CHICAGO, Aug. 13 /PRNewswire-FirstCall/ -- Card Activation Technologies
(OTC Bulletin Board: 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 entered into a letter of intent to purchase intellectual
property of PayMed USA, LLC a Nevada Limited Liability Company ("PayMed")
Mr. Bill Williams, President and CEO of Card Activation stated, "The
intellectual property we intend to purchase can allow us to add an additional
source of revenue by offering licensing agreements to Medical Insurance
Companies, Hospitals , Clinics and Physicians/Dental Providers. The
intellectual property covers a process for Self Pay Management which will
allow the providers to set up a patient installment contract for the money to
be electronically debited from their credit/debit or checking accounts. The
process has all the protections to ensure that the provider gets paid. Today,
as the patient's payments responsibility is increasing, the need to have an
effective user friendly web based solution which is easy to implement is
becoming imperative for the medical provider to collect their payments."
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. The Federal Reserve Bank of Philadelphia estimated
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 http://www.cardactivation.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 http://www.sec.gov under "Search
for Company Filings."
SOURCE Card Activation Technologies, Inc.