Settlement of UK and US Patent Litigation

PCI-PAL PLC (AIM: PCIP), the global cloud provider of secure payment solutions for business communications, is pleased to announce that it has reached a confidential settlement with its competitor, Sycurio. The settlement resolves the patent litigation it has been involved in since September 2021 and brings an end to all legal proceedings, which includes both the UK and US.

The resolution follows PCI Pal's resounding victory in the High Court of England & Wales, and subsequent decision by the Court of Appeal, finding that Sycurio's UK patent is invalid and not infringed by PCI Pal.

Commenting on the news, James Barham, Chief Executive Officer of PCI Pal, said:

"For over two and a half years the business has been battling the unwelcome distraction of this patent litigation brought by a competitor. Following our resounding victory in the UK, it's excellent news that we have now fully resolved the remaining legal proceedings.

"During the last three years we have continued to execute against our core strategy, to lead the market in cloud services and grow the strongest global partner eco-system in our space. This continued progress is testament to both our team, who have showed exceptional commitment, and also our investors who have supported us throughout.

"Today the Company is in a strong position with an expanding customer and partner base, innovative and proven IP, good cash reserves, and a profitable growth strategy. This will allow us to continue the momentum in the business and capitalise on the long term opportunities ahead of us. It is an exciting time for PCI Pal."

Marc Milmo/Simon Hicks/Fergus Sullivan (Corporate Finance) S unila De Silva/Ondraya Swanson (Corporate Broking)

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