Catuity, Inc.announced a settlement agreement with Welcome Real-Time, of France, ending a patent dispute between the two loyalty software providers.
The agreement results in the following:
– The immediate settlement and cessation of all legal action in Australia with no material future financial consequences for either party;
– A prohibition on both Welcome Real-Time and Catuity from initiating any patent legal action between them anywhere in the world; and
– A commitment by both Welcome Real-Time and Catuity to compulsory mediation and compulsory binding arbitration for all future patent disputes wherever and whenever they occur.
Appropriate documents will be filed with the Federal Court of Australia as soon as possible.
Catuity also announced that it has filed its Form 10K for the year ending December 31, 2001. As expected, the company reported total operating revenue of $2.02 million, an increase of 169 percent over the year 2000. Catuity also reported a net loss of $3.88 million, compared to a net loss of $3.81 million in 2000. Increasing revenues resulted in a substantially reduced loss in the second half of 2001 ($1.24 million) compared to the first half of 2001 ($2.63 million).
Catuity, Inc. (www.catuity.com) is a leading provider of loyalty software systems. The Catuity software includes an integrated suite of applications that provide loyalty, ticketing, access control and membership. The Catuity Loyalty System is ubiquitous in that it can operate on any device, any card program, and with any payment process, including stored value, smart cards and wireless applications. Catuity unites the brick-and-mortar retailer with the Internet to enable cross-sell capabilities with consistent brand imaging across all channels.Details