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
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Via Walbrook PR
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James Barham - Chief Executive
Officer
William Good - Chief Financial
Officer
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Cavendish Capital Market Limited (Nominated Adviser and Broker)
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+44 (0) 20 7227 0500
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Marc Milmo/Simon Hicks/Fergus
Sullivan (Corporate Finance)
Sunila De
Silva/Ondraya Swanson (Corporate
Broking)
|
|
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Walbrook PR
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+44 (0) 20 7933 8780
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Tom Cooper/Joe Walker
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+44 (0) 797 122 1972
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tom.cooper@walbrookpr.com
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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 or follow the team on Linkedin: https://www.linkedin.com/company/pci-pal/