Thursday, January 18, 2007
Citadel Out of the US Market
Earlier today, Citadel announced the following:
Citadel Commerce Shuts Down Financial Processing for Non-domestic Internet Gaming Merchants for USA Consumers
VANCOUVER, Jan. 17 /CNW/ - ESI Entertainment Systems Inc. ("ESI") (TSX:
ESY), a leading provider of products and services to international
organizations and the gaming industry, today announces that effective
immediately it's subsidiary Citadel Commerce Corp. will no longer offer
financial processing to non-domestic Internet Gaming merchants for USA
consumers.
The Company was looking forward to complying with the new Regulations for
financial processors under the Unlawful Internet Gambling Enforcement Act of
2006 passed on October 13, 2006 but this decision was made by the ESI Board of
Directors in the light of recent US Department of Justice enforcement actions
against financial processors executives.
This decision will have a material impact on the financial condition of
the Company as a substantial part of its revenues was derived from
non-domestic Internet Gaming merchants for USA consumers.
ESI Entertainment Systems Inc. ("ESI") (TSX: ESY) provides products and
services to the international gaming industry through its three principal
subsidiaries, Citadel Commerce Corp., ESI Integrity Inc. and PlayLine Inc.
ESI's products and services, which primarily consist of payment processing,
transaction monitoring and turnkey gaming platforms, are deployed in the
on-line and land based gaming markets.
NETeller followed:
Effective Immediately
Due to recent US legislative changes and events, effective immediately, US members are no longer able to transfer funds to or from any online gambling sites.
All US members will continue to be able to use their NETELLER e-wallet account to safely transfer funds to and from non-gambling merchants and are not required to close their account or withdraw their funds.
Please note that we are experiencing higher than normal support volumes and recommend that you read the FAQs for more information.
Citadel Commerce Shuts Down Financial Processing for Non-domestic Internet Gaming Merchants for USA Consumers
VANCOUVER, Jan. 17 /CNW/ - ESI Entertainment Systems Inc. ("ESI") (TSX:
ESY), a leading provider of products and services to international
organizations and the gaming industry, today announces that effective
immediately it's subsidiary Citadel Commerce Corp. will no longer offer
financial processing to non-domestic Internet Gaming merchants for USA
consumers.
The Company was looking forward to complying with the new Regulations for
financial processors under the Unlawful Internet Gambling Enforcement Act of
2006 passed on October 13, 2006 but this decision was made by the ESI Board of
Directors in the light of recent US Department of Justice enforcement actions
against financial processors executives.
This decision will have a material impact on the financial condition of
the Company as a substantial part of its revenues was derived from
non-domestic Internet Gaming merchants for USA consumers.
About ESI Entertainment Systems Inc.
ESI Entertainment Systems Inc. ("ESI") (TSX: ESY) provides products and
services to the international gaming industry through its three principal
subsidiaries, Citadel Commerce Corp., ESI Integrity Inc. and PlayLine Inc.
ESI's products and services, which primarily consist of payment processing,
transaction monitoring and turnkey gaming platforms, are deployed in the
on-line and land based gaming markets.
NETeller followed:
US member update
Effective Immediately
Due to recent US legislative changes and events, effective immediately, US members are no longer able to transfer funds to or from any online gambling sites.
All US members will continue to be able to use their NETELLER e-wallet account to safely transfer funds to and from non-gambling merchants and are not required to close their account or withdraw their funds.
Please note that we are experiencing higher than normal support volumes and recommend that you read the FAQs for more information.
// posted by MB @ ---- Citadel Out of the US Market ---- 7:15 AM 
