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LML Patent Sues Banks

June 9, 2009 (FinancialWire) — LML Patent Corp., a wholly-owned indirect subsidiary of LML Payment Systems Inc. (NASDAQ: LMLP), filed suit in the U.S. District Court for the Eastern District of Texas against National Bank of Daingerfield, PlainsCapital Bank, Southside Bank, First Bank, The American National Bank of Texas and American Bank of Texas who provide equipment, systems and services that convert paper checks into electronic transactions.

In the suit, LML alleges that the defendants infringe U.S. Patent No. RE40220. LML is seeking damages, injunctive and other relief for the alleged infringement of these patents.

“The filing of this lawsuit is consistent with our strategic objective to protect our intellectual property,” said Patrick H. Gaines, chief executive officer of LML Patent Corp. and LML Payment Systems Inc.

LML Payment Systems Inc., through its subsidiaries Beanstream Internet Commerce Inc. in Canada and LML Payment Systems Corp. in the U.S., is a provider of financial payment processing solutions for e-commerce and traditional businesses.

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