PAID, Inc. Announces Stay of Litigation With eBay
01 Julho 2014 - 10:00AM
Marketwired
PAID, Inc. Announces Stay of Litigation With eBay
WESTBOROUGH, MA--(Marketwired - Jul 1, 2014) - PAID, Inc.
(OTCBB: PAYD) today announced that it has agreed with eBay, Inc. to
jointly request a stay of the district court litigation that PAID
commenced against eBay, pending completion of petitions for covered
business method patent review filed by eBay. The parties agree
that resolution of certain threshold issues raised in the covered
business method petitions will streamline the litigation.
On December 20, 2013 PAID filed a complaint against eBay in the
United States District Court for the District of Massachusetts
accusing eBay of infringing PAID's United States Patent Nos.
8,635,150, 8,521,642, 8,352,357, and 7,930,237, titled "Method and
System for Improved Online Auction" by providing an online platform
with an automated shipping calculator.
On May 12, 2014, eBay filed petitions for covered business
method review of PAID's patents in the United States Patent Trial
and Appeals Board ("PTAB") alleging that one or more of PAID's
asserted patent claims are unpatentable.
On June 30, 2014, PAID and eBay filed a joint motion to stay the
district court litigation pending completion of eBay's petitions
before the PTAB. In the event that the petitions for review
are not instituted by the PTAB and the parties have not resolved
this dispute, the parties have agreed to jointly petition the court
to lift the stay.
"We are very pleased to have reached this agreement with eBay,"
said Austin Lewis, Chairman and Chief Executive Officer of
PAID. "The procedures implemented by the United States Patent
and Trademark Office for covered business method reviews are
designed to expeditiously resolve questions of patentability and
validity. We feel confident about the strength and validity of
PAID's foundational intellectual property and we welcome an
efficient and prompt process that will give PAID the opportunity to
demonstrate the value of our patents."
"The company continues to focus its resources on further
developing and upgrading its AuctionInc ShopCart with its
Integrated Shipping Calculator software platform," added Lewis.
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-corp.com.
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.
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