Neteller Upbeat

Published: Monday, August 20, 2007 Online-Casinos.com

NETELLER UPBEAT

AGM faced with confidence by Neteller management


Monday 20 August was annual general meeting day for the Isle of Man based e-wallet Neteller, now emerging from a damaging 7 month tussle with the US Department of Justice (see previous Online-Casinos.com/InfoPowa reports) which froze the accounts of US clients and precipitated the exit of the company from the US and Canadian markets.

Recently appointed chairman Dale Johnson told investors: "Today's AGM marks the conclusion of a challenging period for the company following the agreement with the US authorities reached on 18 July resolving the investigations into Neteller's former US business activities.

"The settlement represents a certain outcome that enables the company to refocus its efforts on building and strengthening the Neteller business outside of North America into the growing markets of the European and Asia Pacific regions.

"The Board believes that the Group has both the management team and experience to exploit the opportunities available in those markets."

Johnson went on to confirm that Neteller has made "significant progress" in the return of funds to its former US customers, a process commenced on 31 July 2007. To date, more than $71 million of the total amount owing to US customers of $94 million has been returned through the Distribution Plan agreed with the US authorities.

The chairman said he was grateful for the support and patience of the company's stakeholders since its troubles started in January of this year, and said he was confident the group would continue to provide the services and products that Neteller customers and merchants have come to expect.

"I assure you that the Board understands and appreciates the adverse impacts experienced by shareholders, employees and other stakeholders as a result of the unexpected events earlier this year," Johnson continued. "While the year to date has been challenging for a number of reasons, the group's business has performed satisfactorily. The Board looks forward to renewed growth and is optimistic about the prospects for the full year."

Neteller's interim results for the six months ended 30 June 2007 will be announced later this week on Thursday 23 August 2007.