Source: LML Payment Systems Inc. Date: September 15, 2011 09:30 ET | |
Company's Subsidiary LML Patent Corp. Advised of Trial Continuance | |
VANCOUVER, British Columbia, Sept. 15, 2011 (GLOBE NEWSWIRE) -- LML Patent Corp. ("LML"), a wholly-owned, indirect subsidiary of LML Payment Systems Inc. (the "Corporation") (Nasdaq:LMLP) announced today that the trial with respect to the patent infringement lawsuit filed on November 19, 2008 by LML in the U.S. District Court for the Eastern District of Texas originally involving nineteen defendants in the United States alleging that the defendants infringe U.S. Patent No. RE40,220, which was set to commence on October 4, 2011, has now been ordered continued until March 6, 2012.
"Like any plaintiff, we are disappointed in this postponement. We believe justice delayed is a form of justice denied. Having said that, we are pleased that during this action we were able to settle with and enter into license agreements with seventeen of the original defendants in this case. Clearly, there appears to be more work to be done. Additionally, we expect to follow through with our appeal with the United States Patent and Trademark Office with respect to the inter-partes re-examination and we also expect to continue to move forward with our own ex-parte re-examination that the PTO ordered on Tuesday," commented Patrick Gaines, Chief Executive Officer.
About LML Payment Systems Inc. (www.lmlpayment.com)
 LML Payment Systems Inc., through its Canadian subsidiary Beanstream Internet Commerce Inc., and its U.S. subsidiaries Beanstream Internet Commerce Corp. and LML Payment Systems Corp., is a leading provider of financial payment processing solutions for e-commerce and traditional businesses. We provide credit card processing, online debit, electronic funds transfer, automated clearinghouse payment processing and authentication services, along with routing of selected transactions to third party processors and banks for authorization and settlement. Our intellectual property estate, owned by subsidiary LML Patent Corp., includes U.S. Patent No. RE40,220, No. 6,354,491, No. 6,283,366, No. 6,164,528, and No. 5,484,988 all of which relate to electronic check processing methods and systems. | |
