PR - LML Payment Systems Completes $7.2 Million Financing

Vancouver, Canada-based LML Payment Systems ("LML") (NasdaqCM:LMLP), a leading Payments Technology provider of financial payment solutions for e-commerce and traditional businesses, announced that it has completed a private placement of 4 million shares of common stock at a price of $1.80 per share, with an institutional investor.

"We are pleased to have received this level of support from this institutional fund and anticipate furthering our plans of delivering shareholder value," said Patrick H. Gaines, President and CEO of LML.

Ladenburg Thalmann & Co., Inc. acted as placement agent and financial advisor to the Company.

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. 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.