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.