SmartMetric Patent Infringement Case Brought Against Both Visa Inc & Mastercard International -- Hearing in the Federal Circu...
30 6월 2014 - 9:45PM
Marketwired
SmartMetric Patent Infringement Case Brought Against Both Visa Inc
and Mastercard International -- Hearing in the Federal Circuit
Court Scheduled for August 8th, 2014
NEW YORK, NY--(Marketwired - Jun 30, 2014) - SmartMetric, Inc.
(OTCQB: SMME) -- SmartMetric started patent infringement
proceedings against the payments card giants, Visa Inc and
MasterCard International some three and a half years ago in the
Southern District Court of California. The lawsuit brought by
SmartMetric, Inc. is over the use of its patented technology
by the payments card monoliths in respect of the new EMV chip cards
that are being issued in the United States.
The founder of SmartMetric back in 1999 applied for a patent
covering data cards, that is cards with a chip on them, that are
used to make an automatic connection to networks. In 2004 the
patent was issued by the United States Patent & Trade Mark
Office. SmartMetric is alleging that the insertion into an ATM
machine or retail card reader of the new EMV chip cards is in
violation of its issued patent and in order to protect its
intellectual property rights had no other option than to seek
redress and protection in the Court.
SmartMetric in the hearing in August, is asking the court to
find that both Visa Inc. And MasterCard International are
infringing the SmartMetric patent.
SmartMetric in its pleadings before the court is also seeking a
ruling in respect of damages and a prepaid royalty based on
25% of the economic savings that flow from the alleged use of
the SmartMetric patented technology by the payments cards
companies. In earlier court filings the sum calculated and
claimed by SmartMetric is $13.4 Billion.
"The case will be heard in Washington DC in the Federal Circuit
Court, on August 8th, 2014," said the President & CEO of
SmartMetric Chaya Hendrick.
According to the EMV Forum around 100 million EMV chip
cards will be in use in the U.S.A. by the end of 2014 while the
Aite Group has reported according to its research that by the end
of 2015, 70% of all payments cards will be EMV chip cards in the
United States.
SmartMetric is a publicly traded technology company that has
added a fingerprint scanner built inside EMV payment credit and
debit chip cards thereby creating a second layer biometric
authentication protection in defending against card fraud. The
company is now actively marketing its technology to card issuing
financial institutions around the World.
About SmartMetric, Inc. SmartMetric, Inc. is a technology
company that designs and engineers its own advanced products
utilizing the company's expertise in miniaturizing electronics. The
company has developed a miniature fingerprint self powered
fingerprint scanner and reader that fits inside credit and identity
cards that are at the center of SmartMetric Inc.'s advanced
biometric products. For more information please visit:
www.smartmetric.com
Safe Harbor Statement Certain of the above statements contained
in this press release are forward-looking statements that involve a
number of risks and uncertainties. Such forward-looking statements
are within the meaning of that term in Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934. Readers are cautioned that any such forward-looking
statements are not guarantees of future performance and involve
risks and uncertainties, and that actual results may differ
materially from those indicated in the forward-looking statements
as a result of various factors.
CONTACT INFORMATION: Investor Relations EraStar, Inc.
(702) 480-9800
Company SmartMetric, Inc. Chaya Hendrick Office: 702-990-3687 Direct:
786.269.2238 Email:
ceo@smartmetric.com
SmartMetric (PK) (USOTC:SMME)
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SmartMetric (PK) (USOTC:SMME)
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