13th Jul 2007 16:30
NETeller PLC13 July 2007 NETELLER PLC (the "Company") UPDATE ON US SITUATION CHANGE OF DIRECTOR Friday, 13 July 2007 - NETELLER Plc (LSE: NLR), the independent global onlinepayments business, today issued the following statement regarding its progressin resolving the investigation by the United States Attorney's Office for theSouthern District of New York (USAO) into the Company. As stated in the Company's announcement of 12 July 2007, NETELLER stated that ithad advised the USAO that it will use its best efforts to resolve theinvestigation on or soon after 13 July 2007. The Company believes that it ismaking significant progress towards achieving a resolution and hopes to be ableto announce this within a number of days. As announced on 4 June 2007, the Company has agreed to a plan for thedistribution of funds to its US customers and anticipates implementing the planupon the resolution of the investigation. The agreed distribution plan detailsthe process and mechanisms by which US customers will be able to initiate thereturn of their funds after the plan is implemented. Further information willbe communicated to NETELLER's US customers via email, through our website andthrough a press release once the date for implementation of the plan isfinalised. The Company continues to make progress regarding the ongoing suspension of theCompany's ordinary shares from trading. The restoration of trading in theCompany's ordinary shares will depend on resolution of the investigation withina short time frame and finalisation and publication of the Company's auditedannual accounts for 2006. Further information will be announced as and when itbecomes available. The Company also today confirms that earlier today, the Board accepted theresignation of Gord Herman as Executive Chairman and Director of the Company.Mr Herman has indicated that he wishes to concentrate on personal matters. DaleJohnson, non-executive director, will assume the role of non-executive Chairman.Both of these changes will take place with immediate effect. Enquiries: Andrew Gilchrist, VP Communications + 44 (0) 1624 698 713NETELLER Plc Citigate Dewe Rogerson + 44 (0) 207 638 9571Sarah Gestetner/Sebastian Hoyle/George Cazenove If you have any further queries relating to the above, please contact theCompany's nominated adviser on +44 (0) 20 7991 8888. Notes to Editors The NETELLER Group Trusted by millions of consumers to transfer billions of dollars each year, theNETELLER Group operates the world's leading independent online payment business.The Group specialises in providing innovative and instant payment services wheremoney transfer is difficult or risky due to identity, trust, currency exchange,or distance. Being independent has allowed the Group to support thousands ofretailers and merchants in many geographies 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 by the Financial ServicesAuthority (FSA) to operate as a regulated e-money issuer. For more informationabout the Group visit www.neteller-group.com. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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