Neteller Update...

[Sniper]

This morning Neteller released their 3rd Qtr financial information , their press release contained the following statement from Ron Martin, President & CEO (emphasis mine)...

“NETELLER has performed well during the third quarter of 2006, continuing to grow its business both geographically and extend its reach to new customers and merchants. However, the impact of the recently passed Unlawful Internet Gambling Enforcement Act in the US is likely to change the future direction and nature of our business fundamentally. While we have continued to see strong sign ups and fees during October, NETELLER is constantly re-examining its position with regard to the US market and its provision of services to that market is currently under review. As previously stated, NETELLER, a company registered outside the US, will comply with the Act and its related regulations as if it were subject to the Act’s jurisdiction. We will keep our shareholders, merchants, customers and employees informed of any developments during this challenging period.”

This is not really new news to those closely following other statements, but it does further reinforce that Neteller is likely to pull out of the US market in the not too distant future.