NEOVIA refused to acquire IDT Financial Services Holdings Ltd as it promised

On Friday, 20 March 2009 NEOVIA Financial Plc, the independent global online payments business owning such brands as NETELLER®, NETBANX®, Net+™ and 1-PAY™ brands, made a further update on the IDTFS acquisition following its statement made on Friday March 13 . 

Neovia online payment processing company stopped proceeding the acquisition of IDT Financial Services Holdings Limited (“IDTFSH”), which was announced on 1 December 2008. The Gibraltar Financial Services Commission (“FSC”) said that it is unable to consent to the acquisition. The Company anticipated that the FSC related condition to the proposed acquisition would be achieved within a number of months of announcement of the transaction. But a substantial underlying shareholder of the Company refused to provide demanded notification to the FSC. The FSC hazarded a conjecture that it is unable to consent to the change of control of IDTFSH from IDT Corporation to NEOVIA unless it has any objections to the proposed acquisition of IDTFSH by NEOVIA, 

Ex-Neteller is trying to review this situation in conjunction with its advisers and find a decision for this problem. The company continues to search for strategic opportunities arising from the current economic conditions. 

As previously announced, NEOVIA expects to release its 2008 full year results on or around Thursday 23 April 2009.