Coy_Roy
10-02-2006, 06:02 AM
US CONGRESS PASSES SAFE PORT ACT
NETELLER Plc (LSE:NLR), a leading online money transfer service provider, notes
the 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 prohibit
unlawful 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 beginning
on the date of the enactment for a board including the US Federal Reserve and
the US Attorney General to prescribe regulations requiring each designated
payment system and all participants therein to identify and block or otherwise
prevent or prohibit restricted transactions.
The Company, in conjunction with its advisers, is considering the potential
impact of the Act at this time. The Board believes that the Act may have a
material adverse effect on NETELLER's US facing business. Once the Company has
more information about what the regulations will stipulate, it will have a
clearer view of which companies are affected, how those companies will be
expected to comply, and any possible resulting impact on the Company. In the
meantime, the Company will continue to monitor the progress of this legislation
and to energetically plan and adapt NETELLER's business to minimise any
potential adverse impact. The Company will remain focused on developing its
business in line with its stated strategic objectives including geographical and
product diversification.
The Company's next trading update for the third quarter will be issued towards
the end of October 2006. In the meantime, the Company will endeavour to keep
shareholders informed of any material developments.
Enquiries:
NETELLER Plc
Andrew Gilchrist, Vice President - Communications +44 (0) 1293 555 726
Citigate Dewe Rogerson +44 (0) 207 638 9571
Sarah Gestetner/Seb Hoyle/George Cazenove
Notes to Editors
The NETELLER Group
With over 3 million customers in 160 countries and more than $7 billion in
annual transactions, the NETELLER Group operates the largest independent online
money transfer business in the world. The Group specializes 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 over 3,500 retailers and merchants in many
geographies and across multiple industries.
The Group is one of the largest companies 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.netellerplc.com. (http://www.netellerplc.com.)
This information is provided by RNS
The company news service from the London Stock Exchange
NETELLER Plc (LSE:NLR), a leading online money transfer service provider, notes
the 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 prohibit
unlawful 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 beginning
on the date of the enactment for a board including the US Federal Reserve and
the US Attorney General to prescribe regulations requiring each designated
payment system and all participants therein to identify and block or otherwise
prevent or prohibit restricted transactions.
The Company, in conjunction with its advisers, is considering the potential
impact of the Act at this time. The Board believes that the Act may have a
material adverse effect on NETELLER's US facing business. Once the Company has
more information about what the regulations will stipulate, it will have a
clearer view of which companies are affected, how those companies will be
expected to comply, and any possible resulting impact on the Company. In the
meantime, the Company will continue to monitor the progress of this legislation
and to energetically plan and adapt NETELLER's business to minimise any
potential adverse impact. The Company will remain focused on developing its
business in line with its stated strategic objectives including geographical and
product diversification.
The Company's next trading update for the third quarter will be issued towards
the end of October 2006. In the meantime, the Company will endeavour to keep
shareholders informed of any material developments.
Enquiries:
NETELLER Plc
Andrew Gilchrist, Vice President - Communications +44 (0) 1293 555 726
Citigate Dewe Rogerson +44 (0) 207 638 9571
Sarah Gestetner/Seb Hoyle/George Cazenove
Notes to Editors
The NETELLER Group
With over 3 million customers in 160 countries and more than $7 billion in
annual transactions, the NETELLER Group operates the largest independent online
money transfer business in the world. The Group specializes 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 over 3,500 retailers and merchants in many
geographies and across multiple industries.
The Group is one of the largest companies 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.netellerplc.com. (http://www.netellerplc.com.)
This information is provided by RNS
The company news service from the London Stock Exchange