial controllers. Patriot Scientific is headquartered in Carlsbad, CA.
For more information, visit www.ptsc.com .
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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, patent litigation, technical development risks, seasonality and other risk factors detailed in the company's Securities and Exchange Commission filings.
Contacts:
Holocom Networks Media Relations: Janet Lunn, Holocom Networks, (760) 804-9545 ext. 2936 jlunn@holocomnetworks.com
Patriot Scientific Investor Relations: Hawk Associates, Frank Hawkins or Ken AuYeung (305) 451-1888 info@hawkassociates.com
Patriot Scientific Media Relations: The Hoffman Agency, John Radewagen, (408) 975-3005 jradewagen@hoffman.com
Pilot Power Group Media Relations: Tom Darton, Pilot Power Group, (858) 678-0118 info@pilotpowergroup.com Patriot Scientific Corporation
CONTACT: Janet Lunn, Holocom Networks Media Relations, +1-760-804-9545 ext. 2936, jlunn@holocomnetworks.com; Frank Hawkins or Ken AuYeung, Patriot Scientific Investor Relations, Hawk Associates, +1-305-451-1888, info@hawkassociates.com; John Radewagen, Patriot Scientific Media Relations, The Hoffman Agency, +1-408-975-3005, jradewagen@hoffman.com; Tom Darton, Pilot Power Group Media Relations, +1-858-678-0118, info@pilotpowergroup.com
Web site: http://www.patriotscientific.com/ http://www.holocomnetworks.com/ http://www.pilotpowergroup.com/
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