MySize Receives Notice of Patent Allowance in Canada for AI & Algorithm-driven Measurement Solution

Rhea-AI Summary

MySize, Inc. (NASDAQ: MYSZ) has received a Notice Allowance from the Canadian Intellectual Property Office for its patent on a method to measure body parts using handheld electronic devices. This patent, which is part of a growing portfolio of approximately 20 issued and pending patents, reinforces MySize's commitment to enhancing AI-driven measurement solutions in the retail sector. The company's technology leverages smartphone sensors for accurate sizing, benefiting over 1,000 apparel retail clients like Levi's and Speedo. CEO Ronen Luzon noted the increasing value of their patent estate, correlating with improved economic efficiency and environmental sustainability metrics.

Positive

• Received a Notice Allowance for a new patent in Canada, enhancing IP portfolio.
• Approx. 20 patents issued and pending, strengthening market position.
• Over 1,000 retail clients using MySize technologies, including major brands like Levi's and Speedo.
• Growing efficiency metrics associated with products, supporting revenue growth.

Negative

• None.

• Company broadens IP assets which include approximately 20 patents issued and pending
• Patents previously issued in major markets including the U.S., Europe, and Japan

AIRPORT CITY, Israel, Feb. 7, 2023 /PRNewswire/ -- MySize, Inc. (NASDAQ: MYSZ) (TASE: MYSZ.TA) ("MySize" or the "Company"),  an omnichannel e-commerce platform and provider of AI-driven measurement solutions to drive revenue growth and reduce costs for its business clients, announced today the Canadian Intellectual Property Office has issued a Notice Allowance for the Company's patent titled "A system for and a method of measuring a path length using a handheld electronic device".

This patent encompasses the methods and systems for measuring a body part of a user via a handheld electronic device. MySizeID's proprietary algorithms leverage the smartphone's built-in sensors and fuse the data produced with anthropometric data. As a result, users can enjoy highly accurate sizing information based on their exact measurements.

"Our patent estate becomes increasingly valuable as MySizeID and Naiz Fit are producing a growing body of efficiency metrics that prove its benefits to our apparel retail customers which now amounts to well over 1,000 companies including the biggest names in global fashion such as Levi's, Speedo, Superdry, Moschino and more," stated MySize Founder and CEO Ronen Luzon. "Moreover, we are signing new customers at an accelerated pace as the economic efficiency metrics of our products combine with a greater awareness of environmental sustainability resulting from lower size-related returns."   

About MySize Inc.
MySize, Inc. (Nasdaq: MYSZ) (TASE: MYSZ.TA) is an omnichannel e-commerce platform and provider of AI-driven measurement solutions including MySizeID and recently acquired Naiz Fit to drive revenue growth and reduce costs for its business clients. Orgad, its online retailer platform, has expertise in e-commerce, supply chain, and technology operating as a third-party seller on Amazon.com and other sites. MySize recently launched FirstLook Smart Mirror, a mirror-like touch display that provides in-store customers an enhanced shopping experience and contactless checkout. FirstLook Smart Mirror extends MySize's reach into physical stores and is expected to contribute to revenues through unit sales and recurring service fees.

MySize 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 MySize, 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 the MySizeID solution for your online store and here for the Naiz Fiz solution.

To learn more about MySize and for additional information, please visit: our website: www.mysizeid.com.

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, including statements related to the acquisition, expected revenues, and the expected closing of the acquisition. 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 may 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.

Investor Contacts:
Or Kles, CFO
ir@mysizeid.com

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SOURCE My Size Inc.

FAQ

What is the latest patent MySize received approval for?

MySize received a Notice Allowance for a patent related to measuring body parts using a handheld electronic device.

How many patents does MySize currently hold?

MySize has approximately 20 patents issued and pending.

Which markets are MySize's patents issued in?

MySize's patents are issued in major markets including the U.S., Europe, and Japan.

What impact does the patent have on MySize's business?

The patent reinforces MySize's innovative edge in AI-driven measurement solutions for the retail industry.

Who are some of MySize's clients?

MySize has over 1,000 clients, including brands like Levi's, Speedo, and Moschino.