Default Proof Credit Card System Inc.

• Public
• US

Dow Jones Description

Operations commenced in 1986 with the license granted to it by the Company's president ,Vincent Cuervo, of his early intellectual property referred to as "The Resource Default Proof Method System" patents. Agreements and considerations between him and the Company were executed and patent applications, patents and other proprietary rights to the system, including the right to use the registered trademark: RESOURCE, where among them. Since inception, the Company has generated low revenues from operations and its activities have consisted primarily of organizational activities, development of the patented system, and preliminary marketing activities. During the period from April 1989 through February 1995, the Company's marketing activities were interrupted due to litigation involving the unauthorized use or disclosure of the Company's proprietary information. As a consequence the Company's cash flow deteriorated. The Company was listed with NASDAQ until June 1991. Due to the extraordinary legal fees and expenses incurred during four years of litigation with a bank, the Company was delisted at that time for falling below NASDAQ's minimum financial requirements. Since then the common stock of the Company has been traded on the over-the-counter market. The symbol is DPRS, and is quoted through OTC:BB.

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