Card Activation Technologies Updates on Current Litigation Status Against Major Retailers
(2007-10-16)
Chicago, Illinois, (October 16, 2007) – Card Activation Technologies, Inc., (OTCBB:CDVT) today updated shareholders on the status of litigation involving Card Activation’s patented technology for debit payment transactions, which include gift card, phone card and other similar debit-styled cards. An independent market valuation puts the value of a successful licensing program for the company’s patent at approximately $3.7 billion.
The company reported that of the three previously announced lawsuits against McDonalds Corporation (NYSE:MCD), Walgreen Company (NYSE:WAG). and Sears Holding Corporation (NASDAQ:SHLD), the company settled the McDonalds lawsuit and litigation against Walgreen and Sears continues in U.S. Federal Court in Chicago.
In addition to those lawsuits, which have been brought through Card Activation Technologies Chicago-based law firm, Orum & Roth, LLC, which concentrates its practice in intellectual property law has filed lawsuits against Barnes & Noble Inc. (NYSE:BKS) Aeropostale Inc. (NYSE:ARO), and OfficeMax Inc. (NYSE:OMX) have also been initiated.
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 believes that many current retailers, gas stations, phone companies and others that utilize those debit cards infringe its patent and is aggressively pursuing litigation against these infringements.
