NEW YORK, NY–(Marketwired – Jul 28, 2014) – SmartMetric, Inc. (OTCQB: SMME) is suing both giant payment card companies, Visa Inc. and MasterCard International for Patent infringement involving the use of EMV cards in the United States.
The SmartMetric patent infringement law suit against the payment cards companies was filed over 3 years ago with a hearing now scheduled in the Federal Circuit Court for August 8th, 2014.
In its motions before the court SmartMetric is asking the court to find that Visa Inc. and MasterCard International are infringing the SmartMetric patent and that SmartMetric should be awarded a percentage of the economic benefit and value that flows from using the SmartMetric claimed and patented technology. The amount calculated by SmartMetric in earlier court filings is $13.4 Billion.
The SmartMetric makes fingerprint activated credit and debit cards that use biometrics to defend consumers and bank’s alike from fraud. The company has added a fingerprint scanner built inside EMV payment credit and debit chip cards and uses a person’s fingerprint stored inside the card to activate the cards chip following a scan and match on the card. Thereby creating a second secure 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.
Safe Harbor Statement
Certain of the above statements contained in this press release are forward-looking statements that involve a number of risks and uncertainties. Such forward-looking statements are within the meaning of that term in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those indicated in the forward-looking statements as a result of various factors.
Support InfoStride News' Credible Journalism: Only credible journalism can guarantee a fair, accountable and transparent society, including democracy and government. It involves a lot of efforts and money. We need your support. Click here to Donate