20th Aug 2007 07:02
NETeller PLC20 August 2007 NETELLER Plc AGM Statement Monday, 20 August 2007 - NETELLER Plc (LSE: NLR), the independent global onlinepayments business, will hold its Annual General Meeting (AGM) later today at2.00 p.m. in the Isle of Man, at which Dale Johnson, Chairman of the Company,will make the following statement in relation to the performance of thebusiness: "Today's AGM marks the conclusion of a challenging period for the Companyfollowing the agreement with the US authorities reached on 18 July resolving theinvestigations into the Company's former US business activities. The settlementrepresents a certain outcome that enables the Company to refocus its efforts onbuilding and strengthening the NETELLER business outside of North America intothe growing markets of the European and Asia Pacific regions. The Board believesthat the Group has both the management team and experience to exploit theopportunities available in those markets. The Company has made significant progress in the return of funds to its formerUS customers, a process commenced on 31 July 2007. To date, more than $71million of the total amount owing to US customers of $94 million has beenreturned through the Distribution Plan agreed with the US authorities in aneffective and efficient manner, and credit must go to our employees who haveassisted in the execution of this process to date. I am grateful for the support and patience of our stakeholders since January2007 while we have worked to resolve our situation, and I am confident thatNETELLER will continue to provide the services and products that our customersand merchants have come to expect. I assure you that the Board understands andappreciates the adverse impacts experienced by shareholders, employees and otherstakeholders as a result of the unexpected events earlier this year. While the year to date has been challenging for a number of reasons, the Group'sbusiness has performed satisfactorily. The Board looks forward to renewed growthand is optimistic about the prospects for the full year." The Group's interim results for the six months ended 30 June 2007 will beannounced later this week on Thursday 23 August 2007. Enquiries: Andrew Gilchrist + 44 (0) 7824 385 829VP Communications, NETELLER Plc Daniel Stewart & Co Plc + 44 (0) 207 776 6550Paul Shackleton Citigate Dewe Rogerson + 44 (0) 207 638 9571Sarah Gestetner / Ged Brumby / George Cazenove Notes to Editors About the NETELLER Group Trusted by customers and merchants in over 160 countries to move and managebillions of dollars each year, the NETELLER Group operates the world's leadingindependent online payments business. The Group specialises in providinginnovative and instant payment services where money transfer is difficult orrisky due to identity, trust, currency exchange or distance. Being independenthas allowed the Group to support thousands of retailers and merchants in manygeographies and across multiple industries. NETELLER Plc is quoted on the London Stock Exchange's AIM market, with a tickersymbol of NLR. NETELLER (UK) Limited is authorised and regulated by theFinancial Services Authority (FSA) to operate as a regulated e-money issuer. Formore information about the Group visit www.netellergroup.com. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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