AIRPORT CITY, Israel, March 3, 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 Russian Patent & Trademark Office 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 now has seven issued/allowed patents and 15 patent applications pending worldwide.
The allowed patent application covers the methods and systems for measuring a body part of a user using a handheld electronic device and addresses the foundational technology that is the basis for the MySizeID measurement app. 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.
Ronen Luzon, Chief Executive Officer of My Size, stated, "We are pleased to receive this notice of allowance from the Russian Patent Office, as Russia represents a sizable market for MySizeID. The Russian e-commerce market is estimated to have grown by 26% year-over-year to $11 billion in the first half of 2019. Russians have embraced e-commerce, which is growing ten-times faster than the real economy and traditional retail. Retailers that incorporate our proprietary technology into their e-commerce platform can enhance their customers' shopping experience while decreasing returns and increasing their conversion rate. We look forward to aggressively pursuing the Russian e-commerce market."
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.
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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. 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.