Business
Settlement of UK and US Patent Litigation
Settlement of UK and US Patent Litigation.
About this update from Pci-pal Plc
[{"type":"text","content":"\n\n\n27 June 2024\n \nPCI-PAL PLC\n(\"PCI Pal\", the \"Company\" or \"the Group\")\n \nSettlement of UK and US Patent Litigation\n \nPCI-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.\n \nThe 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.\n \nCommenting on the news, James Barham, Chief Executive Officer of PCI Pal, said:\n \n\"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.\n \n\"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.\n \n\"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.\"\n \n \nFor further information, please contact:\n \n\n\n\n\nPCI-PAL PLC\n\n\nVia Walbrook PR\n\n\n\n\nJames Barham - Chief Executive Officer\nWilliam Good - Chief Financial Officer\n \n\n\n\n\n\n\n\nCavendish Capital Market Limited (Nominated Adviser and Broker)\n\n\n+44 (0) 20 7227 0500\n\n\n\n\nMarc Milmo/Simon Hicks/Fergus Sullivan (Corporate Finance)\nSunila De Silva/Ondraya Swanson (Corporate Broking)\n \n\n\n\n\n\n\n\nWalbrook PR\n\n\n+44 (0) 20 7933 8780\n\n\n\n\nTom Cooper/Joe Walker\n\n\n+44 (0)...