Psychemedics settles contractual dispute for $1.925M, continues strategic review

PSYCHEMEDICS CORP

Agreed to pay customer $1.925M plus $150k from insurers to settle contractual dispute; payment due by Nov 30, 2021.
Dispute stemmed from customer's employee terminations over 15 years ago; no admission of liability by either party.
Board continues exploring strategic alternatives including sale or merger; JMP Securities and Mintz Levin retained as advisors.
Company expects to fund settlement from existing cash on hand.

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