13 September 2002 - G.M. Network Ltd., the company that developed and now operates GoldMoney -- an asset-based online transaction system -- today announced that the defense of its digital gold currency patents against infringement by E-Gold Ltd., DigiGold Ltd., Douglas Jackson, Barry Downey and related parties in the US District Court in New York has advanced to a new stage.
G.M. Network had requested that the case be stayed to allow further proceedings with the US Patent Office. E-Gold and its related parties had opposed this motion. But with its favorable decision, the court enables G.M. Network to resume its case and to continue developing its filings with the US Patent Office.
In commenting on the court's decision, James Turk, managing director of GoldMoney said: 'We are pleased by the court's decision, and we will continue to vigorously defend our patents and our property rights. This decision enhances the pursuit of our stated goal to purposefully use the patents to safeguard the development of digital gold currency.'
In announcing the case in November 2001, G.M. Network stated that it is taking necessary steps to help protect consumers from companies that are unwilling or unable to attain the standards set by GoldMoney. The recent collapse of two companies purporting to offer digital gold currency underlies the importance of this objective. Consumers who had entrusted funds with these companies reportedly lost all of their money.
Turk continued: 'Digital gold currency is becoming an important tool in global commerce. As the inventors of DGC, we have an obligation to make certain that it is used for its intended purposes and that the misdirected actions of a few don't dilute its value and functionality for all. We will continue to use our patents to ensure that we meet this objective.'
As the inventor of digital gold currency, GoldMoney is setting the global standard for instantaneous, 24/7 non-repudiable payments worldwide.
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