Legal situation delays NETeller year-end results

Mt. Rushmore

Not only are NETeller users feeling the pinch of the company's legal situation in the United States because of its online gambling transactions, now the shareholders are being affected as well.

NETeller released a statement Friday saying that it will miss its June 30 deadline for the annual audited accounts report for 2006 to be turned in to the shareholders. According to NETeller, the investigation by the United States is the sole matter delaying the finalization of the accounts.

Because of the delay, NETeller will also not be able to comply with Rule 19 of the AIM Rules that require companies to send their accounts to shareholders no later than six months after the end of the financial year that they are a part of.

NETEller is cooperating with the U.S. Attorney's Office for the Southern District of New York in its investigation into the company being used by U.S. residents to make online gambling transactions, which are considered illegal.

However, the company has also advised the USAO that it would be best to resolve the investigation no later than July 13.

In the meantime, the company's stocks will continue to be suspended from trading and further information will be announced as it becomes available.

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