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LML
Payment Systems, Inc., has settled the patent infringement lawsuit it
filed in U.S. District Court involving a check verification system it
purchased in 1998. As you know from issue 00:07:02, LML and its ChequeMARK
subsidiaries brought legal action against Robert Hills and Mark
Technologies Corp. The settlement states that
LML will pay Hills $2.5 million plus 75,000 shares of common stock. Hills
was one of two men who sold the system to LML. The settlement also
relieves LML of its obligation to issue 1.8 million shares under certain
agreements. “We believe this result
is clearly in the best interests of the Corporation and its shareholders.
We are pleased to have this matter resolved,” said Corporation President
and CEO, Patrick Gaines. “This settlement puts to
rest the on-going dispute between LML and me, and I acknowledge that LML,
through its subsidiaries, are the owners of U.S. Patent No. 5,484,988 and
any continuations thereto. I am happy to report that we have resolved this
dispute,” said Hills. Additionally, 466,820 of
541,820 common shares presently held in escrow will be returned to the
Corporation for cancellation. In addition, LML is relieved of its
obligation to issue to the defendants 1,828,560 earn-out shares. $350,000 of the $2.5
million will be withheld for the purpose of defending or pursuing other
legal claims regarding ownership, license, or infringement of intellectual
property, including U.S. Patent 5,484,988, against any people who may
claim rights from Mr. Hills. If there is no ongoing litigation as of
August 21, 2005, the portion of the $350,000 not used will be delivered to
Hills. LML Payment Systems is a
financial payment processor specializing in providing end-to-end check
processing solutions for national, regional, and local retail merchants. The company closed its
Jacksonville, FL offices on August 31 and relocated to Dallas, TX.
Headquarters are still in Vancouver, BC. The Corporation’s processing
services include traditional check verification and collection along with
electronic processing services including Electronic Check Re-presentment
and Electronic Check Conversion.
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