|By Marketwired .||
|June 27, 2014 09:05 AM EDT||
NEW YORK, NY -- (Marketwired) -- 06/27/14 -- SmartMetric, Inc. (OTCQB: SMME) -- SmartMetric has received notice from the Federal Circuit Court that its motion for a ruling of infringement of its issued patent by Visa Inc. and MasterCard International will be heard in Washington DC on August 8th, 2014 said the President & CEO of SmartMetric, Chaya Hendrick.
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 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.
At the center of the patent infringement litigation is the new chip cards now being introduced into the United States. 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
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.
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