Card Activation Technologies, Inc. Signs A Letter Of Intent To Purchase Intellectual Property
(2008-08-13)
Chicago, IL. (August 13, 2008) – Card Activation Technologies (OTC BB: 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. has entered into a letter of intent to purchase intellectual property of PayMed USA, LLC a Nevada Limited Liability Company (“PayMed”)
Mr. Bill Williams, President and CEO of Card Activation stated, “The intellectual property we intend to purchase can allow us to add an additional source of revenue by offering licensing agreements to Medical Insurance Companies, Hospitals , Clinics and Physicians/ Dental Providers. The intellectual property covers a process for Self Pay Management which will allow the providers to set up a patient installment contract for the money to be electronically debited from their credit/ debit or checking accounts. The process has all the protections to ensure that the provider gets paid. Today, as the patient’s payments responsibility is increasing, the need to have an effective user friendly web based solution which is easy to implement is becoming imperative for the medical provider to collect their payments”
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 www.cardactivationtech.com
Certain statements in this press release that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by the use of words such as "anticipate," "believe," "expect," "future," "may," "will," "would," "should," "plan," "projected," "intend," and similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Card Activation Technologies, Inc. (the Company) to be materially different from those expressed or implied by such forward-looking statements. The Company's future operating results are dependent upon many factors, including but not limited to the Company's ability to: (i) defend its patent; (ii) build the management and human resources and infrastructure necessary to support the growth of its business; (iii) competitive factors and developments beyond the Company's control; and (iv) other risk factors discussed in the Company's periodic filings with the Securities and Exchange Commission, which are available for review at www.sec.gov under "Search for Company Filings."
