MySize Granted Patent from United States Patent & Trademark Office for MySizeID Smart Measurement Solution

Rhea-AI Summary

My Size, Inc. (NASDAQ: MYSZ) announced it has been granted a patent by the U.S. Patent & Trademark Office for a method of measuring body parts using handheld devices. This patent is part of the MySizeID technology, which employs proprietary algorithms to enhance e-commerce sizing accuracy. With this addition, MySize now holds nine issued patents and ten pending applications globally. CEO Ronen Luzon emphasized the patent's potential to reduce costs associated with reverse logistics in e-commerce, a market burdened with over $500 billion annually.

Positive

• Granted a patent, enhancing competitive edge and innovation.
• Total of nine issued patents and ten pending applications, indicating strong intellectual property portfolio.
• Potential to reduce e-commerce return costs significantly, promoting customer loyalty.

Negative

• None.

AIRPORT CITY, Israel, Dec. 1, 2020 /PRNewswire/ -- My Size, Inc. (the "Company" or "My Size") (NASDAQ: MYSZ) (TASE: MYSZ), the developer and creator of smartphone measurement solutions, today announced that it was granted a patent from the United States Patent & Trademark Office for its application, titled: "System for and a method of measuring a path length using a handheld electronic device." With this latest patent MySize has nine total issued/allowed patents and 10 patent applications pending worldwide.

The patent covers the methods and systems for measuring a body part of a user using a handheld electronic device, which is part of MySizeID's foundational technology. MySizeID's proprietary algorithms utilize a smartphone's sensors combined with anthropometric data to provide customers highly accurate sizing information for specific brands, based on the users' exact measurements.

"Receiving this patent in the US now represents another step forward for MySize's capabilities, as well as an unprecedented opportunity for brands amidst the shift to e-commerce," said Ronen Luzon, CEO, and Founder of MySize. "The cost of reverse logistics stands at over half a trillion dollars yearly and by further enabling customers to have confidence in their purchases, we're dramatically reducing costs while cementing customer loyalty."

About MySize Inc:

My Size, Inc. (TASE: MYSZ) (NASDAQ: MYSZ) has developed a unique measurement technology based on sophisticated algorithms and cutting-edge technology with broad applications, including the apparel, e-commerce, DIY, shipping, and parcel delivery industries. This proprietary measurement technology is driven by several algorithms that are able to calculate and record measurements in a variety of novel ways. To learn more about My Size, please visit our website: www.mysizeid.com. We routinely post information that may be important to investors in the Investor Relations section of our website. Follow us on Facebook, LinkedIn, Instagram and Twitter.

Please click here for a demonstration of how MySizeID provides a full sizing solution for the retail industry.

Register here for a one-month free trial of MySizeID solution for your online store. Please click here to download MySizeID for iOS.

Please click here to download MySizeID for Android.

Cautionary Statement Regarding Forward-Looking Statements

My Size, Inc. (the "Company" or "My Size") (NASDAQ: MYSZ) (TASE: MYSZ), the developer and creator of smartphone measurement solutions.

This press release contains certain forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are identified by the use of the words "could," "believe," "anticipate," "intend," "estimate," "expect," "may," "continue," "predict," "potential," "project" and similar expressions that are intended to identify forward-looking statements. All forward-looking statements speak only as of the date of this press release. You should not place undue reliance on these forward-looking statements. Although we believe that our plans, objectives, expectations and intentions reflected in or suggested by the forward-looking statements are reasonable, we can give no assurance that these plans, objectives, expectations or intentions will be achieved. Forward-looking statements involve significant risks and uncertainties (some of which are beyond our control) and assumptions that could cause actual results to differ materially from historical experience and present expectations or projections. Actual results to differ materially from those in the forward-looking statements and the trading price for our common stock may fluctuate significantly. Forward-looking statements also are affected by the risk factors described in the Company's filings with the U.S. Securities and Exchange Commission. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.

Logo - https://mma.prnewswire.com/media/689689/MySize_Logo.jpg

U.S. Press Contact:
Joel@strausscomms.com 
Strauss Communications

My Size Investor relations contact:
Or Kles, CFO
ir@mysizeid.com

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SOURCE My Size Inc.

FAQ

What patent did My Size, Inc. receive?

My Size, Inc. was granted a patent for a method of measuring body parts using handheld electronic devices.

How many patents does My Size, Inc. currently have?

My Size, Inc. now holds a total of nine issued patents and has ten patent applications pending worldwide.

What is the significance of the new patent for My Size, Inc.?

The new patent enhances My Size's technology, potentially reducing costs associated with e-commerce returns, which amount to over $500 billion yearly.

What impact could the patent have on e-commerce for My Size, Inc.?

The patent could help improve sizing confidence for customers, thereby reducing return rates and increasing customer loyalty.

What is the stock symbol for My Size, Inc.?

The stock symbol for My Size, Inc. is MYSZ.