|Vancouver, BC, November 30, 2006 -- ESI Entertainment Systems Inc. (“ESI”) (TSX: ESY) a leading provider of products and services to the international gaming industry, announced that its wholly-owned London, England based subsidiary Citadel Commerce UK Limited (CCUK) has received authorization from the UK Financial Services Authority (FSA) to operate as a regulated e-money issuer.|
“The FSA e-money issuer authorization is a major milestone as it opens the way for Citadel Commerce UK to legally and forcefully promote its myCitadel e-wallet throughout Europe,” said Michael Meeks, President of ESI and Executive Director of CCUK. “This authorization allows for the company to easily establish new banking relationships, operate in a protected and highly regulated financial services environment and execute its growth strategy in the European market.”
The Financial Services Authority in the UK is one of the first government regulators in Europe to establish a clear interpretation of the rules and regulations that apply to e-money issuers. The Citadel team has been working on this initiative for more than two years and becoming a regulated large issuer qualifies Citadel Commerce UK as one of a select group that can legally issue e-money in the European Union.
Regulation by the FSA is a significant step in Citadel’s implementation of industry best practices as a financial services company. Citadel Commerce UK intends to “passport” its regulated status into all 25 EU member states.
About ESI Entertainment Systems Inc.
ESI Entertainment Systems Inc. (“ESI”) (TSX: ESY) provides products and services to the international gaming industry 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 markets.
For further information please contact:
ESI Entertainment Systems Inc.
Chief Financial Officer
Telephone: (604) 299-6922
The Equicom Group
Telephone: +1 403 538 4787