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MacroSolve Files Patent Infringement Suit Against Wal-Mart(February 06, 2012)
TULSA, OK -- (Marketwire) -- 02/06/12 -- MacroSolve, Inc., (PINKSHEETS: MCVE) (OTCQB: MCVE) ("MacroSolve" or the "Company"), a leading provider of mobile technologies, apps and solutions for business, today announced it has filed a patent infringement suit against Wal-Mart Stores, Inc. (NYSE: WMT) for violation of MacroSolve's U.S. Patent No. 7,822,816.
MacroSolve's lawsuit claims that Wal-Mart has infringed upon its patent rights through actions including its product and system referred to as its Walmart mobile app. The suit further claims that, "MacroSolve has been damaged as a result of the infringing conduct by defendant alleged above and, thus, such defendant is liable to MacroSolve in an amount that adequately compensates it for defendant's infringements, which, by law, cannot be less than a reasonable royalty, together with interest and costs as fixed by this Court under 35 U.S.C. § 284."
MacroSolve Vice Chairman, Jim McGill commented, "The use of mobile apps has become pervasive throughout business, from newer social media companies like Facebook to 50 year-old retailers like Wal-Mart. Regardless of the size or stature of the company infringing upon our patent, we will vigorously protect our intellectual property."
On October 26, 2010, the United States Patent and Trademark Office issued U.S. Patent No. 7,822,816 to MacroSolve. The patent, a significant intellectual property asset to MacroSolve, further advances its position as a leader in the mobile solutions market. The patent addresses mobile information collection systems across all wireless networks, smartphones, tablets, and rugged mobile devices, regardless of carrier and manufacturer, and is currently utilized in MacroSolve's rapid mobile app development platforms. MacroSolve's patent covers fundamental technology in the mobile application space utilized by multiple companies.
MacroSolve, Inc., the corporation behind Illume Mobile, is a pioneer in delivering mobile apps, technologies, and solutions. Leveraging its intellectual property portfolio, MacroSolve enforces its landmark patent, while Illume Mobile provides mobile app products and services. MacroSolve is positioned to become a leader in the mobile app space, projected to become a $17.5 billion market in 2012 according to Chetan Sharma Consulting. For more information, visit www.illumemobile.com.
Safe Harbor Statement
This press release contains projections of future results and other forward-looking statements that involve a number of risks and uncertainties and are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Important factors that may cause actual results and outcomes to differ materially from those contained in the projections and forward-looking statements included in this press release are described in our publicly filed reports. Factors that could cause these differences include, but are not limited to, the acceptance of our products, lack of revenue growth, failure to realize profitability, inability to raise capital and market conditions that negatively affect the market price of our common stock. The Company disclaims any responsibility to update any forward-looking statements.
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