Cybersettle Receives U.K. Patent for Insurance Dispute Settlement Method

February 11, 2003

New York-based Cybersettle, Inc., a leading online claims mediation company, announced that it has received a patent in the U.K. on its method for settling disputes, the first time such a patent has been granted in the European Community. It will serve as base for the company’s planned expansion into Europe.

Charles Brofman, Cybersettle President and CEO stated, “We have worked closely with the U.K. patent office and congratulate our patent counsel Venner, Shipley & Co., Chartered and European Patent Attorneys, in London, on their excellent work in obtaining this historic patent.”

The company said it is looking for U.K. partners “with which to align itself for the purpose of developing this significant and influential insurance marketplace.” Brofman added, “We are excited about our patent and positioning Cybersettle in the U.K. as we begin to formulate our plans to conclude a transaction in the near future.” The U.K. business would join Cybersettle’s Canadian operations as its second international marketplace.

The company, formed in 1998, “is the world’s number one online claim settlement company and grantee of US patent # 6,330,551 for the Computerized Dispute Resolution System and Method,” said the announcement. It offers “high-speed, confidential claim settlements by matching offers and demands via a patented, secure Web site www.cybersettle.com.” The bulletin noted that it is the “official and exclusive online settlement tool of the Association of Trial Lawyers of America and the Canadian Bar Association.”

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