REG - PCI-PAL PLC - Further details following successful COA hearing

PCI- PALAnnouncement

04/06/2024 13:45

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RNS Number : 0855R  PCI-PAL PLC  04 June 2024

04 June 2024

 

PCI-PAL PLC

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

 

Further details following successful Court of Appeal hearing

 

PCI-PAL PLC (AIM: PCIP), the global cloud provider of secure payment solutions
for business communications, is pleased to provide an update following the
successful outcome of the Court of Appeal hearing regarding its patent
litigation with its competitor, Sycurio Limited ("Sycurio").

 

Victory in Court of Appeal

Following the Company's announcement on 22 May 2024 that the Court of Appeal
had dismissed Sycurio's appeal, upholding the original ruling of the High
Court, which was resoundingly in PCI Pal's favour, the Company advises
investors that the judgment has now been handed down and is publicly available
at https://caselaw.nationalarchives.gov.uk/ewca/civ/2024/606
(https://caselaw.nationalarchives.gov.uk/ewca/civ/2024/606) .

 

Sycurio patent invalid

This order means that the ruling of the High Court invalidating Sycurio's UK
patent (No. 2473376) stands and the patent has been revoked.  The Company
notes that the High Court had also ruled that even in the event that the
patent had been valid, none of PCI Pal's deployment methods of its Agent
Assist solution would have infringed.

 

Payments to PCI Pal for costs

The Company can now confirm that it has received a cash payment of the interim
costs awarded by the High Court on 19 December 2023 of £1.1 million.  The
Company also updates investors that Sycurio has agreed to pay a further £0.2
million for the costs of the appeal process.  PCI Pal expects to receive
these additional funds in the next two weeks.

 

The Company is still considering its options with regards to the remaining
element of costs.  The High Court trial noted that the payment received of
£1.1 million was an interim payment only.  The Company will assess its
potential next steps with its advisors and update investors in due course.

 

US litigation

The case in the US continues as expected with the trial scheduled for February
2025.  The UK outcome has provided further strong validation for PCI Pal's
position, both that it does not infringe and also in its counterclaims that
Sycurio's patents are invalid.

 

 

For further information, please contact:

 

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

 William Good - Chief Financial Officer

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

 Sunila De Silva (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)

 

 

 

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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