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.
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stands and the patent has been revoked.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:
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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 Markets 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 (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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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/