FireOne to close Canadian operation?

[Ian_go]

A source inside the payments processing company FireOne has reported that the company is considering closing it's downtown Montreal based operation.

"Close to 90% of the company’s income was derived from US customers. After FireOne said they would no longer take US business the impact was felt right away. " the long time FireOne employee said.

A recent Sharecast report indicated that FireOne had slumped to an all time low in Q3 after recording a non-cash impairment charge of $78.4 million bought about by the new US Unlawful Internet Gambling Enforcement Act.

"The company was in talks with one group about sale of their U.S. business, but that went no where" The source went on to say: "I have been with the company since early 2001. I saw our call centre go from 70 people to 7 in the months after more

[Professor]

Not at all surprising.