New Patent Further Validates Strength of Patent Portfolio as Company Explores a Strategic Transaction to Capitalize on Significant Licensing Opportunities and Expand Into New Markets
Tiare Technology, a leading provider of mobile ordering products and services, announced today that U.S. patent application 13/073,368 has been allowed by the U.S. Patent and Trademark Office, adding to the Company’s portfolio of eight critical U.S. and international patents for mobile ordering technology and methodology, with priority dates beginning in 2002. The allowance of this patent is significant, as it clarifies the merits of the art allowed across the patents Tiare controls in the wake of the recent U.S. Supreme Court decision, Alice Corp. v. CLS Bank International. The timing is also significant, as the Company is currently exploring a strategic transaction to capitalize on significant licensing opportunities and expand into new markets.
Tiare’s patent portfolio covers methodology for the mobile ordering of food and beverages, and other goods or services, in or in the vicinity of a venue, such as a restaurant or retail outlet. Long before the introduction of the first Apple iPhone or iPad or any Android device, Tiare built its business on products and services that provide mobile ordering solutions. Patents were applied for to secure a place in what Tiare saw as the future of consumer purchasing. Today, Tiare offers a wide range of specialized mobile ordering products and services, and controls a collection of key patents with early priority dates.
“We are very excited about the allowance of this patent,” said Jeffrey Krevitt, President of Tiare Technology. “It validates the strength of our intellectual property portfolio, at a time when we are looking at a strategic transaction that will position Tiare for new revenue streams through market expansion and licensing.”
To assist the Company in exploring strategic options, Tiare has enlisted Jeffrey T. Varsalone, Managing Director at CBIZ MHM, LLC, one of the largest accounting and financial consulting firms in the United States. “We are analyzing all strategic transactions that enable the Company to capitalize on significant opportunities to license the intellectual property and grow its business,” said Varsalone. “Tiare’s history in mobile ordering solutions and its portfolio of granted and open continuation patents uniquely position the Company in an industry currently experiencing explosive growth. The granting of this additional patent provides clarity and mitigates execution risk.”
Tiare Technology operates in the rapidly expanding global mobile transactions market forecasted to exceed $700 billion by 2017. “Bring Your Own Device” is seen as the future of in-store point of sale (POS) transactions in the restaurant, hospitality, retail and service industries, as digital menus, mobile ordering, mobile payment apps, and digital wallets embedded in tablets, smartphones and wearable devices become more widely accepted.
Tiare Technology develops and markets, mainly to the global hospitality and leisure industry, mobile communication products and software services that increase revenue, generate labor savings, and enhance customer service. The company offers solutions that allow guests at hotels, resorts, casinos, cruise ships, restaurants, stadiums and other locations to order food, beverages, merchandise and services using mobile devices. Tiare products include intelliChaise, VIPSeat Restaurant, VIPSeat Gaming, VIPSeat Stadium, Wireless WineList and Tiare GuestBook ordering systems. Tiare is dedicated to preserving the environment and its products seek to minimize the use of paper, promoting an eco-friendly platform to provide guests with information and services. The product platform has been granted U.S. and international patent protection (U.S. Patents 7,945,477 and 8,682,729 and application 13/073,368). Founded in 2002, Tiare Technology is a privately held corporation. For more information visit us at www.tiaretech.com.
