PAYD - Paid Inc. Provides Update on Patent Application Nov. 30 Office Action
/FROM PR NEWSWIRE BOSTON 617-482-5355/ TO BUSINESS, RETAILING AND TECHNOLOGY EDITORS:
Paid Inc. Provides Update on Patent Application Nov. 30 Office Action
WORCESTER, Mass., Nov. 30 /PRNewswire-FirstCall/ -- Paid, Inc. (OTC Bulletin Board: PAYD) today received information that the U.S. Patent & Trademark Office (USPTO) has issued an office action related to the Company's pending patent application. At present, Paid, Inc. and its legal counsel, Hunton & Williams, have been unable to obtain a copy of this office action. According to Hunton & Williams, while this office action is denoted as a "Final Rejection" it does not mean that all or a portion of Paid, Inc.'s application will not issue as a patent. Paid Inc. will have multiple options after receiving and studying the office action. "The nomenclature of the USPTO web site can be very confusing to those who are unfamiliar with it and may cause people to come to incorrect conclusions about the status of our patent," said Greg Rotman, CEO of Paid Inc. "We encourage our shareholders not to react to rumors and speculation related to this matter. At this point, we are awaiting further information from the patent office and will provide updates as soon as we have documentation on this office action. This is not an unusual step in the patent process and should not be construed as the end of our patent application process, despite the USPTO denotation."
About Paid, Inc. Paid's innovative products and services are utilized in online auction management, ecommerce and web site development and hosting. Using proprietary technology, Paid, Inc. is a respected developer of dynamic, cutting edge celebrity web sites and ecommerce storefronts that attract tens of thousands of visitors daily. Paid's AuctionInc brand auction management and shipping calculation software utilized Paid's patent-pending process technologies to streamline back-office and shipping processes for online auctions and e- commerce. Paid's Rotman Auction is an eBay Platinum Powerseller that sells thousands of items -- primarily sports, Hollywood and Americana collectibles and memorabilia -- each week on eBay. The company also builds and maintains large database-driven portals across a broad array of industries. The Company's common stock is traded on the Nasdaq OTC Bulletin Board under the symbol PAYD. For further information visit http://www.paid.com.
Forward Looking Statements This Press Release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 that are based upon current expectations or beliefs, as well as a number of assumptions about future events, including matters related to the Company's operations. Although the Company believes that the expectations reflected in the forward-looking statements and the assumptions upon which they are based are reasonable, it can give no assurance that such expectations and assumptions will prove to have been correct. The reader is cautioned not to put undue reliance on these forward-looking statements, as these statements are subject to numerous factors and uncertainties. In addition, other factors that could cause actual results to differ materially are discussed in the Company's most recent filings, including Form 10-KSB with the Securities and Exchange Commission.
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