Priceline.com Receives Notice Of Allowance For 7th U.S. Patent
NORWALK, Conn.--(BUSINESS WIRE)--Jan. 26, 2000--Priceline.com (Nasdaq: PCLN) said today that the U.S. Patent and Trademark Office (PTO) has notified priceline.com of its approval of another U.S. patent application that, when issued, will be priceline.com's seventh U.S. patent related to the Company's buyer-driven commerce system.
Priceline.com currently holds three U.S. patents covering various aspects of buyer-driven commerce, including the Company's core U.S. Patent No. 5,794,207 and U.S. Patents No. 5,797,127 and No. 5,897,620. Also, priceline.com has now received a total of four more patent allowances related to aspects of its buyer-driven commerce system. Priceline.com has filed over 25 additional U.S. patent applications dating back to 1996.
Under the U.S. patent system, the PTO issues what are called notices of allowance to inventors prior to the actual issuance of patents. The notices let the inventors know which specific claims in their applications have been allowed by the PTO as patentable.
Priceline.com enables consumers to achieve significant savings by using their personal brand flexibility as a way to get goods and services at well below publicly advertised prices. Priceline.com takes consumers' price requests and then presents them to participating sellers, who can fill as much of that guaranteed demand as they wish at price points determined by the buyers. Priceline.com's "virtual" business model allows for rapid scaling using the Internet. Because the Company electronically collects consumer demand, it can fill this demand directly with sellers or by using proprietary databases.
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