My Size Receives Notice of Allowance for U.S. Patent on Expanding Protection Around Its Smart Mobile Measurement Technology

Rhea-AI Summary

My Size, Inc. (NASDAQ: MYSZ) has received a Notice of Allowance from the USPTO for a patent concerning smartphone measurement technologies. This marks the third patent granted in the U.S., contributing to a total of nine patents worldwide. The technology underpins products like MySizeID and BoxSize, enhancing user measurement accuracy for apparel and logistics. CEO Ronen Luzon highlighted the U.S. market potential, with e-commerce revenues in apparel estimated to grow to $194.4 billion by 2023. This patent furthers My Size's strategy to protect its innovations in a significant market.

Positive

• Received Notice of Allowance for a new patent in the U.S.
• Total of 9 patents issued/allowed worldwide strengthens intellectual property.
• Technological advancements improve user measurement accuracy for e-commerce.

Negative

• None.

AIRPORT CITY, Israel, June 22, 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 has received a Notice of Allowance from the United States Patent and Trademark Office ("USPTO") for its patent application, titled: "A system for and a method of measuring a path length using a handheld electronic device." With this latest Notice of Allowance, the Company has now been issued/allowed three patents in the U.S. out of a total 9 issued/allowed patents worldwide and 12 patent applications pending.

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The patent applies to the technology that powers My Size's suite of smart mobile measurement solutions such as MySizeID™, BoxSize™ and more. The allowed patent application covers a variety of aspects around the technology, including the methods and systems for measuring a body part of a user using a handheld electronic device. MySizeID's proprietary algorithms utilize a smartphone's sensors combined with anthropometric data to provide customers highly accurate sizing and other measurement information, which can be tied to specific brands, based on the user's exact measurements.

Ronen Luzon, Chief Executive Officer of My Size, stated, "We continue to rapidly build our intellectual property portfolio globally, and we are pleased to have received the notice of allowance for this patent from the USPTO which adds another layer of intellectual property protection to our smartphone measurement solutions in the United States. The U.S. represents a very large market for MySizeID. In 2019, retail e-commerce revenues from apparel, footwear and accessories sales were estimated to amount to 103.1 billion U.S. dollars and are projected to increase to approximately 194.4 billion U.S. dollars in 2023. For BoxSize, a parcel measurement app that can provide real-time logistic data on packages volumes and transportation, the couriers and local delivery services market was estimated to be $113.5 billion in the U.S. in 2020. Building out our intellectual property portfolio is central to our strategy in establishing and sustaining our technology in the U.S. and beyond."

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About My Size, 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 which 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

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.

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Israel Press Contact:
Yaniv Leibovich 
Leibovich Media
yanivleib@gmail.com 
+972-54-444-0326

U.S. Press Contact:
5W Public Relations
mysizeid@5wpr.com

IR Contact:
Crescendo Communications, LLC
Tel: +1-212-671-1020
Email: MYSZ@crescendo-ir.com

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SOURCE My Size Inc.

FAQ

What is the significance of the Notice of Allowance received by MYSZ?

The Notice of Allowance from the USPTO indicates that My Size's patent application for smartphone measurement technology has been approved, enhancing its intellectual property protection.

How many patents does My Size hold worldwide?

My Size has a total of 9 patents issued/allowed worldwide, including 3 in the U.S.

What market potential does MySizeID hold?

The U.S. market for retail e-commerce in apparel is projected to reach approximately $194.4 billion by 2023, indicating significant growth potential for MySizeID.

What technologies are covered by the newly allowed patent for MYSZ?

The allowed patent covers technologies that measure body parts using handheld devices, integral to My Size's products like MySizeID and BoxSize.