NETeller updates U.S. investigation news

Mt. Rushmore

As promised, NETeller released an update today about the investigation by the U.S. Attorney's Office in New York into the company.

NETeller had advised the U.S. Attorney's Office that it would like to resolve the investigation by today or soon after.

"The company believes that it is making significant progress towards achieving a resolution and hopes to be able to announce this within a number of days," the Board said in a press release.

The company had already announced on Thursday it wasn't going to meet the July 13 goal, which in turn could slow down the process of returning money to U.S. customers.

"As announced on June 4, 2007, the company has agreed to a plan for the distribution of funds to its U.S. customers and anticipates implementing the plan upon the resolution of the investigation," said the Board.

The agreed distribution plan details the process and mechanisms by which U.S. customers will be able to initiate the return of their funds once the plan is implemented.

"Further information will be communicated to NETeller's U.S. customers via e-mail, through our Web site and through a press release once the date for implementation of the plan is finalized," the company said.

NETeller is also working on getting its shares traded. The company will officially be delisted on Monday after having stock trades suspended since January.

"The restoration of the trading in the Company's ordinary shares will depend on resolution of the investigation within a short time frame and finalization and publication of the company's audited annual accounts for 2006," the company said.

NETeller also confirmed in its release that Gord Herman, executive chairman and director of the company, has resigned in order to concentrate on personal matters. The change is effective immediately.

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