Card Activation Technologies Updates on Current Litigation Status Against Major Retailers
October 16 2007 - 5:00AM
PR Newswire (US)
CHICAGO, Oct. 16 /PRNewswire-FirstCall/ -- Card Activation
Technologies, Inc., (OTC:CDVT) (BULLETIN BOARD: CDVT) today updated
shareholders on the status of litigation involving Card
Activation's patented technology for debit payment transactions,
which include gift card, phone card and other similar debit-styled
cards. 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 of the three
previously announced lawsuits against McDonalds Corporation
(NYSE:MCD), Walgreen Company (NYSE:WAG). and Sears Holding
Corporation (NASDAQ:SHLD), the company settled the McDonalds
lawsuit and litigation against Walgreen and Sears continues in U.S.
Federal Court in Chicago. In addition to those lawsuits, which have
been brought through Card Activation Technologies Chicago-based law
firm, Orum & Roth, LLC, which concentrates its practice in
intellectual property law, lawsuits against Barnes & Noble Inc.
(NYSE:BKS), Aeropostale Inc. (NYSE:ARO), and OfficeMax Inc.
(NYSE:OMX) have also been initiated. 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.
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 http://www.sec.gov/ under "Search for Company Filings."
Contacts for Card Activation Technologies Bev Jedynak Paul Knopick
Martin E. Janis & Company Inc. E & E Communications
312-943-1123 (949) 707-5365 DATASOURCE: Card Activation
Technologies, Inc. CONTACT: Bev Jedynak of Martin E. Janis &
Company Inc., +1-312-943-1123, ; or Paul Knopick of E & E
Communications, +1-949-707-5365, , for Card Activation
Technologies, Inc.
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