Card Activation Technologies, Inc. Files Suit Against Ten Major Retail Companies For Violation of Patent
(2010-04-06)
Chicago, IL. April 6, 2010 - Card Activation Technologies (Pink Sheets: 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 filed lawsuits against ten major retailers including Fashion Bug, Lane Bryant, Nordstrom’s, Blockbuster, and Macy’s for patent infringement. The case was filed in the United States District Court for the Western District of Missouri.
On February 26, 2010, Card Activation Technologies, Inc. ("Card") and MedCom USA Inc. (Pink Sheets: EMED)("MedCom") entered into a Settlement Agreement and Mutual Release (the "Agreement") with William Williams (a former executive of Card and MedCom), Eva Williams, Wilcom Inc., W.P.W. Aircraft, LLC, Williams Family Trust, and American Nortel Communications, Inc. (collectively, the "Williams Group"). This Agreement will serve to settle and mutually release each member of the Williams Group, on the one hand, and Card and MedCom, on the other hand, from any and all claims that any member of the Williams Group, and Card or MedCom has against the other relating to certain litigation that was filed or corporate governance claims that may arise from Card or MedCom. As a condition to the Agreement, the Williams Group has returned an aggregate of 24,150,264 shares of Card common stock and 20,415,651 shares of MedCom common stock.
About Card Activation Technologies
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 those stored value cards, such as gift and debit, infringe its patent. As a result, the company is aggressively pursuing litigation against these infringements. 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."
