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Press Release
Update on US Situation
Friday, 13 July 2007 - NETELLER Plc (LSE: NLR), the independent global online payments business, today issued the following statement regarding its progress in resolving the investigation by the United States Attorney's Office for the Southern District of New York (USAO) into the Company.
As stated in the Company’s announcement of 12 July 2007, NETELLER stated that it had advised the USAO that it will use its best efforts to resolve the investigation on or soon after 13 July 2007. The Company believes that it is making significant progress towards achieving a resolution and hopes to be able to announce this within a number of days.
As announced on 4 June 2007, the Company has agreed to a plan for the distribution of funds to its US customers and anticipates implementing the plan upon the resolution of the investigation. The agreed distribution plan details the process and mechanisms by which US customers will be able to initiate the return of their funds after the plan is implemented. Further information will be communicated to NETELLER’s US customers via email, through our website and through a press release once the date for implementation of the plan is finalised.
The Company continues to make progress regarding the ongoing suspension of the Company’s ordinary shares from trading. The restoration of trading in the Company’s ordinary shares will depend on resolution of the investigation within a short time frame and finalisation and publication of the Company’s audited annual accounts for 2006. Further information will be announced as and when it becomes available.
The Company also today confirms that earlier today, the Board accepted the resignation of Gord Herman as Executive Chairman and Director of the Company. Mr Herman has indicated that he wishes to concentrate on personal matters. Dale Johnson, non-executive director, will assume the role of non-executive Chairman. Both of these changes will take place with immediate effect.
About the NETELLER Group
Trusted by millions of consumers in over 160 countries to move and manage billions of dollars each year, the NETELLER Group operates the world's leading independent online payment business. The Group specializes in providing innovative and instant payment services where money transfer is difficult or risky due to identity, trust, currency exchange, or distance. Being independent has allowed the Group to support thousands of retailers and merchants in many geographies and across multiple industries.
The Group is quoted on the London Stock Exchange’s AIM market, with a ticker symbol of NLR. NETELLER (UK) Limited is authorised by the Financial Services Authority (FSA) to operate as a regulated e-money issuer. For more information about the Group visit NETELLER Group: Creating the Global Freedom to Manage and Move Your Money.
Media and Investor Contacts
NETELLER Group media and investor relations are managed by Citigate Dewe Rogerson. Contact them through the Media Relations Contact page.
Update on US Situation
Friday, 13 July 2007 - NETELLER Plc (LSE: NLR), the independent global online payments business, today issued the following statement regarding its progress in resolving the investigation by the United States Attorney's Office for the Southern District of New York (USAO) into the Company.
As stated in the Company’s announcement of 12 July 2007, NETELLER stated that it had advised the USAO that it will use its best efforts to resolve the investigation on or soon after 13 July 2007. The Company believes that it is making significant progress towards achieving a resolution and hopes to be able to announce this within a number of days.
As announced on 4 June 2007, the Company has agreed to a plan for the distribution of funds to its US customers and anticipates implementing the plan upon the resolution of the investigation. The agreed distribution plan details the process and mechanisms by which US customers will be able to initiate the return of their funds after the plan is implemented. Further information will be communicated to NETELLER’s US customers via email, through our website and through a press release once the date for implementation of the plan is finalised.
The Company continues to make progress regarding the ongoing suspension of the Company’s ordinary shares from trading. The restoration of trading in the Company’s ordinary shares will depend on resolution of the investigation within a short time frame and finalisation and publication of the Company’s audited annual accounts for 2006. Further information will be announced as and when it becomes available.
The Company also today confirms that earlier today, the Board accepted the resignation of Gord Herman as Executive Chairman and Director of the Company. Mr Herman has indicated that he wishes to concentrate on personal matters. Dale Johnson, non-executive director, will assume the role of non-executive Chairman. Both of these changes will take place with immediate effect.
About the NETELLER Group
Trusted by millions of consumers in over 160 countries to move and manage billions of dollars each year, the NETELLER Group operates the world's leading independent online payment business. The Group specializes in providing innovative and instant payment services where money transfer is difficult or risky due to identity, trust, currency exchange, or distance. Being independent has allowed the Group to support thousands of retailers and merchants in many geographies and across multiple industries.
The Group is quoted on the London Stock Exchange’s AIM market, with a ticker symbol of NLR. NETELLER (UK) Limited is authorised by the Financial Services Authority (FSA) to operate as a regulated e-money issuer. For more information about the Group visit NETELLER Group: Creating the Global Freedom to Manage and Move Your Money.
Media and Investor Contacts
NETELLER Group media and investor relations are managed by Citigate Dewe Rogerson. Contact them through the Media Relations Contact page.