NETeller looks to rebound


After what turned out to be a difficult year for NETeller and its users, the company is optimistic for the future, according to Chairman Dale Johnson at NETeller's annual general meeting.

The AGM took place earlier today in the Isle of Man with Johnson addressing those in attendance about the outlook for the independent global online payments business.

Earlier this year NETeller came to an agreement with U.S. authorities regarding the nearly $100 million in American funds that was frozen when the government cracked down on Internet gambling. Although NETeller has subsequently pulled out of the U.S. and Canadian markets it is now planning on expanding its interests in Europe.

"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," stated Johnson in a press release.

The company has made significant progress in the return of funds to its former U.S. customers, a process that began on July 31. To date, more than $71 million of the $94 million total amount owing to U.S. customers has been returned through the distribution plan agreed on with the U.S. authorities.

There have been minor problems and some U.S. residents are still unable to withdraw their cash. The issue is with NETeller checks, which some banks are not accepting. NETeller has promised to work with customers until the situation is resolved.

Johnson took the AGM as an opportunity to publicly thank the company's stakeholders.

"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," he said. "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."

NETeller has already taken the first step in its proposed expansion to other markets. On Saturday the company announced it had acquired a stake in Centricom Pty Limited, which operates a payment platform in Australia and New Zealand.

The group's interim results for the six months ended June 30, 2007 will be announced later this week on Thursday, Aug. 23, 2007.

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