Ocean Tomo to Sell Highly-Cited Business Method Patents at Live IP Auction on October 25th in Chicago

Auctionpublicity.com – Ocean Tomo Auctions today announced a portfolio of early electronic business method patents will be placed on the auction block at Chicago’s Palmer House Hilton Hotel on October 25, 2007. Ed Klingman, a prolific inventor, has decided to sell his “Try/Buy/Rate/Sell” patent portfolio, comprised of U.S. Patents Numbers 5,729,594; 5,799,285; 5,950,172 relating to electronic sales and purchases of digital goods. The portfolio will be offered as Lot 3A at The Ocean Tomo Fall 2007 Live IP Auction.

The Klingman “Try/Buy/Rate/Sell” patents were early entries into the business method IP arena and have been cited by hundreds of subsequent patents. The ‘594 patent, titled “Online Secured Financial Transaction System through Electronic Media”, gained notoriety in the recent Amazon “one-click” patent reexamination, where it was submitted as possible prior art. [search: Klingman 1-click patent]

“Ocean Tomo is very excited to offer these patents from Mr. Klingman in the auction. The general importance of this portfolio to electronic commerce is evident from the recent notoriety of the ‘594 patent,” stated Andrew Ramer, President of Ocean Tomo Auctions. “Moreover, as Mr. Klingman’s patents address unique solutions for issues integral to online distribution of digital media and other digitally transmitted products, this portfolio is a valuable acquisition opportunity for any player in that field.”

The patents offered in Lot 3A describe a business method for buying, selling, and rating electronic goods over the Internet or via a communications system. In one embodiment of the invention, a seller would list a digital item on a secure server by uploading via a 900-number. The buyer could try or sample the items over a free connection; then click to purchase, which would deliver the goods over a 900-number connection. No signup, account creation, or credit card would be needed to purchase an item, as all payment processing would be handled by the 900-service. By clicking just a few buttons, users could enjoy immediate delivery of songs, videos, e-books, and other digital goods.

When asked how he had developed the patents, Klingman responded, “The idea started as a method to introduce and pay unknown recording artists, who were historically shut out of industry-controlled distribution channels. The business model provides an easy upload of music, free trial of samples, and a final download of entire songs, with a rating system.”

For more information on Lot 3A, or to register to bid or attend the Ocean Tomo Fall 2007 Live IP Auction, please call 312.377.4851, email [email protected] or visit www.OceanTomoAuctions.com.

About the Inventor:

Edwin E. Klingman, founder of several Silicon Valley companies, holds over 20 patents [see: http://www.geneman.com/patents/klingman_patent_list.htm], has written two microprocessor design textbooks, and is author of a new theory of Physics [see: http://www.geneman.com].

About Ocean Tomo Auctions:

Ocean Tomo Auctions, the auctions arm of Ocean Tomo, LLC (www.OceanTomo.com), the country’s leading Intellectual Capital Merchant Banc® firm, has received global recognition as the leader in the live auctioning of intellectual property assets for some of the world’s largest and most established companies. Hundreds of key decision makers in the intellectual property and financial communities attend and participate in the auctions and related workshops, including C-level executives, Fortune 500® IP professionals, investors, small to mid-size companies, inventors and media professionals. Ocean Tomo Auctions has been featured on CNBC, Bloomberg TV, The Wall Street Journal, Barron’s, Red Herring, BusinessWeek, Reuters and more. The live auctions are held in the spring and fall in the U.S. and in the summer in Europe.