WATERLOO, ON, June 14, 2013 /CNW/ - RDM Corporation (TSX:RC), a leading provider of specialized software and hardware products for electronic payment processing, today reported that it has entered into a Settlement Agreement (the "Agreement") with PPS Data, LLC, ("PPS Data"), a Nevada limited liability company. PPS Data had alleged that RDM was infringing on a number of its patents related to the processing of remote deposits.
Under the terms of the Agreement, RDM will pay between US $1,900,000 to $2,020,000 to PPS Data, depending on certain future business activities over the next 2 years. RDM expects to record a one-time charge against earnings in the three months ending June 30, 2013 for the settlement. The Agreement provides for a release from liability for any past or future transactions.
Randy Fowlie, President and CEO of RDM stated, "This settlement is the best financial decision for RDM. We were incurring significant legal fees and substantial management time defending the claims and expected these to increase going forward. We can now focus our attention and resources on the business."
About RDM Corporation
RDM Corporation is a provider of Remote Deposit Capture (RDC), integrated receivables and payment processing solutions designed to help clients simplify the way they do business. RDM has processed over 1.25 billion items since 2000 and processes over $600 billion in annual payments. We help corporations and financial institutions increase revenue, expand marketshare and improve customer service for over 30,000 end-users. Our solutions are utilized at 5 of the top 10 financial institutions in the United States and serve 32% of the top 100 Fortune 500 companies including brokerage firms, big box retailers, healthcare and insurance providers, and government entities.
For over twenty five years, RDM has worked with clients to provide both software and hardware solutions including transactional data management, web-based and mobile RDC for large corporate clients and small businesses, and manufactures a wide range of digital imaging scanners. RDM was recently named to the Branham 300 list, which highlights the top Canadian and multinational companies serving the Information and Communication Technology (ICT) marketplace. For more information, please visit www.rdmcorp.com.
This news release contains forward-looking statements. Forward-looking statements are based on estimates and assumptions made by RDM in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors that RDM believes are appropriate in the circumstances. Many factors could cause RDM's actual results, performance or achievements to differ materially from those expressed or implied by forward-looking statements. Risk factors relating to RDM are discussed in the Risks and Uncertainties section of RDM's Annual Information Form and year-end Management's Discussion and Analysis. These factors should be considered carefully, and readers should not place undue reliance on RDM's forward-looking statements. RDM has no intention and undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE: RDM Corporation
For further information:
President & CEO
(519) 746-8483 x340
Chief Financial Officer
(519) 746-8483 x284