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SofTech Files Patent Application with the USPTO
Tuesday, February 07, 2012
Lowell, MA -- SofTech, Inc., a proven provider of Product Lifecycle Management (PLM) solutions today announced that it has filed a patent application with the United States Patent and Trademark Office ("USPTO"). SofTech's invention provides for an intelligent, interactive information life management system for consumers that will serve as an "everything in one place" vault, where they can list all of their tangible assets. Once populated, the information system would provide the consumer with two significant benefits:
-- An organized, systematic, intelligent interface that would remind the consumer when each asset required attention such as your automobile needs an oil change and an inspection sticker or the furnace in your vacation home needs a new air filter. The database would also provide a comprehensive capability for storing information about each asset such as owner's manuals, warranty information, original cost, service providers, serial and part numbers or any other data the consumer finds relevant; and
-- Aggregated, anonymous data regarding the assets contained within the information system would be available to suppliers of goods and services for the purpose of making targeted, private offers to the consumers.
SofTech has been in the product lifecycle management business for two decades and its expertise in data management and workflow are particularly relevant to this invention.
"We have been providing complex information systems to some of the largest manufacturing companies in the world. These systems provide our customers with a platform to electronically manage, in an ultra-secure environment, their proprietary product designs that are the lifeblood of their business," said Bob Anthonyson, SofTech's vice president of business development.
Mr. Anthonyson continued, "Our daily lives grow more complex with each passing day. An organized, electronic information system that provides a one stop location to manage all of this data would be extremely beneficial. When the information system alerts the consumers that one of their assets needs attention it would also provide several offers from local service providers aggressively vying for the consumers' business. We believe this system would provide a valuable service to both consumers and suppliers."
"We believe this patent could give us core intellectual property that forms the basis for a new product offering that leverages our deep expertise in providing bullet-proof, secure information systems," said Joe Mullaney, SofTech's chief executive officer. "Our mantra is profitable revenue growth and this initiative is one such idea we have been working on since the March 2011 recapitalization."
SofTech, Inc. is a proven provider of product lifecycle management (PLM) solutions, including its ProductCenter PLM solution and its computer-aided design product CADRA.
SofTech's solutions accelerate products and profitability by fostering innovation, extended enterprise collaboration, product quality improvements, and compressed time-to-market cycles. SofTech excels in its sensible approach to delivering enterprise PLM solutions, with comprehensive out-of-the-box capabilities, to meet the needs of manufacturers of all sizes quickly and cost-effectively.
Over 100,000 users benefit from SofTech software solutions, including General Electric Company, Goodrich, Honeywell, Siemens, Sikorsky Aircraft and the U.S. Army. Headquartered in Lowell, Massachusetts, SofTech ( www.softech.com ) has locations and distribution partners in North America, Europe, and Asia.
SofTech, CADRA and ProductCenter are registered trademarks of SofTech, Inc. All other products or company references are the property of their respective holders.
Forward Looking Statements
The statements in this press release concerning the patent filing, the intelligent information life management system invention, any products that might derive from that invention, and whether the aforementioned will result in profitable revenue growth for the Company are forward-looking statements that reflect management's views with respect to future events and financial performance. These statements are based on management's current expectations and are subject to risks and uncertainties. Important factors that could cause actual results to differ materially from those in the forward-looking statements include whether the patent is actually awarded by the USPTO, whether the Company can develop and successfully launch the product described and once launched, whether the product can gain sufficient acceptance in the marketplace to positively impact the Company's operating performance. Additional risk factors are set forth more fully under "Risk Factors" in SofTech's Form S-1 Registration Statement (333-174818) and Quarterly Report on Form 10-Q for the quarter ended November 30, 2011. SofTech undertakes no obligation to update these forward-looking statements to reflect actual results, changes in assumptions or changes in other factors that may affect such forward-looking statements.
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