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Monday, 20 August 2007 - NETELLER Plc (LSE: NLR), the independent global online
payments business, will hold its Annual General Meeting (AGM) later today at
2.00 p.m. in the Isle of Man, at which Dale Johnson, Chairman of the Company,
will make the following statement in relation to the performance of the
business:
"Today's AGM marks the conclusion of a challenging period for the Company
following the agreement with the US authorities reached on 18 July resolving the
investigations into the Company's former US business activities. The settlement
represents a certain outcome that enables the Company to refocus its efforts on
building and strengthening the NETELLER business outside of North America into
the growing markets of the European and Asia Pacific regions. The Board believes
that the Group has both the management team and experience to exploit the
opportunities available in those markets.
The Company has made significant progress in the return of funds to its former
US customers, a process commenced on 31 July 2007. To date, more than $71
million of the total amount owing to US customers of $94 million has been
returned through the Distribution Plan agreed with the US authorities in an
effective and efficient manner, and credit must go to our employees who have
assisted in the execution of this process to date.
I am grateful for the support and patience of our stakeholders since January
2007 while we have worked to resolve our situation, and I am confident that
NETELLER will continue to provide the services and products that our customers
and merchants have come to expect. I assure you that the Board understands and
appreciates the adverse impacts experienced by shareholders, employees and other
stakeholders as a result of the unexpected events earlier this year.
While the year to date has been challenging for a number of reasons, the Group's
business has performed satisfactorily. The Board looks forward to renewed growth
and is optimistic about the prospects for the full year."
The Group's interim results for the six months ended 30 June 2007 will be
announced later this week on Thursday 23 August 2007.
