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August 22, 2007
Fresh from its legal crisis with US authorities over its previous operations in the US market, Isle of Man based e-wallet Neteller has held its annual general meeting in a climate of renewed optimism. Online bingo industry observers and online bingo players who are customers of the company will remember that Neteller recently engaged in a legal spat with the US Department of Justice which saw the company freeze the accounts of its US customer base as a result of its exit from the US and Canadian markets. New chairman Dale Johnson stated to investors at the meeting: "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 Neteller'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." Johnson took the opportunity to confirm that Neteller is making "significant progress" reimbursing its former US customers according to its agreement with US authorites. More than $71 million of the outstanding $94 million has already been repatriated. People involved in bingo online, both as customers and operators of online bingo halls, have been watching developments at Neteller due to its impact on the online payments industry as a whole. The case has been seen as a bell weather for confidence in the industry by both players and merchants. Written by John Witherspoon - Play bingo online at http://bingostreet.com/ and read our online bingo blog.
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