LML Agrees to Settle Litigation With Deutsche Bank

VANCOUVER, British Columbia, March 1, 2012 (GLOBE NEWSWIRE) -- LML Patent Corp. ("LML"), a wholly-owned, indirect subsidiary of LML Payment Systems Inc. (the "Corporation") LMLP, announced today that it has agreed to terms regarding entering into a Settlement and License Agreement (the "Agreement") with Deutsche Bank Trust Company Americas ("Deutsche") with respect to litigation filed by LML in the U.S. District Court for the Eastern District of Texas alleging that Deutsche infringed U.S. Patent No. RE40,220.  

The terms of the Agreement provide Deutsche with a fully paid-up license to certain LML patents for electronic check conversion transactions including "ARC," "WEB," "POP," "TEL" and "BOC." Deutsche has agreed to pay LML $450,000 in connection with the Agreement.

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.

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