CHICAGO (Business Wire) -- Ocean Tomo Auctions, LLC - the auctions arm of Ocean Tomo, LLC, the leading Intellectual Capital Merchant Banc(R) firm - today announced it will offer a pioneering portfolio of e-commerce, credit/debit card transaction patents, owned by Net MoneyIN, Inc. ("NMI") at private auction with final bids due on or before December 15, 2008. These fundamental patents - US Patent Nos 5,822,737; 5,963,917; 5,991,738; and 6,381,584 B1 - relate to secure, automated processing of credit/debit card purchases of goods or services.
A previous summary judgment ruling of the U.S. District Court of Arizona that claim 23, one of the critical claims of the '737 patent, was invalid by reason of anticipation was recently reversed on October 20, 2008 by the U.S. Circuit Court of Appeals for the Federal Circuit, confirming the strength of the '737 patent.
This portfolio of patents was developed in response to concerns surrounding the inadequacies of safeguards for consumer online purchases and consumer purchases effected through telephone operators. The claims disclose a safe and efficient method of accepting and processing payments over distributed computer networks through the utilization of a separate payment processing server and a credit card processing server. While there are several links made through the processing operation, it is seamless to the consumer, protects against unauthorized transactions and ensures that the online merchant gets paid.
"These patents embody fundamental and secure means by which payments are processed over the Internet and other distributed computer networks. The separate server systems for merchant payment and credit card processing provide protections that did not previously exist and would be a significant and meaningful addition to any online or automated payment processing business," commented Mark Ogram, the principal inventor and Vice President of NMI. "We have already licensed these patents to several banks and online processing businesses, evidencing their significant commercial worth."
"As retail business continues to grow online, so will the payment processing industry. Thus, any company wishing to protect its business or gain an advantage in the online payment processing area will find these patents to be a valuable, if not essential, addition to their IP portfolio," said Andrew T. Ramer, Managing Director of Ocean Tomo.
To submit a bid for the NMI patent portfolio, or for more information, please contact Justin Basara at 312.327.4411 or jbasara@oceantomo.com.
About Ocean Tomo, LLC
Established in 2003, Ocean Tomo, LLC (www.OceanTomo.com) is the leading Intellectual Capital Merchant Banc(R) firm. The company provides financial products and services related to Intellectual Property financial & survey expert testimony, valuations, investments, risk management and transactions. Headquartered in Chicago, Ocean Tomo has offices in San Francisco, Palm Beach, Orange County and Washington, DC. Subsidiaries of Ocean Tomo include: Ocean Tomo Auctions, LLC; Ocean Tomo Federal Services, LLC; Ocean Tomo Asset Management, LLC; and Ocean Tomo Capital, LLC -- publisher of the Ocean Tomo 300(R) Patent Index (Amex: OTPAT), the Ocean Tomo 300(R) Patent Growth Index (Amex: OTPATG) and the Ocean Tomo 300(R) Patent Value Index (Amex: OTPATV).
Ocean Tomo, LLC
Media Contact:
Wendy Chou
718.812.6707
wchou@oceantomo.com
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