"The events of the past months have led to challenging times for the Group," said Ron Martin, Group President and CEO, "and the Board has taken these measures to ensure the Group has a sustainable business going forward. We would like to thank all of our employees who have contributed to the growth of the NETELLER business over the past few years, and for those who have left or will be leaving the Group, we wish you well for the future. The Board believes NETELLER continues to have a strong future ahead and presents many exciting opportunities for its employees."
The restructuring is targeted to save $3.7mil in operating costs in 2007. After this downsizing, NETeller's headcount will employ 425 people, down from a peak of 1,000 in 2006.
*The UIGEA has a long arm and the full effect of the law and its far reaching affect on the world around us is yet to be realized.