NETELLER PRESS RELEASE

[clevfan]

Thursday, 28 June 2007 – NETELLER Plc (LSE: NLR), the independent global online payments business, announced on 4 June 2007 that it was continuing to cooperate with the investigation being conducted by the United States Attorney’s Office for the Southern District of New York (“USAO”), under the advice of its legal advisers and in accordance with court orders in the Isle of Man, and that it was in discussions with the USAO for the purpose of resolving the investigation. The Company also commented at that time that it had advised the USAO that it would use its best efforts to resolve the investigation no later than 13 July 2007.

The Company today announces that due to the ongoing investigation by the US authorities, the annual audited accounts for the year ended 31 December 2006 will not be finalised in time to send to shareholders by 30 June 2007. The Company can confirm that the outcome of the investigation is the sole matter delaying the finalisation of the accounts.

Accordingly, the Company will not be able to comply with Rule 19 of the AIM Rules that requires an AIM company to send its accounts to shareholders not later than six months after the end of the financial year to which they relate. Consistent with its advice to the USAO to use its best efforts to resolve the investigation by no later than 13 July 2007, the Company is doing its utmost to finalise and post its audited accounts and to announce its full year results for the period ended 31 December 2006 to the market.

The Company's ordinary shares will continue to be suspended from trading. Further information will be announced as and when it becomes available.

[SlipperyPete]

So in laymens terms

WE ARE FUCKED

[SlipperyPete]

Can someone explain me this please
"it was continuing to cooperate with the investigation being conducted by the United States Attorney’s Office for the Southern District of New York "

"The Company also commented at that time that it had advised the USAO that it would use its best efforts to resolve the investigation no later than 13 July 2007."


So who is doing the investigating?
In the first quote its the USAO, in the second one its Neteller

[Don King's Barber]

I think they wanted to have some payment plan orchestrated by July 13th so that their stock could be traded again. Now they're saying that won't happen.
What's up with the 2 founders though? They keep delaying every month.

[The Major]

In order for the investigation to be completed by the USAO, Neteller has to provide them with all docs requested. Obviously they are unable to do that by the date that they previously specified.

I feel sorry for the large players who didnt think the USAO would ever see Netellers records for the last 5 years. I would presume that90% never declared a thing.

[jag]

this too, shall pass; but, nothing good is happening...

[StarnetGypsy]

Originally Posted by The Major

In order for the investigation to be completed by the USAO, Neteller has to provide them with all docs requested. Obviously they are unable to do that by the date that they previously specified.

I feel sorry for the large players who didnt think the USAO would ever see Netellers records for the last 5 years. I would presume that90% never declared a thing.

Considering online gaming was thought to be 'illegal', i imagine your estimate is conservative. maybe upwards of 99%+ imjo ...

[buddyboy]

In order for the investigation to be completed by the USAO, Neteller has to provide them with all docs requested. Obviously they are unable to do that by the date that they previously specified.

that is not what they are saying... they are saying since they are so busy working to get the docs to the USAO by the date, they have not had the time or resources to file required reports/forms to their shareholders/aim exchange.