ParkerVision Financials
A summary of ParkerVision financials over the last decade is provided, indicating consecutive losses and trivial revenues ($0.44M in 2004 and estimated revenues of $1.0M in 2005, and $0 in 2006).  Given past performance and current indicators of product delays and lack of enthusiasm by large OEM customers, we do not anticipate revenue to exceed $1M in 2007, and $2M in 2008 (provided the company raises additional capital in 2008).

Fundraising History
An overview of ParkerVision’s fund raising history is presented.  A private placement has occurred at approximately 12 month intervals since 2003, and is anticipated again for the first half of 2008.  The stock price is currently being manipulated around its typical peak of $10 - $13. In a few months , we anticipate the stock price to cycle back down towards its “bottom” value of $4 or even lower. 

Valuation
Currently, the stock is overvalued.  A stock price that would be more fundamental of the actual performance company, is pegged at 13 cents.  Furthermore, we cannot determine long-term value in ParkerVision that would justify a stock price exceeding $0.26, based on the past three years of revenue performance, its inability deliver new products in a timely manner, and its lack of design wins almost two years after announcing its new D2P product. To date, there are no design wins or licensing deals for the D2D technology.

Quality of Investment
We believe the following two characteristics belie a more fundamental long-term problem with the company: specifically, its technology is dated (about 10 years old), and its management team does not execute well (which is another reason behind the technology now being dated).  Based on past history, there is little long-term gain in this stock, and the downside risk is sizeable.

Failed Offering of ParkerVision to Broadcom
A brief summary of the failed offering to sell ParkerVision or licence D2D technology to Broadcom in 2004/2005 is presented. Other examples will be posted shortly.

Investors
Finally, the company has an eclectic set of investors, ranging from Banco del Gottardo, which has been linked to both Al-Qaeda and Saddam Hussein in the past, to the Special Situations fund (Austin Marxe and David Greenhouse), a large hedge fund known for its pump and dump tactics.  The company had more reputable and supportive investors such as Leucadia and National Corporation which fully exited their investment. Wellington Management Company, which invested in June 2000 at the peak of the stock price has continued to increase its position, and support the stock.

Minutes of Past Earnings Calls
Finally, the financial site contains our transcriptions of the last 12 months of ParkerVision earnings calls. These will be updated on an ongoing basis.