REG - PCI-PAL PLC - Victory for PCI Pal in Court of Appeal

PCI- PALAnnouncement

22/05/2024 07:00

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RNS Number : 4324P  PCI-PAL PLC  22 May 2024

22 May 2024

 

PCI-PAL PLC

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

 

Victory for PCI Pal in Court of Appeal

 

PCI-PAL PLC (AIM: PCIP), the global cloud provider of secure payment solutions
for business communications, is pleased to announce that the Court of Appeal
for England & Wales has ruled in its favour in the unfounded patent
litigation case brought by its competitor Sycurio Limited.

 

The Court of Appeal dismissed the appeal after just one day of the two day
hearing, upholding the original ruling of the High Court announced by the
Company on 25 September 2023.  The High Court had ruled that Sycurio's patent
was invalid due to obviousness from two sources of prior art, and that even if
the patent had been valid, PCI Pal's Agent Assist solution would not have
infringed. The Court of Appeal rejected Sycurio's argument that the judge had
been wrong in her interpretation of the patent.

 

As announced on 26 January 2024, the High Court had made an interim award of
costs to PCI Pal of £1.1 million which had been ordered to be held in escrow
with the Company's lawyers pending completion of the Court of Appeal
process.  Today, the Court of Appeal indicated that it would make an order
for the funds to be released from escrow to PCI Pal as soon as possible.

 

The Board expects a full ruling to be available publicly in the coming days
following which time the Company will make a more detailed announcement,
including the details of further costs that it will be seeking in relation to
the appeal process.

 

 

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 (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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