NETeller PLC
21 March 2007
NETELLER Takes Positive Step Towards Returning US Customers' Funds
Wednesday, 21 March 2007 - The NETELLER Plc Group (LSE: NLR), the leading global
independent online money transfer business, today announced that it has signed
agreements with each of the United States Attorney's Office for the Southern
District of New York ('USAO') and Navigant Consulting, Inc. ('Navigant').
On 8 February 2007, the Group announced that it was in discussions with the USAO
to manage an orderly return of funds to US customers and that it was
contemplated that a forensic accounting firm would be engaged, at the Group's
expense, to assist in this process and to examine the Group's financial
position.
The Group is pleased to announce that on 20 March 2007, it signed agreements
with the USAO and Navigant which, among other things, outline terms and a
timeline under which NETELLER will work toward the orderly distribution of funds
to its US customers. Per the agreements, the Group anticipates that within the
next 75 days it will announce a plan by which the funds will be distributed to
US customers. Navigant will also provide a report to the USAO on the Group's
current financial condition.
'We continue to be committed to returning funds to our US customers and working
with the US Attorney's Office,' said Ron Martin, Group President and CEO.
'Progress, while not always visible to the outside observer, has been steady and
these agreements mark a milestone in the process.'
NETELLER is continuing to cooperate with the USAO's investigation, under the
advice of its legal advisers and in accordance with court orders in the Isle of
Man.
Further updates with relation to the US situation will be made as soon as there
are any material developments. In the meantime, US customers should visit
updates.neteller.com for more information, including newly updated FAQs that
provide additional clarity, where the Group is able, around certain issues
currently being raised in a number of public forums. Additionally US Customers
can contact NETELLER Customer Service on the web or by phone at 1-888-258-5859.
Enquiries:
Citigate Dewe Rogerson + 44 (0) 207 638 9571
Sarah Gestetner/Sebastian Hoyle/George Cazenove
Notes to Editors
The NETELLER Group
Trusted by millions of consumers to transfer billions of dollars each year, the
NETELLER Group operates the largest independent online money transfer business
in the world. The Group specialises 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 www.neteller-group.com.
This information is provided by RNS
The company news service from the London Stock Exchange
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