WESTBOROUGH, MA -- (Marketwire) -- 01/08/13 -- The U.S. Patent and Trademark Office (USPTO) issued U.S. Patent No. 8,352,357 to PAID, Inc. (OTCBB: PAYD) on January 8, 2013. This new patent significantly enhances PAID's existing patent portfolio related to online shipping calculators.
"The USPTO continues to recognize our pioneering work in developing online shipping calculators. The new patent claims multiple innovations, including certain systems and methods for calculating taxes associated with items offered for sale on auction websites," said Austin Lewis, PAID, Inc. CEO. "We continue to work closely with our patent team to position us so that we can best monetize our intellectual property."
PAID, Inc. was awarded its first patent, No. 7,324,968, on January 29, 2008. This patent relates to the real-time calculation of shipping costs for items purchased online, including using a zip code as a destination location indicator. Our second patent, No. 7,930,237, issued on April 19, 2011 and, among other things, facilitates advanced, rapid, accurate estimation of shipping costs across multiple shipping carriers.
About PAID, Inc.:
PAID, Inc. is a one-stop brand management and marketing resource to music, entertainment and sports personalities and organizations, and offers AuctionInc online shipping calculation and shopping cart software employing its patented technology to streamline ecommerce. Known for quality and customer service, PAID offers turnkey online, mobile, social media and traditional marketing campaigns, VIP ticketing, web site design, merchandising, ecommerce and fan community management programs. More details are available at www.paid.com.
Safe Harbor statement under the Private Securities Litigation Reform Act of 1995:
Statements in this news release looking forward in time involve risks and uncertainties, including the risks associated with the effect of changing economic conditions, trends in the markets, the effect and possibility of a spinoff, the successful monetization of the patent, variations in the company's cash flow, competition, celebrity programs, business development efforts, technology availability and cost of materials and other risk factors. Factors that could cause actual results to differ materially are discussed in the Company's most recent filings with the Securities and Exchange Commission.
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