NEW YORK, NY--(Marketwired - Jun 30, 2014) - SmartMetric, Inc. (
The founder of SmartMetric back in 1999 applied for a patent covering data cards, that is cards with a chip on them, that are used to make an automatic connection to networks. In 2004 the patent was issued by the United States Patent & Trade Mark Office. SmartMetric is alleging that the insertion into an ATM machine or retail card reader of the new EMV chip cards is in violation of its issued patent and in order to protect its intellectual property rights had no other option than to seek redress and protection in the Court.
SmartMetric in the hearing in August, is asking the court to find that both Visa Inc. And MasterCard International are infringing the SmartMetric patent.
SmartMetric in its pleadings before the court is also seeking a ruling in respect of damages and a prepaid royalty based on 25% of the economic savings that flow from the alleged use of the SmartMetric patented technology by the payments cards companies. In earlier court filings the sum calculated and claimed by SmartMetric is $13.4 Billion.
"The case will be heard in Washington DC in the Federal Circuit Court, on August 8th, 2014," said the President & CEO of SmartMetric Chaya Hendrick.
According to the EMV Forum around 100 million EMV chip cards will be in use in the U.S.A. by the end of 2014 while the Aite Group has reported according to its research that by the end of 2015, 70% of all payments cards will be EMV chip cards in the United States.
SmartMetric is a publicly traded technology company that has added a fingerprint scanner built inside EMV payment credit and debit chip cards thereby creating a second layer biometric authentication protection in defending against card fraud. The company is now actively marketing its technology to card issuing financial institutions around the World.
About SmartMetric, Inc.
SmartMetric, Inc. is a technology company that designs and engineers its own advanced products utilizing the company's expertise in miniaturizing electronics. The company has developed a miniature fingerprint self powered fingerprint scanner and reader that fits inside credit and identity cards that are at the center of SmartMetric Inc.'s advanced biometric products. For more information please visit: www.smartmetric.com
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