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.