| |
Learn how you can pull our Research Alerts as an RSS feed.
21st Century Rating of Strong Buy Maintained; Positive Earnings Results And Relatively Low Valuation Compared To The Peer Group
Richard W. West, CFA
July 25, 2008. Several events have occurred at 21st Century (Nasdaq: TCHC) including positive earnings results, maintenance of the dividend, and the retirement of the founder and CEO, Mr. Lawson. The following summary provides our rationale for reiterating our rating of Strong Buy and $16.00 price target. 21st Century's management made a decision to be selective in the underwriting of home insurance policies, with an eye toward profitability. This decision came about as a reaction to competition from the State of Florida and their lower premium rates. Even with the lower revenue from new underwritings, management's strategy to control expenses resulted in record earnings for both the fourth quarter and year-end 2007. TCHC's 1Q results, while still strong, continued to be impacted by the selective underwriting decision and continued control of expenses. For 1Q 2008, total revenue decreased $5.5 million, or 21.7%, to $20.0 million while total expenses decreased $9.3 million, or 38.2%, to $15.0 million. NI increased 412% to $4.3 million for 1Q 2008 while fully diluted net income per share increased 440% to $0.54 for 1Q. The recent move by 21st Century to diversify its business lines away from mobile homes and auto business continues to produce positive results. Further geographical diversification is adding to the long-term attractiveness of TCHC. Considering the actual low market capitalization of 21st Century and the relative low valuation compared to the peer group, we believe shares continue to deserve a rating of Strong Buy.
Read Full Report Pet DRx Corporation: VCA Comments on Veterinary Hospital Operating Environment.
Sally H. Wallick, CFA
July 25, 2008. Pet DRx Corporation (Nasdaq:VETS): VCA Antech, a leading owner and operator of veterinary hospitals and veterinary-exclusive clinical laboratories, reported year-over-year second quarter revenue and diluted earnings per share growth of approximately 11% and 12%, respectively. Acquisitions boosted animal hospital revenue nearly 15%. Same-store revenue declined 0.2%. VCA's management characterized the second quarter as a challenging period, given comparisons to strong results last year and a difficult economy. It said that pet owners remain willing to spend to treat their pets as necessary, but are limiting spending somewhat on some elective procedures, such as wellness programs. On a positive note, VCA indicated that it is encouraged by a strong acquisition environment and by a rebound in demand at the company's animal hospitals so far in the third quarter. Regarding the latter, it is not clear why business has firmed, it is still early in the third quarter, and the company emphasized that it does not view this pick up as a predictor for the future. VCA's second quarter results may or may not be indicative of Pet DRx's performance during the period. However, we believe that VCA's comments provide useful insights into the current operating environment for the veterinary industry overall. We expect Pet DRx to report second quarter financial results in August. We reiterate our Speculative Buy rating on PetDRx's shares. As discussed in more detail in previous Dutton Associates reports and notes, among other factors, we believe that Pet DRx's long-term prospects are enhanced by its participation in the large and growing veterinary industry, which appears to be an excellent candidate for consolidation, and by the growth potential from realizing operating efficiencies at existing animal hospitals and from completing additional acquisitions.
Read Full Research Note Asure Software Announces MRM with Enhanced Microsoft Outlook Plug-In For Meeting room Manager;
Strong Speculative Buy Rating Reiterated
Richard W. West, CFA
July 24, 2008. Asure Software (NasdaqGM: ASUR), also d/b/as Forgent Networks, Inc., a provider of on-demand workforce management solutions, announces yesterday, July23, 2008, the latest version and general availability of Meeting Room Manager (MRM), featuring enhanced functionality with Microsoft Outlook Plug-in. This latest version of the MRM is another example of Asure Software's continuing effort to enhance its on-demand workforce management software, and its availability coming right after the recent introduction of the iEmployee Time & Attendance Custom Reporting Engine is noteworthy.
Asure Software's common stock registered only $0.30 per share yesterday. The market is apparently discounting results from Asure's third quarter. We maintain our rating of Strong Speculative Buy and the recently reduced 12-month price target of $1.25 per share.
Read Full Research Note Day Software Announces Appointment of New Chief Financial Officer
David P. Soetebier, CFA
July 24, 2008. Day Software (OTCQX: DYIHY; SWIS: DAYN), a leading provider of global content management software and content infrastructure software, announced on July 22, 2008 the appointment of Richard Francis as Day's Chief Financial Officer effective September 15, 2008. Most recently, he served as Chief Financial Officer of Celona Technologies, a provider of application data migration platforms. Earlier this year Day announced the appointment of Erik Hansen as new CEO. Michael Moppert, founder and CEO of Day Software for over 15 years, will continue to serve the company as Chairman of the Board of Directors.Opinion. We view these changes as positive in the evolution in the growth of Day. The shares are rated Speculative Buy with a 12-month price target of $9.25.
Read Full Research Note Day Software: 2Q Outlook
David P. Soetebier, CFA
July 24, 2008. Day Software a Swiss company (OTCQX - $5.80 - DYIHY; SWIS: DYAN) is a provider of integrated content, portal and digital asset management software (i.e., web content). We are expecting favorable revenue growth for June 2008 quarter but negative earnings per ADR comparisons (-$0.02 versus $0.46) primarily because of a CHF 3.62 million tax credit taken in last years second quarter and a significant jump in spending on product development. R&D spending is expected to remain at the first quarter level when it increased 96.3 % year over year. This R&D spending should accelerate product development so contributes to our favorable longer-term outlook. The shares are rated Speculative Buy rating and 12-month target of $9.25.
Read Full Research Note Znomics Corrects Minor Accounting Error with Restatement of Financial Results
Wayne M. Lottinville, CFA
July 24, 2008. Znomics, Inc. (OTCBB: ZNOM), filed two amendments with the SEC late yesterday to correct a relatively minor, yet material, accounting error related to revenue recognition. This resulted in a decrease in reported sales of $54,000 and a $54,000 increase in the 2006 net loss to $129,000, or $0.09 per share.
Read Full Research Note Amarin Advancing Cardiovascular Development; Speculative Buy Reiterated
Stephen L. Handley
July 23, 2008. Amarin Corporation plc (Nasdaq: AMRN) announced that it has met with the FDA to discuss plans to develop AMR101 for the treatment of the cardiovascular condition hypertriglyceridemia. Following these discussions, the Company is proceeding to Phase 3 with this compound. We are encouraged by this development, which is capitalizing on Amarin's extensive know-how and experience in lipid science.
Read Full Research Note LJ International Files Registration Statement.
Sally H. Wallick, CFA
July 23, 2008. LJ International (Nasdaq: JADE) announced that it had filed a Universal Shelf Registration Statement with SEC. Once effective, the registration statement will allow the Company to raise up to $100 million in one or more public offerings, with terms of any offering set at the time of sale. Proceeds of such offerings, if any, could be used to expand the ENZO retail chain; for mergers, acquisitions or other business partnerships; for general working capital purposes; and/or to reduce short-term liabilities. Our rating on LJI's shares is Neutral and reflects the uncertain outlook for consumer spending, especially on discretionary items such as jewelry, in light of today's challenging economic environment. Also, financial risks related to lawsuits filed against LJI and its officers and Board members could overhang the stock until these actions are resolved.
Read Full Research Note LogicVision Reduces Net Loss on Flat Sales, But Increases Backlog
Wayne M. Lottinville, CFA
July 23, 2008. LogicVision, Inc. (Nasdaq: LGVN), reported revenues of $3.0 million in its second quarter of 2008, nearly identical with both the first quarter of 2008 and the second quarter a year earlier. Net loss in the 2Q08 was $1.0 million, or $0.10 per share, compared with a loss of $1.3 million, or $0.13 per share, in 1Q08 and a loss of $1.1 million, or $0.12 per share a year earlier.
Read Full Research Note NexMed Receives FDA Response on ED Product Filing; Reiterate Strong Speculative Buy Rating
Denise T. Resnik, M.S.
July 23, 2008. NexMed, Inc (Nasdaq: NeXM) received a non-approvable letter from the Food and Drug Administration (FDA) in response to the Company's filing of its New Drug Application (NDA) for approval of its topical treatment for erectile dysfunction (ED). Response by the FDA was received, as expected, on July 21, 2008. The major regulatory issues raised by the FDA were related to the results of a required transgenic mouse carcinogenicity study. In a follow-up conference call the Company held this morning, NexMed stated that the carcinogenesis that occurred in the transgenic mouse model occurred at the highest doses, and that FDA stated that it believed these findings were product-specific. NexMed plans to request a meeting with FDA to discuss a plan to resolve the deficiencies cited in the non-approvable letter. The FDA has 75 days to schedule a meeting. Upon reaching a consensus with the FDA on necessary actions, NexMed plans to work with its ED product partner, Warner Chilcott, Ltd (Nasdaq:WCRX), to the extent agreed to in its collaboration agreement, to amend and re-submit the NDA. While we - along with the Company - are disappointed in the receipt of the non-approvable letter, we are impressed by Management's rapid response. Accordingly, we reiterate our Strong Speculative Buy rating with a 12-month price target of $2.50 for its shares.
Read Full Research Note Pressure BioSciences Expands Its PCT Consumables Product Line and PCT-Dependent Research Applications; Reiterate Strong Speculative Buy Rating
Denise T. Resnik, M.S.
July 23, 2008. Pressure BioSciences (Nasdaq: PBIO) announced on July 22, 2008 the expansion of its pressure cycling technology (PCT) product line with the unveiling of a new consumable PULSE Tube and of three new related extraction applications. The new PULSE Tube, the FT500-ND, is a novel, single-use processing container designed specifically for the Company's Barocycler sample preparation instruments. The FT500-ND is based on the original FT500 PULSE Tube currently in use. The FT500-ND is similar to the original in look and feel; however the new tube does not contain a lysis disk. In conjunction with the release of the new PULSE Tube, the Company unveiled its first three applications dependent on the new FT500-ND. Two applications address the extraction of biomolecules from bacteria and fungi in the complex matrices of soil or skin cells collected on adhesive tape. The third application addresses the extraction and isolation of mitochondria from cell suspensions. While installation of Barocycler equipment has lagged behind our projections, we are heartened by the release of this new PULSE Tube and related applications. We reiterate our Strong Speculative Buy rating with a 12-month price target of $8.00.
Read Full Research Note IntegraMed America, Inc. Announces Investment Community Conference Call; Strong Buy Rating Reiterated
Richard W. West, CFA
July 22, 2008. IntegraMed America, Inc. (NasdaqGM: INMD) announced that it will host an investment community conference call and webcast to review its financial results for the second quarter of 2008 at 10:00 a.m. EDT on Thursday, July 31, 2008. IntegraMed's common stock continues to be depressed by the general stock market weakness. We believe the current stock valuation is a major buying opportunity for investors with minimal downside risk. We reiterate our Strong Buy Rating and $14.00 price target.
Read Full Research Note Review of Patriot Scientific's Letter to Shareholders; Stock Price Presents Investors with Buying Opportunity;
Strong Speculative Buy Reiterated
Richard W. West, CFA
July 22, 2008. Patriot Scientific Corporation's (OTCBB: PTSC) President/CEO Rick Goerner presented a letter to shareholders yesterday, July 21, 2008, as a status of key business initiatives. Mr. Goerner is proactively taking steps to increase stockholder value, evidenced by this letter and his stated intention to continue providing periodic updates on progress. The recent depressed price of Patriot's shares can be attributed to the overall troubled market. Patriot's balance sheet is solid, with cash, no debt, and an M&A strategy that could aid future corporate viability. We believe Patriot's current share price is an attractive buying opportunity. We reiterate our rating of Strong Speculative Buy and our price target of $0.55 per share.
Read Full Research Note American Software Strong Buy Rating In Update; A Leading Supplier Of Enterprise Management Software and Services
David P. Soetebier, CFA
July 21, 2008. American Software (Nasdaq: AMSWA) is a leading supplier of enterprise management software and services. Through 88%-owned Logility Inc., the Company has a strong market share position in the growing market for Supply Chain Management (SCM) software. We expect the demand for SCM software to become even stronger as major companies increasingly outsource production, driving the need to optimally manage their supply chains, since the long supply line amplifies mistakes. We believe that the poor relative price action in American Software reflects the sell-off in Logility shares, which are an important part of the total valuation of the Company. Logility targets small to mid-sized companies that may be more influenced by recent economic conditions than Fortune 500 type firms. We believe that the market has overreacted to the reported earnings shortfall at American Software. The outlook for all three of the Company's businesses (supply chain management, enterprise resource planning and information technology services) remains positive. In addition to its internal strengths, the Company's strong balance sheet allows it to take advantage of growth opportunities either internally or through acquisitions. Although the fourth quarter was below our estimate we have maintained our Strong Buy rating because of the favorable longer-term outlook. We expect earnings to rebound with an improvement in the U.S. economy. However, our 12-month price target was reduced from $8.40 to $8.00. The Company currently pays a cash dividend of $0.09 per share per quarter, which we consider safe.
Read Full Report Debut Broadcasting Strong Speculative Buy Rating In Update Coverage; See Potential 10x Return Over Next 12 Months
Randy Wilson
July 21, 2008. Debut Broadcasting (OTCBB: DBTB) is a Nashville-based radio broadcasting company that produces and distributes syndicated radio programs and services to radio stations across the United States and Canada. The Company currently owns and operates seven radio stations. The Company's business plan emphasizes the creation of unique synergies between syndicated programming and station ownership. These unique synergies are created by focusing on acquisition of undervalued and under-utilized media properties in small to mid-sized radio markets in the United States and by rapid expansion of programming and content offerings. Debut has ongoing plans to acquire additional radio stations in attractive target markets as acquisition opportunities arise. The Company is currently focusing on targeted turnaround opportunities in the southeastern United States. Debut Broadcasting's entertainment division, Impact Radio Networks, produces and distributes approximately 20 radio programs, which are broadcast by approximately 1,400 radio station affiliates in the United States and Canada, reaching an audience of over 45 million listeners each week, making it one of the leading syndicators in the industry. Revenues for 2008 are estimated at $10.1 million with EPS of $.03, and growing to $29 million and $.15 respectively for 2009. Shares sell currently at 1.5x 2009 estimated EPS.
Read Full Report Day Software Reported Favorable Revenue Growth For Its March 2008 Quarter. Adjusting Estimates.
David P. Soetebier, CFA
July 21, 2008. Day Software, a Swiss company (OTCQX: DYIHY; Swiss: DAYN.SW) is a provider of integrated content, portal and digital asset management software (i.e., web content). Total revenues increased 15.1% to CHF 7.39 million from CHF 6.42 million. However, expenses were higher than would have been expected based on sequential changes resulting in a reduction in our earnings estimate. A 96.3% increase year over year (YoY) in spending on research and development was the most notable increase. Based primarily on an expectation that R&D spending will continue at the higher level for the remainder of the year we reduced of 2008 fully diluted estimate per ADR to CHF 0.17. We have maintained our Speculative Buy rating and a 12-month ADR target of $9.25.
Read Full Research Note Asure Software Announces iEmployee Time & Attendance Custom Reporting Engine; Strong Speculative Buy Rating Reiterated
Richard W. West, CFA
July 18, 2008. Asure Software (Nasdaq: ASUR), also d/b/as Forgent Networks, Inc., a provider of on-demand workforce management solutions, announces yesterday, July 17, 2008, the release of the new custom reporting engine for its web-based iEmployee Time & Attendance solution. This new iEmployee Time & Attendance custom reporting engine reduces time and effort needed to deliver custom reports, yet another example of Asure Software's continuing effort to enhance its on-demand workforce management software. Asure Software's common stock registered only $0.33 per share yesterday. At this level the stock affords investors an entry point for long-term capital gains with minimal risk. We maintain our rating of Strong Speculative Buy and the recently reduced 12-month price target of $1.25 per share.
Read Full Research Note CardioVascular BioTherapeutics, Inc. Releases Form 8-K Regarding Clinical Development Agreements; Neutral Rating Reiterated
Richard W. West, CFA
July 18, 2008. CardioVascular BioTherapeutics, Inc. OTCBB: CVBT released a Form 8-K regarding its entering into clinical development agreements with ProDerm, LP (ProDerm), a limited partnership, on July 8, 2008, and Cardio Derma Clinical Partners, LP, (Cardio Derma), a limited partnership on July 10, 2008. These Cardio Derma Clinical Partners and ProDerm Limited Partnership are the first partnerships to fund Cardio's wound healing drug clinical trials. Conducting FDA clinical trials is expensive and the condition of the financial market over the last eight months has made access to capital more difficult for Cardio. We find it encouraging news that Cardio has entering into two clinical development agreements. Cardio's common stock continues to sell below the $1.00 per share range. We reiterate our Neutral Rating.
Read Full Research Note ImmuneRegen BioSciences, Inc. Progressing Nicely Toward IND Filing; Speculative Buy Rating Reiterated
Richard W. West, CFA
July 18, 2008. ImmuneRegen BioSciences, Inc. (OTCBB: IRBO) yesterday, July 17, 2008, announced findings from genotoxicity studies confirming that Homspera®, their lead drug candidate in development, does not cause DNA damage. These findings regarding Homspera® are another positive for IR BioSciences and validates their strategy of outsource testing and development of Homspera® and its derivative compounds. We believe purchases initiated at these levels will provide above average capital gains with minimal downside risk. We reiterate the Speculative Buy Rating and initial price target of $0.20 per share.
Read Full Research Note BluePoint Energy Raised to Strong Speculative Buy and $2.50 Target Price; Several Events Discussed In Report Underlying Upgrade
Richard W. West, CFA
July 16, 2008. Since our last Research Report, there have been several events that affected our rating of BluePoint Energy (OTCBB: CPEU) that included a major addition to the business plan, signing of financing for projects and working capital, creation and expansion of the infrastructure, signing of an alliance with Caterpillar (NYSE:CAT-$70.00), signing of Demand Response Asset Aggregation Program (D-RAAP™) installation projects for Macy's (NYSE:M-$15.91) and Starwood Hotels and Resorts Worldwide (NYSE:HOT-$32.31), and signing of D-RAAP installation projects with utilities in California, New York and Hawaii. The D-RAAP program now holds great promise for near-term and long-term revenue prospects for BluePoint Energy. For these reasons we are increasing our rating to a Strong Speculative Buy with a new price target of $2.50 per share; however, investors should review our risk concerns detailed at the end of this report.
Read Full Report Lime Energy Two Positive Events: Duke Energy Adds to Stock Position and Lime Energy's Stock Joins Russell Microcap Index;Strong Buy Rating Reiterated
Richard W. West, CFA
July 16, 2008. Lime Energy Co.'s (Nasdaq: LIME) SEC 8-K details the additional purchase of common stock by a wholly owned subsidiary of Duke Energy Corporation. Lime Energy announced it was added to the Russell Microcap Index after the Russell Investment Group reconstituted its comprehensive set of United States and global equity indices on June 27, 2008. Both of these events are most positive for Lime Energy. We reiterate our Strong Buy Rating and $17.50 per share price target.
Read Full Research Note SOYO Group Announces Headquarters Relocation to Larger Facility; Reiterate Strong Speculative Buy Rating
Paul J. Resnik, CFA
July 16, 2008. SOYO Group Inc. (OTCBB: SOYO) announced yesterday that it has signed a five-year agreement to lease a 74,731 square foot multi-purpose facility, which will nearly double its headquarters, operations and warehouse space. We believe this move underscores the highly visible prospects for revenue growth. Also yesterday, SOYO announced that it has retained Segue Ventures, LLC to provide investor and public relations services. We believe that as the Company grows and seeks to tell its story to a wider investor audience the utilization of a professional investor relations organization is appropriate. SOYO shares have been under pressure in an environment of a weak stock market in which there are particular investor concerns regarding consumer spending. We believe that as SOYO's Honeywell line continues to roll out, the shares will begin to reflect this growth opportunity. We reiterate our Strong Speculative Buy rating.
Read Full Research Note Neoprobe Announces Letter Of Intent For Marketing And Distribution Of Lymphoseek In the European Union, Switzerland, Scandinavia, India, Turkey and Canada with DRAXIMAGE, A Unit Of India-Based Jubilant Organosys Ltd.
Dennis C. Fischer, CFA
July 15, 2008. Neoprobe Corporation (OTCBB: NEOP) today announced that it has signed a non-binding letter of intent with DRAXIMAGE, a unit of Indian pharmaceutical manufacturer Jubilant Organosys, to market and distribute Lymphoseek in the European Union, Scandinavia, Switzerland, India, Turkey and Canada.
Read Full Research Note Vyteris, Inc. SEC 8-K Details Advanced Payment From Ferring and Payoff Loan to Spencer Trask; Rating Still Suspended
Richard W. West, CFA
July 15, 2008. Vyteris, Inc.'s (OTCBB: VYTR) filed an SEC 8-K detailing that effective July 9, 2008, Ferring Pharmaceuticals, Inc. (Ferring) advanced a $2.5 million payment, due to Vyteris if Ferring elects to proceed with Phase II Clinical Trials. In a related transaction, Ferring loaned Registrant an additional $50,000, enabling payoff of the existing $475,000 principal amount note with Allen Capital Partners, which was paid off in full on July 8, 2008. The advancement of capital to Vyteris by Ferring, the payoff of the Spencer Trask note, and the termination of the senior lien on Vyteris' assets are all positives for Vyteris. We continue the Suspended Rating at this time; however, we are preparing an Update Research Report and will review our current investment stance on Vyteris.
Read Full Research Note Znomics Appoints Pharma Expert to Board of Directors
Wayne M. Lottinville, CFA
July 15, 2008. Znomics, Inc. (OTCBB: ZNOM), has appointed Charles N. Blitzer to its board of directors, increasing the membership to five. Mr. Blitzer, 67, joins Znomics with more than 30 years in executive leadership positions in the pharmaceutical industry, having led many public and private companies from start-up to profitability, including Barbeau Pharma, a privately held specialty pharmaceutical company; Fulcrum Pharma, a privately held drug design and development company; and MGI Pharma, a publicly-traded oncology-focused pharmaceutical company.
Read Full Research Note Harbin Electric Signs Definite Agreement to Acquire Hengda Electric Motor for $54 million in cash; Reiterate Strong Buy
Stanley Ng
July 14, 2008. Harbin Electric, Inc. (Nasdaq: HRBN) announced on July 11, 2008 that it has entered into a definite agreement to acquire Weihai Hengda Electric Motor Co. Ltd. (Hengda Electric Motor) for RMB375 million (US$54 million) in cash.
Read Full Research Note Logility Strong Speculative Buy Rating In Update; Strong Market Share Position In The Growing Supply Chain Management (SCM) Software Area
David P. Soetebier, CFA
July 11, 2008. Logility (Naasdaq: LGTY) has a strong market share position in the growing supply chain management (SCM) software area. The increasing trend of global sourcing puts more emphasis on supply chain planning, which in turn drives demand for Logility's products and provides the Company with above-average growth potential. In addition, the Company's strong balance sheet allows it to take advantage of growth opportunities either internally or through acquisitions. In our judgment, the stock market is not fairly valuing the Company relative to the growth potential for SCM software. We strongly believe that Logility will return to its historical growth rates when the U.S. economy improves. In addition, Logility has recently expanded both its domestic and international sales capabilities to aid sales growth. Consequently, we believe that the current price of the shares provides investors with the potential for above-average price appreciation. The shares are rated a Strong Speculative Buy with a 12-month target price of $12.60 that is less than 20 times our fiscal 2009 EPS estimate of $0.64.
Read Full Report IntegraMed America, Inc. Announces Contract with Arizona Reproductive Medicine Specialists;
Depressed Stock Price Creates a Major Buying Opportunity; Strong Buy Rating Reiterated
Richard W. West, CFA
July 11, 2008. IntegraMed America, Inc. (NasdaqNM: INMD) announced the signing of a 25-year contract to provide business, marketing, and facility services to Arizona Reproductive Medicine Specialists (ARMS) in Phoenix, Arizona. ARMS represents the first fertility center in the southwest and the 13th major market where IntegraMed has committed to providing its full range of services. IntegraMed's common stock continues to be depressed by the general stock market weakness. The recent first-quarter and year-end 2007 results evidence continued strong revenue growth, positive net income, and margins progression. We believe the current stock valuation is a major buying opportunity for investors with minimal downside risk. We reiterate our Strong Buy Rating and $14.00 price target.
Read Full Research Note Ampex Corporation Delisted from NASDAQ; Now Trading on Pink Sheets with Symbol AMPXQ; Neutral Rating Reiterated
Richard W. West, CFA
July 10, 2008. Ampex: AMPXQ-Pink Sheets:As expected, the NASDAQ Stock Market filed Form 25 with the SEC today detailing the final action in delisting the Class A common stock of Ampex Corporation (NasdaqGM). Ampex believes that it will emerge from Chapter 11 no later than the fall of 2008 and that it will continue to operate its business without interruption as a debtor-in-possession. The recent follow-on order from Boeing is evidence thatAmpex Data Systems is still doing good business. We are maintaining our Neutral Rating on Ampex.
Read Full Research Note Patriot Scientific Announces Bosch Purchases Moore Microprocessor Patent Portfolio License; Strong Speculative Buy Reiterated
Richard W. West, CFA
July 10, 2008. Patriot Scientific Corporation (OTCBB: PTSC) announced today, July 10, 2008, that Robert Bosch GmbH has purchased a Moore Microprocessor Patent™ (MMP) Portfolio license from Alliacense, a TPL Group entity. Bosch's purchase of an MMP license is validation of the strength and broad scope of the MMP Portfolio. This sale of the patent license shows that Patriot Scientific is continuing to bring in high quality companies to the list of licensees. Patriot Scientific common stock is today trading below the $0.20 per share range and the Bosch license sale should be a welcome announcement to shareholders. However, with the current general weak stock market this license may have little effect on the stock price. We reiterate our Strong Speculative Buy Rating and our price target of $0.55 per share.
Read Full Research Note
Summaries Continue on next page...
|
|
