"We had no interest in licensing the patent, but this waiver and release enables us to run our business freely continuing the innovation we began in 2001 without concern for this patent."
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Roswell, GA (PRWEB) September 20, 2010
Valid Systems (820 Technologies LLC) has entered into a “Covenant Not to Sue” with Chexar Networks, Inc. (http://www.chexar.com) with regard to patent infringement allegations and its U.S. Patent No. 7,528,710. Earlier this year, a suit Valid filed in 2009 (Civil Action No.: 5:07-CV-102-DF in the Eastern District of TX) alleging that Chexar was infringing on the patent was dismissed with prejudice. That dismissal, coupled with the present agreement, acknowledges Chexar's right to continue marketing its industry leading solution for cashing all types of checks in retail and financial institution locations and prevents future litigation against Chexar related to the '710 and related patents.
Drew Edwards, Chexar's CEO, commented that "this agreement was a business decision on our part, because, while we believe we can operate our business long term without infringing upon the patent, there could have been some associated risk. We had no interest in licensing the patent, but this waiver and release enables us to run our business freely continuing the innovation we began in 2001 without concern for this patent.”
CHEXAR® is a Technology Enabled Business Process Outsourcer (BPO). Chexar provides its clients with solutions for truly serving the nation's Underbanked population now estimated to be more than 100 million people. The gating factor for these consumers is their need to change their checks into cash or other forms of value.
Chexar's flagship product enables any business to convert ALL types of checks to cash or to value loads onto Pre-Paid products such as Debit Cards. The one of a kind solution for check guarantee and check cashing combines proprietary algorithms, technology, databases, and human expertise to deliver unmatched capability in retail financial services targeting the underbanked consumer.
Today many of the nation’s top banks, retailers, and payday lenders are turning to Chexar’s turnkey solution making Chexar one of the fastest growing total solution providers in the underbanked industry.