Patent CA-2298097-A1 (CA)
Title: An electronic unit exchange made available via a wide area network arrangement which enables consumer(s) to buy and/or sell units which are exchangeable and/or negotiable for a specified quanity of gasoline from a prescribed gasoline retailer(s)
Inventor: BARRETT BRAD C
IPC: G06Q20/06
Filed: 2000-02-07
Abstract: The present invention is a method and system of commerce enabling consumers and/or investors and/or exchange participants (the "Consumer(s)"  and/or "Unit Holder(s)") to buy and/or sell units (the "Units"), which Units are exchangeable and/or negotiable by a Unit Holder for a pre-determined physical quantity of gasoline (the "Gasoline") from a prescribed gasoline retailer(s) (the "Gasoline Retailer(s)"). And wherein the present invention comprises a system and/or procedure of buying and/or selling the said Units which procedure and/or process may/will be executed via an electronic Unit exchange made available via a wide area network arrangement. And further wherein the present invention comprises a method and system wherein a system controller (the "Exchange") shall oversee and manage a process and/or procedure for issuing Units, which said process and/or procedure of issuing Units may/shall comprise a plurality of methods and/or procedures including a process and/or procedure whereby a Gasoline Retailer(s) (on terms acceptable to and/or agreed to by the said Gasoline Retailer(s) and the Exchange) shall provide a guarantee and/or acceptable form(s) of security thereby assuring or attempting to assure that all Units issued by the Exchange on behalf of the said Gasoline Retailer(s) shall/will be exchangeable and/or negotiable for a specified quantity of gasoline for a predetermined period of time, from a predetermined number of Gasoline Retailer(s) locations(s). Following the establishment of an agreement between a Gasoline Retailer(s) and the Exchange, the Exchange then initiates a process by which they will offer and/or make available for purchase a determined number of Units via the Exchange's exchange/database/website (the "Listing Process"). Following the Listing Process of the said Units a plurality of Consumer(s) are then capable of purchasing the said Unit(s) via a secured transaction from the Exchange's electronic exchange/database/website made available via a wide area network arrangement.  Following the completion of the purchase of Units by a Consumer(s), all funds derived from the said purchase (following the deduction of any fees and/or commissions owed to the Exchange) are paid to the Gasoline Retailer(s) issuing the said Unit(s). A second method and/or procedure of issuing Units (the "Trust Offering") may/shall comprise a process and/or procedure wherein the Exchange may/will initiate the sale of Units prior to the involvement of a Gasoline Retailer(s) in the process and/or procedure of issuing Units. A Trust Offering may/shall comprise a process and/or procedure wherein Unit(s) (on terms approved and/or accepted by the Exchange) shall be made available for purchase by Consumer(s) at a price determined by the Exchange through a secured transaction completed via the Exchange's electronic exchange/database/website. When the Exchange has determined that a sufficient number of Units of a Trust Offering have been purchased by Consumer(s), Gasoline Retailer(s) are then invited to view information and the conditions of acceptance for the said Trust Offering. The said information and conditions of acceptance shall include information outlining the number of Units sold, and the amount and/or value of funds the said Gasoline Retailer(s) will receive if they accept and/or assume responsibility for the said Trust Offering. A Gasoline Retailer that chooses to accept and/or assume responsibility for a Trust Offering may bind the Exchange through a secured transaction through the exchanges exchange/database/website and made available via a wide area network arrangement. Following the said acceptance and/or assumption process by a Gasoline Retailer(s) of a Trust Offering, the Gasoline Retailer(s) will then receive from the Exchange any and/or all of the funds received by the Exchange from the sale of Units comprising the said Trust Offering (following the deduction of any fees and/or commissions owed to the Exchange). Under either method and/or procedure herein described for issuing and/or selling and/or purchasing Unit(s), a Unit Holder may until the expiry of the said Unit(s) either sell a Unit(s) or utilize the said Unit(s) in a manner (as outlined by the terms of the said Unit) which shall include a process wherein a Unit Holder may attend at Gasoline Retailer location and exchange and/or negotiate a Unit for a predetermined amount and/or quantity of Gasoline. And wherein the said process of exchanging and/or negotiating a Unit(s) may/shall include a process and/or procedure whereby a Unit Holder may receive and/or be issued written and/or electronic and/or other evidence capable of satisfactorily demonstrating to a Gasoline Retailer location that the said Unit Holder is entitled to take possession of an amount of gasoline equivalent and/or equal to the quantity value of the Unit(s) being offered for exchange and/or negotiation by the said Unit Holder. And wherein a Gasoline Retailer(s) and the Exchange will maintain a system capable of keeping track of information about the excahneg and/or negotiation of Units by Unit Holders to Gasoline Retailer(s). And wherein the said process of selling a Unit(s) may/shall involve a process and/or procedure wherein a Unit Holder may/shall determine a monetary value and/or price at which they are willing to sell a determined number of Units which they own and/or control, the Unit Holder(s) may then list for a determined period of time the said determined number of Unit(s) along with the price at which the Unit Holder is willing to sell the said determined number of Units (the "Offer for Sale of Units").  The said Offer for Sale of Units is then listed on the Exchange exchange/database/website, and interested potential purchaser(s) are then invited to review Offer For Sale of Unit(s) listed on the Exchange exchange/database/website. A purchaser is able to purchase Unit(s) via an acceptable network arrangement by accepting an Offer For Sale of Unit(s) listed on the Exchange exchange/database/website. A purchaser may further choose to attempt to purchase Units at price different then the lowest price offered in any Offer For Sale of Unit(s) listed on the Exchange exchange/database/website, wherein the purchaser may create a bid to by Unit(s) (the "Offer for Purchase of Units") which will comprise a determined number of Unit(s), the price at which the Purchaser is willing to pay to acquire Unit(s), and for how long a period of time the Offer for Purchase of Units will be available is listed on the Exchange exchange/database/website. Unit Holder(s) interested in selling Unit(s) are invited to review all Offer For Purchase of Unit(s) listed on the Exchange exchange/database/website. A seller is then able to sell Unit(s) by accepting listed Offer For Purchase of Units, which acceptance will be communicated via an acceptable network arrangement. Both potential purchaser(s) and potential seller(s) may at any time access and utilize the Exchange exchange/database/website for the purpose of determining the current Offer For Purchase of Unit(s) and/or Offer for Sale of Units that are currently listed on the Exchange exchange/database/website.  Unit Holders may further change and/or alter and/or remove both an Offer For Purchase of Unit(s) and/or an Offer for Sale of Units, if an Offer For Purchase of Unit(s) and/or an Offer for Sale of Units) has not previously been accepted by a seller and/or purchaser prior to the said revocation. Once a purchaser chooses to purchase Units offered for sale on the exchange and completes the necessary transaction process and/or procedure required by the rules of the Exchange, and a seller chooses to sell Unit(s) for sale on the Exchange and does complete the necessary transaction process and/or procedure required by the rules of the Exchange, in both said instances, the seller and/or buyer shall be bound by the transaction and the Exchange shall settle the transaction accordingly. The primary source(s) of income for the Exchange shall/may come from a variety of sources including: fee(s) from Gasoline Retailer(s), and fee(s) from Consumer(s) and Units Holder(s) that utilize the system to buy and/or sell Unit(s). The Exchange may/shall maintain an electronic database which database is comprised of accounts (which accounts may be comprised of a plurality of information) for Consumer(s), Unit Holders and Gasoline Retailer(s). The Exchange may further maintain an insurance program funded by fees on various Exchange services, which said insurance program would provide an insurance fund to be unitized to limit the risk against the failure of Gasoline Retailer(s) that are not capable or are unwilling to meet the requirements and/or obligations of Unit(s) issued to Unit Holder(s) by the Exchange on behalf of the said Gasoline Retailer(s). The present invention, with some modifications, may also be utilized to enable Consumer(s) to participate in the purchase and/or sale of other items and/or particulars including; electricity, natural gas, home heating oil, etc. The system may further be utilized to enable Consumer(s) to purchase and/or sell gasoline which gasoline may then be sold by a Gasoline Retailer(s) from a Gasoline Retailer(s) location.