Card Activation Technologies, Inc. Updates Shareholders on Significant Progress in 2009 as it Continues to Seek Licenses for its Patented Technology for Stored Value Cards
(2009-12-22)
Chicago, IL. (December 22, 2009) – 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 made significant progress as it continues to seek licenses for its patent.
During 2009, Card entered into separate Settlement and Non-Exclusive License Agreements with ten major retailer, restaurant and supermarket chains including their affiliates. The terms of these Settlement and Non-Exclusive License Agreements are confidential.
On September 9, the United States District Court for the Northern District of Illinois, Eastern Division, issued an extremely favorable report and recommendation to Card on claims construction issues concerning its patent. On October 13, Card Activation retained Stinson Morrison Hecker LLP one of the nation’s largest law firms to assist Orum and Roth LLP with the prosecution of the companies patent infringement lawsuits. On November 3, Card announced that they would file up to 45 additional law suits against major retailers. Card anticipates filing additional lawsuits to protect and enforce its patent during 2010.
About Card Activation Technologies Inc.
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 stored value cards, such as gift and debit cards, infringe its patent. The company is aggressively pursuing litigation against these infringements. The Federal Reserve Bank of Philadelphia estimated the 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."
Card Activation Technologies Inc. Contact: Robert H. Kite (480) 970-1540
