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Article: LML Subsidiary Grants License on Patent Estate to Verus Financial Management for Electronic Check Processing.
- Article from:
- PR Newswire
- Article date:
- December 2, 2003
CopyrightCOPYRIGHT 2003 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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LML Payment Systems Inc. (the "Corporation") is pleased to announce that subsidiary LML Patent Corp., a Delaware corporation ("LML"), has granted a personal, non-exclusive license to Verus Financial Management, Inc. ("Verus") under LML's Patent Estate regarding the processing of electronic check transactions.
While the specific terms of the license agreement remain confidential, Verus paid LML a fee on closing for a release regarding potential past infringements of the Patent Estate and will pay a running royalty fee based upon each electronic check transaction processed under the license.
About Verus Financial Management, Inc.
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