REG - PCI-PAL PLC - Settlement of UK and US Patent Litigation

PCI- PALAnnouncement

27/06/2024 07:00

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RNS Number : 0353U  PCI-PAL PLC  27 June 2024

27 June 2024

 

PCI-PAL PLC

("PCI Pal", the "Company" or "the Group")

 

Settlement of UK and US Patent Litigation

 

PCI-PAL PLC (AIM: PCIP), the global cloud provider of secure payment solutions
for business communications, is pleased to announce that it has reached a
confidential settlement with its competitor, Sycurio.  The settlement
resolves the patent litigation it has been involved in since September 2021
and brings an end to all legal proceedings, which includes both the UK and US.

 

The resolution follows PCI Pal's resounding victory in the High Court of
England & Wales, and subsequent decision by the Court of Appeal, finding
that Sycurio's UK patent is invalid and not infringed by PCI Pal.

 

Commenting on the news, James Barham, Chief Executive Officer of PCI Pal,
said:

 

"For over two and a half years the business has been battling the unwelcome
distraction of this patent litigation brought by a competitor.  Following our
resounding victory in the UK, it's excellent news that we have now fully
resolved the remaining legal proceedings.

 

"During the last three years we have continued to execute against our core
strategy, to lead the market in cloud services and grow the strongest global
partner eco-system in our space.  This continued progress is testament to
both our team, who have showed exceptional commitment, and also our investors
who have supported us throughout.

 

"Today the Company is in a strong position with an expanding customer and
partner base, innovative and proven IP, good cash reserves, and a profitable
growth strategy.  This will allow us to continue the momentum in the business
and capitalise on the long term opportunities ahead of us.  It is an exciting
time for PCI Pal."

 

 

For further information, please contact:

 

 PCI-PAL PLC                                                      Via Walbrook PR
 James Barham - Chief Executive Officer

 William Good - Chief Financial Officer

 Cavendish Capital Market Limited (Nominated Adviser and Broker)  +44 (0) 20 7227 0500
 Marc Milmo/Simon Hicks/Fergus Sullivan (Corporate Finance)

 Sunila De Silva/Ondraya Swanson (Corporate Broking)

 Walbrook PR                                                      +44 (0) 20 7933 8780
 Tom Cooper/Joe Walker                                            +44 (0) 797 122 1972
                                                                  tom.cooper@walbrookpr.com (mailto:tom.cooper@walbrookpr.com)

 

 

The information contained within this announcement is deemed to constitute
inside information as stipulated under the retained EU law version of the
Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK
law by virtue of the European Union (Withdrawal) Act 2018. The information is
disclosed in accordance with the Company's obligations under Article 17 of the
UK MAR. Upon the publication of this announcement, this inside information is
now considered to be in the public domain.

 

About PCI Pal:

 

PCI Pal is a leading provider of Software-as-a-Service ("SaaS") solutions that
empower companies to take payments from their customers securely, adhere to
strict industry governance, and remove their business from the significant
risks posed by non-compliance and data loss. Our products secure payments and
data in any business communications environment including voice, chat, social,
email, and contact centre. We are integrated to, and resold by, some of the
worlds' leading business communications vendors, as well as major payment
service providers.

 

The entirety of our product-base is available from our global cloud platform
hosted in Amazon Web Services ("AWS"), with regional instances across EMEA,
North America, and ANZ.

 

For more information visit www.pcipal.com (http://www.pcipal.com) or follow
the team on Linkedin: https://www.linkedin.com/company/pci-pal/
(https://www.linkedin.com/company/pci-pal/)

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