This is the is why AVT will be around for a long time..
AVT's Patent Found Valid and Enforceable Upon Reexamination
CORONA, Calif., May 6, 2013 /PRNewswire/ -- AVT, Inc. (OTC Markets: AVTC) (www.autoretail.com), a technology leader in developing automated retailing systems, customized kiosks and micro-stores, announced that they received Notice of Intent to Issue Reexamination Certificate for AVT's core wireless vending control patent, U.S. Patent Number 8,191,779, which was put under reexamination in Fall 2012. The Notice indicates a number of claims were found patentable. Company officials expressed their satisfaction that the patent office validated the novelty of AVT's technology.
Currently, it is estimated that there are over eight million vending machines being used across the United States. As such, the vending machine industry is the largest cash business in the U.S. and the most pervasive retail channel with the highest number of locations. However, unlike other leading industries, vending machines are the only retail channel that does not universally accept credit or debit card payments. Only two to three percent of machines accept cashless payment.
Historically, vending machine owners were plagued with problems accepting credit and debit cards because of a lack of reliable communication between credit card machines and servers. Consequently, transaction times were long and sometimes unreliable. In addition, there was no convenient way to supplement unit sales with advertising revenues. It is estimated that the addition of reliable credit card acceptance methods would increase vending machine sales by up to 40 percent. Moreover, industry experts say that the addition of cashless payment technology, such as the ones offered by AVT in its new patent, would allow owners of vending machines to offer higher-end merchandise, increase total sales per customer, enhance brand image, and improve revenues.
Based in Corona, California, AVT is the leading developer of automated and self-service retailing systems. Its large portfolio of products includes fully automated "Micro-Stores," automated retailing systems, Marley Coffee Automated Cafes, Utique Stores and technologies, and custom solution services for the automated dispensing of items as diverse as prescription medicine, fresh-squeezed juices, gourmet coffees and cupcakes, premium caviar, healthcare items, office supplies, Kardashian cosmetics, perfumes, and high-end merchandise. Its unique automated solutions are intended to drive consumer traffic, increase sales, improve security and lower company overhead.
James Winsor, CEO of AVT, stated that the company spent over three years and a significant amount of money developing the technology included in its latest patent, and will now determine the best methods to fully exploit the opportunity and capitalize on their re-validated patent. "We will explore all options to monetize this significant patented technology," he stated. "We are aware of several other manufacturers that are now using our technology in violation of our patent, and we look forward to bringing them into compliance in a manner that brings the most value to our company and shareholders."
For more information on AVT, visit the website at: www.autoretail.com, or call 800-240-5175.
