|By Marketwired .||
|July 7, 2014 10:15 AM EDT||
NEW YORK, NY -- (Marketwired) -- 07/07/14 -- SmartMetric, Inc. (OTCQB: SMME), who has been engaged in a patent infringement lawsuit it has brought against Visa Inc. and MasterCard International over 3 years ago, is eagerly awaiting the hearing before Federal Circuit Court on July 8th, 2014. The main point at issue, according to SmartMetric President & CEO Chaya Hendrick, is whether or not the payments card companies control or do not control the credit and debit cards used in the United States.
At stake is the technology surrounding the new EMV chip cards that are now being issued in the United States and that according to a recent report by the Aite Group will cover over 70% of all USA credit and debit cards in use in the USA by the end of 2015. According to research figures* this means more than 1 Billion EMV cards will be in use in the United States by the end of 2015.
SmartMetric, in its motions before the court, is seeking a ruling of infringement against both Visa and MasterCard and is a asking the court to award SmartMetric 25% of the economic value attributed from the savings from fraud created by the use of the SmartMetric claimed technology by the payments card companies. In total SmartMetric is claiming $13.4 Billion from both Visa Inc and MasterCard International.
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.
*Source: Federal Reserve Survey of Consumer Finances, US Census Bureau, Sallie Mae, Com Score, Experian Research Date: 7.24.2012 Total number of credit cards in use in the US1.5 billion
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