WO2005065314A2 - Payment systems and methods for earning incentives using at least two financial instruments - Google Patents
Payment systems and methods for earning incentives using at least two financial instruments Download PDFInfo
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- WO2005065314A2 WO2005065314A2 PCT/US2004/043667 US2004043667W WO2005065314A2 WO 2005065314 A2 WO2005065314 A2 WO 2005065314A2 US 2004043667 W US2004043667 W US 2004043667W WO 2005065314 A2 WO2005065314 A2 WO 2005065314A2
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- incentive
- party
- funds
- lending
- instrument
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Classifications
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- G—PHYSICS
- G06—COMPUTING; CALCULATING OR COUNTING
- G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
- G06Q40/00—Finance; Insurance; Tax strategies; Processing of corporate or income taxes
- G06Q40/02—Banking, e.g. interest calculation or account maintenance
-
- G—PHYSICS
- G06—COMPUTING; CALCULATING OR COUNTING
- G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
- G06Q30/00—Commerce
- G06Q30/02—Marketing; Price estimation or determination; Fundraising
- G06Q30/0207—Discounts or incentives, e.g. coupons or rebates
-
- G—PHYSICS
- G06—COMPUTING; CALCULATING OR COUNTING
- G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
- G06Q30/00—Commerce
- G06Q30/02—Marketing; Price estimation or determination; Fundraising
- G06Q30/0207—Discounts or incentives, e.g. coupons or rebates
- G06Q30/0226—Incentive systems for frequent usage, e.g. frequent flyer miles programs or point systems
-
- G—PHYSICS
- G06—COMPUTING; CALCULATING OR COUNTING
- G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
- G06Q40/00—Finance; Insurance; Tax strategies; Processing of corporate or income taxes
Definitions
- This disclosure relates to the field of payment systems. Particularly, it relates to systems and methods for borrowing funds using a first lending instrument which provides incentives for borrowing funds, and then repaying the borrowed funds using a second instrument (generally a second lending instrument) which has preferable terms to those of the first instrument so as to earn incentives for bonowing while also utilizing a preferable ' account for debt and without incurring additional costs.
- a first lending instrument which provides incentives for borrowing funds
- a second instrument generally a second lending instrument
- debt is a way of life, mfrastructure is built and financed on borrowed money to achieve growth not obtainable when hard currency must be used.
- This use of debt has created a variety of fairly specialized debt instruments designed for use with certain types of transactions.
- Some debt instruments generally offer a relatively low rate of interest in exchange for repayment of the instrument being more heavily secured by assets of the bonower and for the debt to be designed to be used over a long term where payments are made regularly but the debt is rarely paid off in a quick time scale to avoid paying interest.
- Some of these types of debt instruments include those used in property lending, vehicle loans, or other large purchase financing.
- loan provider high interest fees (and turning a short term loan into a relatively long term one).
- the incentive programs simply provide an incentive to use the card instead of
- loan instruments such as home equity loans or other credit cards
- a contractor will generally make a bid to construct the building. Once their bid is
- the contractor will likely obtain a construction loan to finance the construction.
- the bank In order to secure its investment, the bank generally takes a
- the lending institution can still end up in a problematic situation due to systemic delay related to paying construction subcontractors.
- the contractor can spend the money they have been authorized to use by the lending institution to finance other projects by withdrawing it to "pay" the subcontractor and then using it until the subcontractor is 'actually paid.
- the contractor can effectively increase his available money by simply always having some of the money he is using being bonowed from another project. Basically, he is using the money he will eventually pay a subcontractor (that has been provided to him by the bank for this purpose), before he has to pay the subcontractor.
- This system may not be problematic, so long as no difficulties are encountered in any of the projects and the pattern is consistent. As can be seen, however, if a project runs over budget, or is running slow, suddenly a contractor may be in the situation where he has bills due, but no funds to cover them with. This can place the bank in an awkward situation where they are imperfectly secured through no fault of their own. Because of this type of situation, the bank often does not allow the contractor to have direct access to the loaned money and requires a third party (generally called a title company or other escrow disbursing agent) to handle the payments to subcontractors and withdrawals from the line of credit. Further, the bank may keep careful watch on the actions of the contractor.
- a third party generally called a title company or other escrow disbursing agent
- This system generally allows a first party (usually a construction contractor) to pay a first party (usually a construction contractor) to pay a first party (usually a construction contractor)
- the unsecured first debt is effectively
- the method comprising: having two sources of
- the first level being greater than the second level
- incentive lending instrument providing an incentive for bonowing; borrowing funds in a first
- the second debt incurs interest charges and interest charged on the first debt would be higher than the interest charged on the second debt if the first debt was not credited prior to the interest being charged.
- the incentive lending instrument is a credit card agreement providing for available credit on a credit card such as, but not limited to: American Express, MasterCard, Visa, Diner's Club, Discover, Novus, and/or the principal lending instrument provides for a line of credit, such as, but not limited to that provided by a bank or a construction loan.
- the incentive lending instrument includes a payment window from the time bonowing occurs until interest is charged if the first debt remains unpaid.
- the first debt exceeds the second level of funds which debt may be allowed from the incentive lending instrument because the first debt is assured by the first level of funds in the principal lending instrument.
- the first debt and the second debt are of equal value.
- the method may further include any of the steps of: providing a management company to coordinate the relationships among other entities involved in the system, having the management company limit who may participate in the system, and allowing the management company to provide benefits to entities participating in the method possibly wherein in the step of allowing, the management company negotiates discounts with a third party provider for the benefit of at least one of the first party and the second party.
- the method may further include the step of: providing a title company which processes the transactions in both the steps of bonowing possibly wherein the title company confirms that the principal lending instrument includes available credit for the first amount prior to the step of bonowing funds in the first amount from the incentive lending instrument or wherein the title company earns interest on the first amount bonowed from the principal lending institution prior to the step of crediting.
- the at least a portion of the funds bonowed from the incentive lending instrument comprises the first amount less a fee
- the first party provides at least a portion of the incentive to the second party
- the incentive comprises a number of reward points determined based on the first amount.
- the method is repeatedly performed during a predetermined period of time which may conespond to the time it takes to complete a construction project.
- a system for allowing a first party to earn an incentive from bonowing comprising: a first party; a second party who is to be paid by the first party; a principal lending instrument having a first level of funds available for secured bonowing; and an incentive lending instrument having a second level of funds available for unsecured bonowing, the first level being greater than the second level,
- the incentive lending instrument providing incentives for bonowing; wherein funds are bonowed in a first amount from the incentive lending instrument incurring a first debt to the incentive lending instrument; wherein the incentives are accrued to the first party from the incentive lending instrument; wherein the second party is paid with at least a portion of the funds bonowed from the incentive lending instrument; wherein funds in the first amount are bonowed from the principal lending instrument incurring a second debt to the principal lending instrument; and wherein the incentive lending instrument is credited with the funds bonowed from the principal lending instrument to eliminate the first debt prior to being
- the system comprising: a first party; a second party who is to
- an incentive lending instrument having a second level of funds available for unsecured bonowing, the first level being greater than the second level, and the ⁇
- incentive lending instrument providing incentives for bonowing; wherein funds are bonowed
- the first amount being greater than the second level but less than the first
- the second party is paid with at least a portion of the funds bonowed from the incentive
- FIG. 1 Provides a flowchart of an embodiment of the steps of a method to utilize an
- FIG. 2 Provides a block diagram of the flow of payments within an embodiment of an
- FIG. 3 provides a block diagram of the flow of payments in another embodiment of an
- FIG. 4 provides a detailed diagram focusing on the flow of payments from the incentive lending institution.
- FIG. 5 provides a block diagram of the flow of payments within an embodiment
- FIG. 6 provides a block diagram of the flow of payments in another embodiment of an incentive earning system where a title company's responsibilities are absorbed by the principal lending institution.
- a payment system for allowing a first party to
- the systems and methods are used to allow a construction contractor to
- the bank generally takes a security interest in the building (or may actually
- the third party is desirable on the part of the lending institution and the subcontractor.
- the payment system and methods discussed herein could be used in any type of business transaction where the final incuned payment is in the form of a debt recorded in a lending instrument or where the initial payment exceeded a pre-authorized unsecured lending amount, hi this disclosure, the exemplary construction case where the first party (the party incurring the debt) is a builder (contractor) involved in the financing of a building project and the second party (the party being paid) is a subcontractor working for the first party is purely a prefened embodiment.
- This constmction embodiment should not be taken as limiting on the scope of the invention as the systems and methods can be applied to other construction related activities as well as to other contractor-type of anangements and other types of transactions whereby bonowed funds are used to finance a transaction or other activity.
- the exemplary cases here discussed provide that the first party receive the incentive in the form of or directly linked to "reward points" for utilizing the incentive lending instrument.
- "Reward points” is used as a general term to indicate any type of incentive where the value of the incentive is in direct conelation to the number of reward points received and is directly related to the number of dollars bonowed through an incentive lending instrument (such as a credit card).
- the incentive may be any type of incentive offered on any type of credit card known now or later discovered.
- the incentive may be provided by any other type of lending instrument other than a credit card.
- a credit card is just an exemplary embodiment.
- Reward points will generally be redeemable for discounts on later purchases or for merchandise, may be used as a refund against certain purchases, may be redeemable for cash, or may be airline miles or other "counters" used by other secondary reward programs to obtain free services, merchandise, or discounts through those systems.
- Another term used herein is "delay period” or "payment window.”
- a delay period or payment window is the period of time granted by a lending institution owed a debt on a lending instrument during which the party owed the debt can be paid by the bonower without
- the bonower incurring an interest charge or other time-based cost on the debt. This may be
- the system may be implemented using an incentive lending instrument not
- FIGS. 1 through 6 provide for diagrams of embodiments of systems and methods whereby lending instrument (generally one which is unsecured) having an incorporated
- the systems and methods will generally include the interaction and activity of
- FIGS. 2 through 5 are generally identical to each other.
- the first party (501) is the bonower of funds as authorized under the lending
- the first party (501) is a
- the first party (501) will work with at least one and usually a plurality of second
- parties (511) which in the constmction embodiment are construction subcontractors.
- a second party (511) will be paid by the first party (501) for services or goods tendered to the
- first party (501) to help complete the building activities of the first party (501).
- the principal lending institution (503) will generally be a bank or lender providing the
- the principal payment funds (523) are generally
- the principal lending institution (503) will generally not offer
- the principal payment funds (523) will be subject to a
- first interest rate (not shown) for their repayment.
- principal interest rate (not shown) for their repayment.
- the principal interest rate (not shown) for their repayment.
- the principal interest rate (not shown) for their repayment.
- lending instrument (513) may be replaced by available funds in a savings, checking, or
- principal lending instrument 513
- principal source of funds namely the available funds
- principal payment instrument 523
- principal source of funds may be used together to provide the principle payment funds
- the incentive lending institution (505) will generally offer an incentive for withdrawing funds (incentive payment funds (525)) from an unsecured loan instrument (the incentive lending instrument (515)) they provide to the user (first party (501)).
- the incentive lending institution (505) will generally be the offeror of a credit card account or similar instrument. That is, it is a lender providing credit using such systems as American Express, Visa, MasterCard, Diner's Club, or Discover/Novus, whether or not a physical "card” exists or is simply referenced as an account number or account.
- the incentive lending instrument (515) may also be associated with a particular manufacturer or supplier of goods.
- Funds provided from the incentive lending instrument (515) will generally be monies provided against a specific credit line predetermined according to the creditworthiness of the owner of the account, which will generally be the first party (501).
- repayment of the incentive payment funds (525) will be unsecured and the incentive lending instrument (515) will have a much lower preauthorized withdrawal level compared to the principal lending instrument (513) due, at least in part, to its unsecured nature.
- the incentive lending institution (505) will generally have a payment window after withdrawal (often approximately 30 days) during which time if the incentive payment funds (525) advanced to the user (the first party (501)) are repaid there is no interest charged on the loan but the incentives earned are still retained by the first party (501).
- the incentive lending institution (505) may charge a fee to a second party (511) accepting the incentive payment funds (525) for the second party (511) to be able to accept incentive payment funds (525) as payment for goods and services. Further, the incentive lending institution (505) would suggest that the incentive lending institution (505) would be able to accept incentive payment funds (525) as payment for goods and services. Further, the incentive lending institution (505) would be able to accept incentive payment funds (525) as payment for goods and services. Further, the incentive lending institution (505) would
- This second interest rate will generally be significantly higher than the first
- lending institution (505) may also charge an annual fee to the first party (501) to have access
- the management company (507) can act to help the other involved parties to locate each other,
- a third party provider (509) which provides goods and services (e.g. materials
- the title company (502) may be
- FIGS. 1 through 3 provide a general overview of money and instrument flow in two embodiments of the system.
- FIG. 1 provides a flowchart of steps involved in the financial transaction while FIGS. 2 and 3 illustrate the flow of funds, invoices, and other documents related to the transactions between the entities. The figures will be discussed simultaneously.
- the second party (511) performs work or provides goods for the project for which they need to be paid by the first party (501).
- the second party (511) submits an invoice, bill or other account due instrument (203) to the first party (501).
- the invoice (203) will generally have a delay period for payment built in, or it may be accepted that a delay period will result from common practice of review and proving of bills prior to paying the invoice (203), but this is by no means necessary.
- the first party (501) approves the invoice (203) indicating that the second party (511) should be paid. This creates the approved invoice (205).
- the first party (501) then forwards the approved invoice (205) to the title company (502) in step (106). In a prefened embodiment, this transaction occurs electronically through computer transmission, but this is by no means required.
- the title company (502) obtains a lien wavier (207) from the second party (511) in step (107). Alternatively, such lien waiver may have already been transfened to the title
- the lien waiver (207) is generally a release by the second party (511) of any construction liens or related legal security on the result of the work performed by the second party (511) and is particularly desirable when the first party (501) is a constmction contractor and the second party (511) is a construction subcontractor.
- the title company (502) verifies that the principal lending instrument (513) includes sufficient principal payment funds (523) to authorize the withdrawal of funds in an amount sufficient to pay the approved invoice (205) if
- Step (109) is a prefened step, but is by no means required. It is prefened because it
- Step (109) is particularly valuable as it allows for a particular embodiment of the
- step (109) With the inclusion of step (109) it should be apparent that a limit on the incentive
- the incentive lending insfrument (515) can be used to pay any value
- the incentive lending institution (505) can provide a
- amount paid by the incentive lending institution (505) may be in an amount greater than a
- step (111) the title company (502) (or alternately the first party (501)) sends
- payment (211) comprises incentive payment funds (525) withdrawn from the incentive
- the funds are transfened directly from the incentive
- lending institution may provide the title company (502) either with the funds, or with a code,
- the code may then be provided by the
- Entry of the code may then trigger an event such as direct deposit of
- the funds may be
- the amount of the incentive payment funds (525) withdrawn may
- institution (505) may be assured repayment of the loan by the title company (502) as the title company (502) may have already obtained the amount of money to cover the entire
- step (109) the loan may be acceptable
- the incentive lending institution (505) may know that
- step (113) applies an incentive (213) to the
- first party's (501) account from this use of the incentive lending instrument (515) as a source
- the size of the incentive (213) (the number of reward points) applied to the first
- the first party (501) may then use
- step (113) may require the intervention of an administrator or other agent of the
- first party (501) to provide for proper allocation of the incentive or selection of rewards.
- title company (502) will withdraw principal payment funds (523) from the principal lending
- step (112) will generally take place in close proximity to or even before step
- step (111) depending on the embodiment.
- the title company (502) in step (114) will then place
- This account is preferably a legal instrument (such as a trust account) which
- the title company (502) will receive a statement (215) in step (115) from the
- the title company (502) will transfer, in step (117), the principal payment
- the interest (214) may be provided to a different party as discussed later.
- the incentive lending institution (505) has been provided the principal payment funds (523), the transaction is complete. Once the transaction is complete, it should be clear that the second party (511) has
- the incentive lending institution (505) has had a debit and credit of equal
- the title company (502) does not have any remaining balance (other than interest (214) as discussed later) and the first party (501)
- the incentive may have cash value or may be able to be exchanged
- step (121) the principal payment funds
- institution (505) may both be essentially secured in this embodiment as well.
- institution (505) may both be essentially secured in this embodiment as well.
- the title company (502) can monitor the amount of available funds in the principal lending
- the incentive lending institution (505) and may place legal control on these funds. Again, the parties are in the same situation and result as in the first described embodiment at the
- this embodiment is that the first party (501) is able to avoid interest charges on the principal
- the interest (314) may then be split amongst the title company (502) and first party
- This embodiment may also be
- a cost may be imposed on either party to allow the incentive to be earned. This may be to
- the incentive may be passed on to the second party (511). This is discussed in conjunction
- the first entity to consider is the first party (501).
- the first party 501
- the first party 501
- first party (501) clearly saves interest costs on the source of funds by utilizing the delay
- the first party (501) also ends up with the reward points which
- the first party (501) is able to obtain incentives on much more money than the
- the first party (501) will generally have to provide some form of value to the title
- portion of the interest (314), may be a fee paid to the title company (502), or may be less
- first party (501) are more desirable than similar entities whose use does not provide the
- the principal lending institution (503) will gain the benefit from providing the
- the incentive lending institution (505) will generally be able to get a fee for handling
- the initial payment This may be an annual or other membership fee charged to the first party
- lending institution (505) are used to provide the incentive lending institution (505) with a
- FIG. 4 An embodiment of this anangement is shown in FIG. 4 which provides a little
- the incentive lending institution (505) receives the
- step (403) the incentive lending institution (505) prepares
- This fee (535) may be a fixed amount regardless of the size of the transaction, but will generally be a
- the fee for the transaction will be the way that the incentive lending
- the incentive lending institution (505) will generally treat this transaction in the same
- the second party (511) is paying a cost of inclusion of the incentive lending institution (505).
- the title company (502) can generally process the transaction quicker and
- the subcontractor will need to have access to a form of credit themselves (often a credit card)
- subcontractor may end up paying significant interest on this credit that they cannot necessarily
- the first party (501) can also provide benefits to the first party (501).
- the first party (501) may provide the second party
- the first party (501) may provide merchandise or services to the second party (511) that the first party (501) obtained with the reward points,
- the first party (501) may pay some or all of the fee (535) charged
- the incentive lending institution such as from the interest (314).
- FIG. 5 Another additional entities is shown in FIG. 5.
- the system includes and is administrated by a
- the management company (507) serves to orchestrate
- FIGS 2 or 3. The management company (507) will generally charge fees to the other entities
- (507) may also retain the power to exclude various entities from participating in the system
- Control or member status could be a means to ensure
- the management company (507) can also orchestrate improvements to the system due
- the management company (507) may be able to bring numerous entities of each entity type into the same system. As this occurs, the benefits
- the management company (507) can work with other entities indirectly involved in the transaction. In particular, the management company (507) can direct buyers into the system to allow for more work to be available to all members. Further, the management company (507) can negotiate discounts (239) at third party providers (509) which supply the first party (501) and/or second party (511) with necessary goods or services (e.g. materials such as lumber, nails, tools, paint or concrete). In the construction embodiment, these third party providers (509) may be suppliers to construction contractors or subcontractors such as lumberyards or home improvement warehouses where raw materials of construction are purchased. The discounts will both provide a benefit to the parties (501) and (511) who will be able to pocket the savings provided, and can benefit the third party I
- FIG. 6 provides an indication of a still further embodiment of the invention.
- the title company (502) is eliminated from the scheme with the principal lending institution (503) acting as the title company (502) and performing all the actions previously performed by the title company.
- the principal lending institution (503) fulfills the role of the title company (502) and can assure the payment of the incentive lending institution (505) in the same or similar manner.
- first party (501) and second party (511) are respectively a contractor/and subcontractor in the construction field with the principal lending institution
- parties such as, but not limited to, a buyer/seller or a principal/agent relationship
- parties such as, but not limited to, a buyer/seller or a principal/agent relationship
- systems and methods can be used for other types of projects outside of
- the principal lending instrument (513) is authorized for another purpose, particularly if the
- the system may be used to gain the incentives
- the system may be any type of transaction in commercial and individual contexts.
- the system may be any type of transaction in commercial and individual contexts.
- the system may be any type of transaction in commercial and individual contexts.
- the system may be any type of transaction in commercial and individual contexts.
- the system may be any type of transaction in commercial and individual contexts.
- the system may be any type of transaction in commercial and individual contexts.
- the system may be any type of transaction in commercial and individual contexts.
- the systems and methods may be used to earn incentives on the
Abstract
Description
Claims
Priority Applications (2)
Application Number | Priority Date | Filing Date | Title |
---|---|---|---|
EP04815682A EP1702252A2 (en) | 2003-12-30 | 2004-12-22 | Payment systems and methods for earning incentives using at least two financial instruments |
IL176580A IL176580A0 (en) | 2003-12-30 | 2006-06-27 | Payment systems and methods for earning incentives using at least two financial instruments |
Applications Claiming Priority (2)
Application Number | Priority Date | Filing Date | Title |
---|---|---|---|
US10/748,710 US20050144100A1 (en) | 2003-12-30 | 2003-12-30 | Payment systems and methods for earning incentives using at least two financial instruments |
US10/748,710 | 2003-12-30 |
Publications (2)
Publication Number | Publication Date |
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WO2005065314A2 true WO2005065314A2 (en) | 2005-07-21 |
WO2005065314A3 WO2005065314A3 (en) | 2006-12-21 |
Family
ID=34700944
Family Applications (1)
Application Number | Title | Priority Date | Filing Date |
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PCT/US2004/043667 WO2005065314A2 (en) | 2003-12-30 | 2004-12-22 | Payment systems and methods for earning incentives using at least two financial instruments |
Country Status (5)
Country | Link |
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US (2) | US20050144100A1 (en) |
EP (1) | EP1702252A2 (en) |
CN (1) | CN1961332A (en) |
IL (1) | IL176580A0 (en) |
WO (1) | WO2005065314A2 (en) |
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Also Published As
Publication number | Publication date |
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US20050144100A1 (en) | 2005-06-30 |
CN1961332A (en) | 2007-05-09 |
EP1702252A2 (en) | 2006-09-20 |
WO2005065314A3 (en) | 2006-12-21 |
US20100287045A1 (en) | 2010-11-11 |
IL176580A0 (en) | 2008-04-13 |
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