2nd Oct 2006 07:02
NETeller PLC02 October 2006 US CONGRESS PASSES SAFE PORT ACT NETELLER Plc (LSE:NLR), a leading online money transfer service provider, notesthe recent action early on Saturday 30 September by US Congress to pass HR 4954,the Safe Port Act (the "Act") which includes certain provisions to prohibitunlawful internet gambling through the restriction of payments to such sites. The Act further states that there will be a period of up to 270 days beginningon the date of the enactment for a board including the US Federal Reserve andthe US Attorney General to prescribe regulations requiring each designatedpayment system and all participants therein to identify and block or otherwiseprevent or prohibit restricted transactions. The Company, in conjunction with its advisers, is considering the potentialimpact of the Act at this time. The Board believes that the Act may have amaterial adverse effect on NETELLER's US facing business. Once the Company hasmore information about what the regulations will stipulate, it will have aclearer view of which companies are affected, how those companies will beexpected to comply, and any possible resulting impact on the Company. In themeantime, the Company will continue to monitor the progress of this legislationand to energetically plan and adapt NETELLER's business to minimise anypotential adverse impact. The Company will remain focused on developing itsbusiness in line with its stated strategic objectives including geographical andproduct diversification. The Company's next trading update for the third quarter will be issued towardsthe end of October 2006. In the meantime, the Company will endeavour to keepshareholders informed of any material developments. Enquiries: NETELLER PlcAndrew Gilchrist, Vice President - Communications +44 (0) 1293 555 726 Citigate Dewe Rogerson +44 (0) 207 638 9571Sarah Gestetner/Seb Hoyle/George Cazenove Notes to Editors The NETELLER Group With over 3 million customers in 160 countries and more than $7 billion inannual transactions, the NETELLER Group operates the largest independent onlinemoney transfer business in the world. The Group specializes 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 over 3,500 retailers and merchants in manygeographies and across multiple industries. The Group is one of the largest companies quoted on the London Stock Exchange'sAIM market, with a ticker symbol of NLR. NETELLER UK Limited is authorised bythe Financial Services Authority (FSA) to operate as a regulated e-money issuer.For more information about the Group visit www.netellerplc.com. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Paysafe Group