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From: Thomas Kirwin	1/31/2010 6:19:20 PM
	of 122

12/31/09 - RBS Citizens Bank Enters Into License Agreement With LML VANCOUVER, British Columbia, Dec. 31, 2009 (GLOBE NEWSWIRE) -- LML Patent Corp. ("LML"), a wholly-owned, indirect subsidiary of LML Payment Systems Inc. (the "Corporation") (Nasdaq:LMLP - News) announced today that RBS Citizens Bank N.A. ("RBS") has entered into a Settlement and License Agreement (the "Agreement") with respect to litigation filed by LML in the US District Court for the Eastern District of Texas alleging that RBS infringed U.S. Patent No. RE40220. The Agreement provides RBS with a license to LML's patents for electronic check conversion transactions including "ARC", "WEB", "POP", "TEL" and "BOC". In connection with the Agreement, RBS has agreed to pay LML compensation in the amount of $1,150,000 for releases, licenses, covenants and all other rights granted under the Agreement. The remaining financial terms of the Agreement are confidential. "We are extremely pleased to have settled our litigation with RBS and we welcome them as valued licensees," said Patrick H. Gaines, chief executive officer. LML was represented in the license negotiations by the law firm McKool Smith P.C. About LML Payment Systems Inc. (www.lmlpayment.com) LML Payment Systems Inc., through its subsidiaries Beanstream Internet Commerce Inc. in Canada and LML Payment Systems Corp. in the U.S., 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. RE40220, 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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To: Thomas Kirwin who wrote (112)	1/31/2010 6:20:45 PM
From: Thomas Kirwin	of 122

01/12/10 - LML Regains Compliance With NASDAQ Listing Rule Companies:Lml Payment Systems Inc. VANCOUVER, British Columbia, Jan. 12, 2010 (GLOBE NEWSWIRE) -- LML Payment Systems Inc. (the "Corporation") (Nasdaq:LMLP - News) received written notification from The NASDAQ Stock Market LLC ("NASDAQ") on January 11, 2010 advising it has regained compliance with NASDAQ Marketplace Rule 5550(a)(2) (the "Minimum Bid Price Rule") which requires listed companies to maintain a minimum bid price of $1.00 per share. The letter stated that the Corporation's common stock had closed above the $1.00 minimum bid price for 10 consecutive trading days. Therefore, the Corporation had regained compliance and NASDAQ advised that the matter is now closed. About LML Payment Systems Inc. (www.lmlpayment.com) LML Payment Systems Inc., through its subsidiaries Beanstream Internet Commerce Inc. in Canada and LML Payment Systems Corp. in the U.S., 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. RE40220, 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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From: Thomas Kirwin	2/12/2010 3:09:53 AM
	of 122

02/11/10 - LML Reports Profitable Results for the Third Quarter and Nine Month Period of Fiscal 2010 Revenue and Profitability Continue to Increase as Company Reports Net Earnings of $0.04 Per Share VANCOUVER, British Columbia, Feb. 11, 2010 (GLOBE NEWSWIRE) -- LML Payment Systems Inc. ("LML") (Nasdaq:LMLP), a leading payments technology provider of financial payment solutions for e-commerce and traditional businesses, reports results for its third quarter and nine month period ended December 31, 2009. Revenue for the third quarter ended December 31, 2009 was $4,743,000, an increase of 56% over the $3,037,000 in revenue for the third quarter ended December 31, 2008. GAAP net income for the quarter was $616,000, or $0.02 per share, compared to GAAP net income of $281,000, or $0.01 per share, for the third quarter ended December 31, 2008, an improvement of $335,000 or $0.01 per share. Non-GAAP net income was $1,057,000, or $0.04 per share, compared to $501,000, or $0.02 per share, for the third quarter last year. Non-GAAP net income excludes stock-based compensation, depreciation and amortization, and other non-cash items. A reconciliation of GAAP to non-GAAP financial measures is attached. Revenue for the nine month period ended December 31, 2009 was $11,230,000, an increase of 20.7% from revenue of $9,302,000 for the nine month period ended December 31, 2008. GAAP net income for the same period was $1,071,000, or $0.04 per share, compared to GAAP net income of $300,000 or $0.01 per share, for the same period during fiscal 2009, an improvement of $771,000. Non-GAAP net income for the nine month period ended December 31, 2009 was $2,264,000, or $0.08 per share, compared to $1,613,000, or $0.06 per share, for the same period last year. "We are pleased with our progress and results. For the quarter, revenue for our Transaction Payment Processing segment increased 20% in Canadian dollars, or 37% in U.S. dollars. These profitable results allowed us to continue to make investments in the growth of our business, and this past quarter we increased spending in product development and sales and marketing by 141% and 37% respectively. As anticipated, we saw a decline in check processing revenue but still produced profitable results from the segment as well. Revenue from our intellectual property segment increased approximately 256% for the quarter and 91% for the first nine months driven by our recent settlement with one defendant and by increases in running royalties from existing licensees. We continue to believe in the validity and enforceability of our intellectual property as we continue to move forward with licensing and enforcement action," said Patrick H. Gaines, Chief Executive Officer. Q3 Highlights -Overall revenue increased 56% -Transaction Payment Processing segment revenue increased 20% in Canadian dollars, or 37% in U.S. dollars -Net income of $616,000 compared to $281,000 last year, an improvement of $335,000 -Subsidiary settles lawsuit and provides patent license to 1 of 25 defendants in Texas litigation -EPS increased to $0.02 9 Months Highlights -Overall revenue increased 21% -Transaction Payment Processing segment revenue increased 20% -Net income of $1,071,000 compared to $300,000 last year, an improvement of $771,000 -EPS increased to $0.04 Conference Call Management will host a conference call on February 11, 2010 at 1:30pm Pacific Time (4:30 pm Eastern Time) to discuss these results. To participate in the conference call, please dial in 5-10 minutes before the start of the call and follow the operator's instruction. If you are calling from the United States or Canada, please dial 800-768-8804. International callers please dial 212-231-2905. If you are unable to join the call, a telephone replay will be available through February 23, 2010 by dialing 800-633-8284 from within the U.S. or Canada, or 402-977-9140 if calling internationally. Please reference reservation number 21459088 when prompted. About LML Payment Systems Inc. lmlpayment.com

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From: Thomas Kirwin	6/19/2010 8:17:08 AM
	of 122

06/11/10 - Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or a completed Interim Review Effective June 11, 2010, LML Payment Systems Inc. has determined that it will be necessary to file an amendment to its Quarterly Report on Form 10-Q for its fiscal quarter ended December 31, 2009 to amend and restate financial statements and other financial information for the quarter ended December 31, 2009. The restatement adjusts our accounting for the income tax provision. The effect of the restatement on our financial position at the end of the restated period is material. There was no effect on the audited financial statements for the year ended March 31, 2009 or for the quarters ended June 30, 2009 and September 30, 2009. In light of the impending restatement, readers should no longer rely on our previously filed financial statements and other financial information contained in our Form 10-Q for the quarter ended December 31, 2009, as filed with the SEC. Background In completing the financial statements for the fiscal year ended March 31, 2010, management determined that the Corporation had miscalculated its future tax asset value as at the completion of its fiscal third quarter. After considering the facts management recommended to the Audit Committee that previously reported financial results for the period ending December 31, 2009 be restated to adjust the overstated future income tax asset balance and off-setting understated future income tax expense. On June 10, 2010 the Corporation determined that an error was made in valuing our future tax assets as of December 31, 2009. The error resulted from miscalculating the tax loss carry-forward. The Corporation has adopted the recommendation of the Audit Committee and determined that previously reported results should be restated and, therefore, that the previously filed financial statements and other financial information referred to above should not be relied upon. The restatement resulted from a material weakness in internal control over financial reporting, namely, that we did not have adequately designed procedures to calculate or review the tax provision. As of June 11, 2010, we have remediated the related internal control weakness. We have evaluated our internal control over financial reporting and our disclosure controls and procedures as currently in effect, including the remedial actions discussed above, and we have concluded that, as of this date, our internal control over financial reporting and our disclosure controls and procedures are effective. The Audit Committee has discussed the matters disclosed in this current report on Form 8-K with Grant Thornton LLP, our independent registered public accounting firm. sec.gov

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From: Thomas Kirwin	6/19/2010 8:23:20 AM
	of 122

06/17/10 - Restatement of Previously Reported Consolidated Financial Statements The Corporation has restated its historical consolidated financial statements as of December 31, 2009, and for the three and nine month periods ended December 31, 2009. The decision to restate these consolidated financial statements was made by the Corporation’s Audit Committee upon management’s recommendation following the identification of errors related to the Corporation’s calculation of future income tax expense. The general nature and scope of the related errors and adjustments are summarized as follows: Errors in the recording of future income tax expense — The Corporation identified errors relating to the calculation of the future tax asset balance and corresponding future income tax expense. The Corporation failed to calculate the impact that certain tax planning strategies had on the portion of its future tax assets relating to Canadian non-capital loss carry-forwards. Furthermore, the Corporation also failed to reduce the value of its U.S. federal net operating loss carry-forwards for the effect of licensing revenue generated from its Intellectual Property Licensing (“IPL”) segment. These errors resulted in an overstatement of future tax assets of approximately $1.0 million as of December 31, 2009 and understatement of future income tax expense of approximately $1.0 million for the three and nine months ended December 31, 2009. The following tables present the adjustments due to the restatements of the Corporation’s previously issued unaudited consolidated balance sheet as of December 31, 2009, unaudited consolidated statements of operations for the three and nine month periods ended December 31, 2009, unaudited consolidated statements of comprehensive (loss) income for the three and nine month period ended December 31, 2009 and unaudited consolidated statements of cash flows for the three and nine month period ended December 31, 2009: sec.gov

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From: Thomas Kirwin	10/9/2010 10:13:12 AM
	of 122

10/08/10 - LML Settles Litigation With the Bank of New York Mellon and First National Bank of Omaha VANCOUVER, British Columbia, Oct. 8, 2010 (GLOBE NEWSWIRE) -- LML Patent Corp. ("LML"), a wholly-owned, indirect subsidiary of LML Payment Systems Inc. (the "Corporation") (Nasdaq:LMLP - News) announced today that it has received total payment in the amount of $5,150,000 and has entered into Settlement and License Agreements (the "Agreements") with each of The Bank of New York Mellon ("BNYM") and First National Bank of Omaha and First National Merchant Solutions, LLC (collectively, "First National") with respect to litigation filed by LML in the U.S. District Court for the Eastern District of Texas alleging that each of BNYM and First National infringed U.S. Patent No. RE40,220. The Agreements provide each of BNYM and First National with a fully paid-up license to certain LML patents for electronic check conversion transactions including "ARC," "WEB," "POP," "TEL" and "BOC." "We are extremely pleased to have settled our litigation with both BNYM and First National and we welcome them as valued licensees," said Patrick H. 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.

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