Card Activation Technologies Reports It Has Issued 364 Letters of Notice to Violators of Its Patent
(2007-10-22)
Chicago, IL (October 18, 2007) – Card Activation Technologies, Inc. (OTCBB:CDVT) today announced that it has issued 364 letters of notice to retailers that it believes are infringing the company’s patent for the transaction technology used for processing gift cards, phone cards and other debit purchase transactions. 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 the 364 letters include major department stores, fast-food outlets, specialty retailers, convenience stores, mass merchandisers and those issuing phone cards. Out of the top 100 retailers in the USA so far 64 have received letters of notice. The Company added that it is important to note that the letters of notice are important in that when the company is successful in future litigation, damages are paid from the date the letter was issued to the offending party.
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. Visit www.cardactivationtech.com for more information.
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.”
