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29 April 2010

NEOVIA Financial Plc AGM Statement

Thursday 29 April 2010 – At the Annual General Meeting (“AGM”) of NEOVIA Financial Plc ("NEOVIA" or the “Company”) (NEO.L), the leading alternative payments business, being held later today in the Isle of Man, Chairman, Dale Johnson will make the following statement: 

"The Company has seen a positive start to 2010 building on the progress the business made during 2009.  Our efforts to drive efficiencies from the business are beginning to bear fruit as our business transformation programme builds momentum.  

We are continuing to win significant new contracts in both our NETBANX straight-through processing business and our stored value business which comprises the NETELLER e-wallet and Net+ cards.
We will complete the transition to our new technology platform in the coming few weeks. The Group is well placed to pursue its growth strategy through a combination of organic development around existing businesses and appropriate acquisition opportunities.

The business is performing in line with current market expectations.  As we stated in the annual report, market conditions continue to be challenging but we remain confident that we are well positioned to take advantage of improved trading activity. 

On behalf of the Board, I would like to sincerely thank our two non-executive directors, Don Lindsay and John Webster, who indicated earlier this year their intent to step down from the board at the conclusion of today’s AGM. Don and John have been non-executive directors since the Company’s admission to AIM in April 2004 and have served the Company with outstanding commitment, loyalty and professionalism throughout NEOVIA’s life as a public company.  The process to find suitable new non-executive directors as well as a new Chief Financial Officer is well underway and we expect to make formal announcements regarding such appointments in the near future.

The Board has increased optimism about the outlook for NEOVIA in 2010 based on the Company’s renewed strategy for growth, noting the continuing short term challenges for our customers from both the uncertain economic environment and constantly evolving regulatory developments. I look forward to updating shareholders on the Group's progress at our half year results.”

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