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
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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)
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Walbrook PR | +44 (0) 20 7933 8780 |
Tom Cooper/Joe Walker | +44 (0) 797 122 1972 |
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/
