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Citadel Commerce Announces Update on Merchants Reserves held in the USA
VANCOUVER, May 14 /CNW/ - ESI Entertainment Systems Inc. ("ESI") (TSX:
ESY) and Citadel Commerce Corp, a wholly owned subsidiary of ESI, today
announced that further to the press release dated April 27, 2007 concerning
the US$ 9.25 million Merchant Reserve Funds frozen by its processor in the
USA, these funds have now been seized by the U.S. Department of Justice (DoJ).
All of these funds are Merchants' Reserves related to internet gaming except
for approximately US$ 941,000 of Citadel's own capital. The company is
continuing to work with the DoJ through its legal counsel to resolve the
situation.
About ESI Entertainment Systems Inc.
ESI Entertainment Systems Inc. ("ESI") (TSX: ESY) provides products and
services to the international gaming and e-commerce industries through its
three principal subsidiaries, Citadel Commerce Corp., ESI Integrity Inc. and
PlayLine Inc. ESI's products and services, which primarily consist of payment
processing, transaction monitoring and turnkey gaming platforms, are deployed
in the on-line and land based gaming and e-commerce markets.
Forward-looking Statements
This news release contains forward-looking statements concerning ESI
Entertainment Systems Inc, which statements can be identified by the use of
forward-looking terminology such as "expect", "proposed", "may", "plan",
"intend", "will", "would" or the negative thereof or any other variations
thereon or comparable terminology referring to future events or results.
Forward-looking statements are statements about the future and are inherently
uncertain, and the actual events or results could be materially different than
those anticipated in those forward-looking statements as a result of numerous
factors discussed more fully in the Company's Final Prospectus dated March 22,
2006, Annual Information Form and elsewhere. These risks include risks related
to revenue growth, operating results, industry growth, changes in regulation
and legislation, products, technology, financing, competition, personnel and
other factors affecting the Company and its business, any of which could cause
actual events or results to vary materially from ESI's anticipated future
results. Forward-looking statements are based on beliefs, opinions and
expectations of ESI's management at the time they are made, and ESI does not
assume any obligation to update its forward-looking statements if those
beliefs, opinions or expectations, or other circumstances should change.
The Toronto Stock Exchange does not accept responsibility for this press
release.
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