YouTeller Denies NETeller Takeover Rumors

"We are not interested in a traditional online payment system. We have developed a service that is tailor-made to the current challenges", Seed Capital spokesman Florian Schweitzer stated on Thursday in response to rumors that his company's YouTeller platform is contemplating the takeover of NETeller.com.

Right now, the mysterious YouTeller is supposedly embroiled in a legal quagmire with NETeller over its name.

Seed Capital Ltd. meanwhile has decided to delay the launch of their new payment processor YouTeller.com. "It is in everyone's interest that YouTeller will not be confused with NETeller," said Seed Capital spokesman Florian Schweitzer. If Seed Capital will not be able to make the legal situation clear the company will introduce an all-new online payment system next summer."

Many industry observers have been weary of YouTeller's lack of communication in recent months, not to mention its flip flopping approach.

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Gambling911.com News Wire

Originally published April 19, 2007 10:47 am ET