Electronic Clearing House says gambling act to hit 2007 results
Electronic Clearing House Inc. on Wednesday said a portion of its business and future results of operations will be affected by the recently passed Unlawful Internet Gambling Enforcement Act of 2006. The company said it will phase out any services related to check processing activities for Internet gaming before the 270-day regulatory determination period expires. The loss of revenue and net income, arising from these services, will have a significant negative effect on the company's business and results of operations in fiscal 2007, the provider of electronic payment processing solutions said in a statement.
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