|By Marketwired .||
|July 10, 2014 10:41 AM EDT||
NEW YORK, NY -- (Marketwired) -- 07/10/14 -- SmartMetric, Inc. (OTCQB: SMME) The Aite Group recently reported that based on a survey it had conducted of Banks in the United States that by the end of 2015 70% of all U.S.A credit cards will have the EMV chip on them. Other figures show there are more than 1.5 billion credit cards issued in the United States. So according to the Aite Report figures said the President & CEO of SmartMetric Chaya Hendrick, this will mean more than 1 Billion credit cards will be EMV chip cards by the end of 2015. Visa and MasterCard have an estimated more than 80% control of the issued credit card market within the U.S.A.
SmartMetric is suing both Visa Inc and MasterCard International for Patent infringement over the use of chip based cards as detailed in its issued patent.
The SmartMetric, Inc vs Visa Inc and MasterCard International patent infringement case will be heard on August 8th before the US Federal Circuit Court in Washington DC.
SmartMetric, in its motions before the court, is seeking a ruling of infringement against both Visa and MasterCard and is 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.
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