CNW GROUP Optimal Group Makes Announcement Regarding U.S. Legislative Impact upon its FireOne Group plc Subsidiary
MONTREAL, October 2 /CNW/ – Optimal Group Inc. (NASDAQ:OPMR) today made the following announcement regarding the adoption by the United States Congress of the Unlawful Internet Gambling Enforcement Act of 2006.
On September 30, 2006, the United States Congress passed the Unlawful Internet Gambling Enforcement Act of 2006. The Act, upon becoming law, will prohibit gambling businesses from accepting any financial instrument in connection with unlawful Internet gambling. The Act will become law upon its approval by the President of the United States, which the Company expects will occur in the coming days. The Act does not define “unlawful Internet gambling” nor does it make unlawful any activities by financial institutions that are not themselves gambling businesses. The Act directs the United States Federal Reserve and the Department of the Treasury to develop regulations that would direct financial institutions to identify and block certain types of financial transactions connected with unlawful Internet gambling.
Optimal Group holds approximately 76% of the issued and outstanding shares of FireOne Group plc (London Stock Exchange (AIM): FPA). FireOne Group is a provider of payment processing services for the online gaming industry.
The enactment of the Unlawful Internet Gambling Enforcement Act of 2006 will have a significant negative impact on the business and results of operations of FireOne Group, and therefore the Company.
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