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Optimal Group's FireOne Group plc Subsidiary to Cease Certain U.S. Facing Operations



Printer Friendly VersionPost a CommentTell a Friend about this Article10 October 2006
On October 2, 2006, Optimal Group Inc. (NASDAQ:OPMR) made an announcement regarding the passing of the Unlawful Internet Gambling Enforcement Act of 2006 by the United States Congress and its impact upon FireOne Group plc, and therefore the Company. Optimal Group holds approximately 76% of the issued and outstanding shares of FireOne Group (London Stock Exchange (AIM): FPA).

Earlier today, FireOne Group announced that following the approval of the Unlawful Internet Gambling Enforcement Act of 2006 by the President of the United States, it will immediately cease to process settlement for transactions originating from United States consumers that may be viewed as related to online gambling. FireOne Group also announced that as a consequence of the anticipated significant negative impact on its business and results of operations, it has embarked upon a restructuring of its operations and cost base. It is expected that the President will sign the Unlawful Internet Gambling Enforcement Act of 2006 into law in the immediate near term.

FireOne Group further stated that it will continue to offer its multi-currency credit and debit card and FirePay electronic wallet processing to the online gambling industry originating from non-U.S. consumers and not prohibited by the Act, and will consider card-not-present payment processing opportunities outside of online gambling.

For more information about Optimal, please visit the Company's website at www.optimalgrp.com.

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