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Sunday, November 26, 2006

Fireone will continue to serve non-US customers

FireOne announced it was ending the processing of transactions originating from the US as a result of the passing of the Unlawful Internet Gambling Enforcement Act.

Around 85% of the company's revenues came from the US. The news came with FireOne's third-quarter and nine-month figures which said the company would incur a non-cash impairment of goodwill and intangible assets of US$78m.

The company added that exceptional provisions of US$4m had been recorded in the third quarter pertaining to the increased risk associated with customer losses from the passing of the Act.

The company added that despite recent events it will continue to offer its multi-currency credit and debit card and FirePay electronic wallet processing to the online industry from non-US consumers.In the figures, revenues for the three months to the end of September rose 31% to US$26m.

In the nine months they rose 45% to $76m. Gross profit was up 38% to $16.6m in the three months and 59% to US$50m in the nine-month period.

posted by Clark Gamble at Fireone will continue to serve non-US customers

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