Ostara Corporation Gains Exclusive Marketing Rights To Patented Wireless ''Wallet Consolidation'' Application
Tuesday April 12, 9:11 am ET
WERNERSVILLE, Pa.--(BUSINESS WIRE)--April 12, 2005--Ostara Corporation (OTC:OTRC - News) is pleased to announce that it has acquired the exclusive rights to market a patented wireless "wallet consolidation" application developed by Universal Identity Technologies, Inc. of Merion, PA.
The far-reaching application, which has been granted US Patent #6,671,358, allows wireless transactions to take place which involve the use of any unique identifying device (UID) that has the capacity to store multiple credit/debit cards.
A UID as covered in the patent can be a magnetic strip on a credit, debit or access card, an infrared/RF enabled mobile phone, a PDA, and/or any other identifiers which may be developed for use in the future including fingerprint and iris recognition technologies. The patent further provides for rewarding the user in a financial transaction with prizes, points or other rewards.
"Given the broad claims of the patent, we feel that Ostara is in a unique position to capitalize on the emerging market of Wallet Consolidation in the wireless transaction industry," said Chuck Seidman, Universal Identity's CEO and inventor of the patent. "Wireless transactions will dominate the commercial landscape of the future," Seidman continues. "They have already made significant penetration into the Fast Food, Petroleum, Convenience, Grocery, Specialty, Drug, Corporate Cafeterias, Parking Garages, and Theater markets. The unique feature of our patent is that it gives consumers the power to choose which of their accounts they want to use for a given transaction. And it also covers the use of consumer incentives such as instant prizes, sweepstakes, points and other rewards to power the transaction."
Ostara Corp. specializes in the acquisition and development of emerging technologies and their subsequent commercial applications. "UID fits right into our strategy and compliments one of our key recent acquisitions - PSNet Communications," said Ostara President Alfonso Knoll. "Both are focused on the emerging wireless and handheld markets. PSNet products allow users to communicate from one hand held device to another via streaming two-way live video and audio, giving genuine access to real-time conditions. UID brings a truly powerful added dimension, by bringing the capacity to perform financial transactions into this framework. The results of combining these two applications are truly significant in our estimation and this is just one of several areas that we intend to augment with the power of UID."
Safe Harbor for Forward-Looking Statements: Except for historical information contained herein, the statements in this Press Release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause the Company's actual results in the future periods to differ materially from forecasted results. These risks and uncertainties include, among other things, product price volatility, product demand, market competition, risk inherent in the Company's operations, imprecision in estimating product reserves and the Company's ability to replace and expand its real estate interests. Ostara Corp. assumes no obligation to update the information contained in this press release, whether as a result of new information, future events or otherwise.
Contact:
Ostara Corporation, Wernersville
by
PIR LLC
Brad Novak, 949-661-5780
www.ostaracorp.com
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