PAID, Inc. Receives Patent # 8,635,150
WESTBOROUGH, MA -- (Marketwired) -- 01/22/14 -- 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
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(TM) 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
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.
Press spacebar to pause and continue. Press esc to stop.