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
|
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/