PAID, Inc. Receives Patent # 8,635,150
22 Gennaio 2014 - 3:00PM
Marketwired
PAID, Inc. Receives Patent # 8,635,150
WESTBOROUGH, MA--(Marketwired - Jan 22, 2014) - The U.S. Patent
and Trademark Office (USPTO) issued U.S. Patent No. 8,635,150 to
PAID, Inc. (OTCBB: PAYD) on January 22, 2014. This new patent adds
to PAID's existing patent portfolio which includes patent numbers
8,521,642, 8,352,357, 7,930,237, 7,324,968 titled "Method and
System for Improved Online Auction." All these patents relate to
the real-time calculation of shipping, insurance, and taxes online.
This latest patent continues to take full advantage of the original
application by specifically claiming enhancements related to
third-party fulfillment options.
PAID originally filed its patent application in March, 2002, to
solve a pervasive problem in the online marketplace. PAID was
awarded its first patent, No. 7,324,968, on January 29, 2008. This
patent relates to the real-time calculation of shipping costs for
items purchased online, including using a zip code as a destination
location indicator. Our second patent, No. 7,930,237, was issued on
April 19, 2011 and, among other things, facilitates advanced,
rapid, accurate estimation of shipping costs across multiple
shipping carriers. Our third patent, No. 8,352,357 issued on
January 8, 2013, covers systems and methods for calculating
shipping and taxes associated with items offered for sale on
online. The fourth patent, No. 8,521,642 issued on August 27, 2013
focuses on systems and methods for calculating shipping and taxes
associated with items offered for sale on websites with multiple
sellers.
"PAID is the leader in the area of online shipping calculators,
setting the standard for how buyers and sellers conduct commerce
online," said Austin Lewis, PAID, Inc. CEO. "We are continuing to
work on new tools and enhancements to our product suite as well as
expanding our patent portfolio and protecting our intellectual
property."
On December 20, 2013, PAID, Inc. filed a patent infringement
lawsuit against eBay Inc. in the United States District Court for
the District of Massachusetts. PAID is represented in its lawsuit
by Hunton & Williams LLP, an international law firm with
intellectual property attorneys in multiple offices around the
world.
About PAID, Inc.: PAID, Inc. offers AuctionInc™ online shipping
calculation and shopping cart software employing its patented
technology to streamline ecommerce. Known for quality and customer
service, PAID offers turnkey online, tools and services that enable
their customers to customize a solution that is right for them.
More details are available at www.paid.com.
About Hunton & Williams L.L.P. Founded in 1901, Hunton &
Williams is committed to providing quality legal service to its
clients, whether an individual, global corporation, government or
other entity. The firm has more than 800 lawyers practicing from 19
offices across the United States, Europe and Asia, helping clients
realize new opportunities and solve complex problems with
confidence. The firm's practice groups provide full services to
clients across a wide variety of practice areas, including
intellectual property and commercial litigation.
Safe Harbor statement under the Private Securities Litigation
Reform Act of 1995: Statements in this news release looking forward
in time involve risks and uncertainties, including the risks
associated with the effect of changing economic conditions, trends
in the markets, the effect and possibility of a spinoff, the
successful monetization of the patent, variations in the company's
cash flow, competition, celebrity programs, business development
efforts, technology availability and cost of materials and other
risk factors. Factors that could cause actual results to differ
materially are discussed in the Company's most recent filings with
the Securities and Exchange Commission.
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