Card Activation Technologies, Inc. Gives a Mid Year Update to Shareholders on Its Progress as It Continues to Seek Licenses for Its Patented Technology for Stored Value Cards |
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By: Card Activation Technologies Posted: 2008-07-08 06:53:54 |
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Card Activation Technologies (OTC Bulltin Board: CDVT), owners of a patented point-of-sale technology for the activation and processing of transactions related to debit styled cards, which include gift cards, phone cards and other stored value cards, today said that the Company is continuing to press forward on its lawsuits against six major retail chains.
-- The Company continues to progress in its previously announced lawsuits against Walgreen, Sears, OfficeMax, Aeropostale, Barnes & Noble and TJX Companies. -- The Company also continues to negotiate licenses with several companies that have responded to the Company's correspondence advising them of the patent infringement and believes that these negotiations can result in new licenses signed in 2008. -- Over 500 letters of notice were sent to retailers, petroleum companies, and other companies that are potential licensees of the Company's technology. These letters are important in that should Card Activation Technologies prevail in its legal action, the damages are determined based on the date of the letter of notice. Mr. Mark Roth of the Law Firm of Orum & Roth LLC who is acting as council for Card Activation stated that, "We are extremely excited about the progress that has been made in the litigation. We successfully defeated several defendants' motion for summary judgment challenging the validity of the patent. In addition, we are optimistic about the court's soon to be released ruling construing the claims of the patent." Card Activation Technologies, Inc. is a Chicago-based company that owns proprietary patented payment transaction technology used for processing gift cards, phone cards and other debit purchase transactions. The company is actively seeking to license its technology to the thousands of current users and believes that many retailers, gas stations, phone companies and others that utilize those stored value cards, such as gift and debit, infringe its patent. As a result, the company is aggressively pursuing litigation against these infringements. The Federal Reserve Bank of Philadelphia estimated prepaid card market to be valued in excess of $181.7 billion in transactions in 2006. According to market forecasts, the prepaid industry will grow to $421.5 Billion by 2010. For further information about Card Activation Technologies go to http://www.cardactivation.com |
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