4th Jun 2007 15:00
NETeller PLC04 June 2007 NETELLER Announces Agreed Plan to Return US Customers' Funds Monday, 4 June 2007 - The NETELLER Plc Group (LSE: NLR), the independent globalonline payments business, today announced that it has agreed to a plan for thedistribution of funds to its US customers. NETELLER is continuing to cooperate with the investigation being conducted bythe United States Attorney's Office for the Southern District of New York("USAO"), under the advice of its legal advisers and in accordance with courtorders in the Isle of Man. The Company is in discussions with the USAO for thepurpose of resolving the investigation. The Company has advised the USAO that itwill use its best efforts to resolve the investigation no later than 13 July2007. On 21 March 2007, the Company announced that it signed agreements with the USAOand Navigant Consulting, Inc. ("Navigant") with respect to, among other things,developing a plan for the distribution of funds to US customers. Since then, inaccordance with the agreements, the Company has worked with the USAO andNavigant to develop the plan. The Distribution Plan is now agreed upon, and theCompany anticipates implementing the plan upon the resolution of theinvestigation. The agreed Distribution Plan details the process and mechanisms for the returnof funds to US customers. US customers will be able to access their NETELLERaccounts online for a certain time and make a request for their funds. Inaccordance with NETELLER's Terms of Use, no interest on account balances will bepaid. NETELLER will not charge fees to customers to process requests for funds.Funds will be distributed either by electronic transfer to the bank account onrecord with NETELLER or by a cheque to be sent to a mailing address as confirmedby the customer. If a US customer has a bank account already registered withNETELLER, funds transfer will be by electronic transfer subject to confirmationby the customer that the registered bank account remains valid. US customerswill receive the entire balance of funds in their account; no requests forpartial payments will be processed. US customers cannot use their accounts forany transaction other than to request the funds. Further information will be communicated to NETELLER's US customers via email,through our website and through a press release once the date for implementationof the Distribution Plan is finalised. Ron Martin, Group President and CEO said: "The agreement on the DistributionPlan represents a milestone in our cooperation with the US authorities. While weare disappointed not to have been able to return funds to our US customers atthis point, we believe that the steps we have made in our discussions aresignificant and we hope to be able to announce further progress with the USAO by13 July 2007." The Company continues to work with Navigant to produce a report to the USAO onthe Company's current financial condition. On 8 February 2007, the Companyinformed the market that approximately $55 million had been seized by the USAOor otherwise restricted by third parties. After ongoing consultation with theUSAO, the Company currently believes this amount could be up to approximately$60 million. The Company's shares continue to be suspended from trading on AIM in view of thecontinuing uncertainties the Company faces although the Company is makingprogress towards achieving restoration of trading. The Company is also workingtowards the finalisation of its audited annual results for the year ended 31December 2006 and will announce the date on which these will be published to themarket in due course. NETELLER customers not resident in the US continue to beminimally affected by the withdrawal from the US market. Further information is available on the Group's website in the form of updatedFAQs at http://www.neteller-group.com/content/en/news_media_faqs_index.htm. Enquiries: Andrew Gilchrist, VP Communications + 44 (0) 1624 698 713NETELLER Plc Citigate Dewe Rogerson + 44 (0) 207 638 9571Sarah Gestetner/Sebastian Hoyle/George Cazenove 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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