AIRPORT CITY, Israel, Nov. 8, 2017 /PRNewswire/ -- My Size, Inc. (the "Company" or "My Size") (NASDAQ: MYSZ) (TASE: MYSZ), developer of proprietary, smartphone measurement applications, announced today that after approval of its patent in Russia and Japan, it obtained similar approval in the U.S. The patent relates to My Size's "Measurement of a Body Part" technology. The U.S. patent will expire 20 years from the date the patent was initially filed, or January 20, 2033.
"Registration of the third patent within a short period of time demonstrates further recognition in our technological innovation and fills us with professional pride," said Ronen Luzon, CEO of My Size, Inc. "We are especially pleased with the recognition from the U.S. Patent and Trademark Office and have filed applications to protect our patent in other countries as well."
The Measurement of a Body Part application was designed for the online apparel market. It enables shoppers to always choose the right size garment on a retailer's website using the accurate measurements taken with their smart phone of an area of their body. The application first analyzes the recorded information using big data, then recommends the appropriate size of an article of clothing the shopper has selected for consideration on a retailer's website. All of My Size's technology applications use algorithms within a smartphone, rather than the smart phone camera, to record and document body measurements. This method is not only more accurate, but it also maintains and ensures customer privacy.
According to Fashion United, "the global apparel market is valued at 3 trillion dollars, 3,000 billion, and accounts for 2 percent of the world's Gross Domestic Product (GDP)." According to an article published in the Washington Post, in 2015, "clothing generated $51.5 billion in online sales…" While this market is enormous, so too is the return rate. According to MarketWatch, in the United States alone, $260 billion of goods are returned each year, and in 2015, 80% of the returns were clothing and accessories, with $62.4 billion due to wrong sizes.
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 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.
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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. Known material factors that could cause actual results to differ materially from those in the forward-looking statements include: an active trading market for our common stock may not develop on NASDAQ; the trading price for our common stock may fluctuate significantly; and the Company will continue to be a "controlled company," as defined under NASDAQ rules, and the interests of our controlling stockholder may differ from those of our public stockholders. 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.
Rimon, Cohen and Co.
SOURCE My Size Inc