| Fri 7 Nov 2008, 9:16 | | NT1 - Net1 Announces Share Repurchase Authorization |
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NT1
NT1
NT1 - Net1 Announces Share Repurchase Authorization
Net 1 UEPS Technologies, Inc.
Registered in the state of Florida, USA
(IRS Employer Identification No. 98-0171860)
Nasdaq share code: UEPS
JSE share code: NT1
ISIN: US64107N2062
("Net1" or "the Company")
Net1 announces share repurchase authorization
Johannesburg, November 6, 2008 - NET 1 UEPS Technologies Inc. (NASDAQ: UEPS; JSE
Limited: NT1) ("Net1" or "the Company") announced today that its Board of
Directors has authorized the repurchase of up to $50 million of the Company`s
common stock at any time and from time to time through December 31, 2009.
The share repurchase authorization will be used at management`s discretion,
subject to limitations imposed by SEC Rule 10b-18 and other legal requirements
and subject to price and other internal limitations established by the Board.
Repurchases will be funded from the Company`s available cash. Share repurchases
may be made through open market purchases, privately negotiated transactions, or
both. There can be no assurance that the Company will purchase any shares or any
particular number of shares.
The authorization may be suspended, terminated or modified at any time for any
reason, including market conditions, the cost of repurchasing shares, liquidity
and other factors that management deems appropriate.
As of November 6, 2008 Net1 had a total of approximately 58,399,595 shares of
common stock issued and outstanding.
About Net1 (www.net1ueps.com)
Net1 provides its universal electronic payment system, or UEPS, as an
alternative payment system for the unbanked and under-banked populations of
developing economies. The Company believes that it is the first company
worldwide to implement a system that can enable the estimated four billion
people who generally have limited or no access to a bank account to enter
affordably into electronic transactions with each other, government agencies,
employers, merchants and other financial service providers. To accomplish this,
the Company has developed and deployed the UEPS. This system uses secure smart
cards that operate in real-time but offline, unlike traditional payment systems
offered by major banking institutions that require immediate access through a
communications network to a centralized computer. This offline capability means
that users of Net1`s system can enter into transactions at any time with other
cardholders in even the most remote areas so long as a portable offline smart
card reader is available. In addition to payments and purchases, Net1`s system
can be used for banking, health care management, international money transfers,
voting and identification.
The Company also focuses on the development and provision of secure transaction
technology, solutions and services. The Company`s core competencies around
secure online transaction processing, cryptography and integrated circuit card
(chip/smart card) technologies are principally applied to electronic commerce
transactions in the telecommunications, banking, retail, petroleum and utilities
market sectors. These technologies form the cornerstones of the "trusted
transactions" environment of Prism, a South African based subsidiary of the
Company, and provide the Company with the building blocks for developing secure
end-to-end payment solutions.
Net1 recently acquired 80.1% of BGS Smartcard System AG ("BGS"), an Austrian
company, whose core business consists of developing and integrating smart card-
based offline and online financial transaction systems. Since 1993, BGS has
implemented tailor-made smart card-based payment solutions, focusing on emerging
economies and in cooperation with banks, enterprises and government authorities.
BGS is headquartered in Vienna, Austria, and has subsidiaries in India and
Russia, and a branch office in the Ukraine. Distributors are located in Asia,
Central and South America, the Commonwealth of Independent States and the Middle
East.
This announcement contains forward-looking statements that involve known and
unknown risks and uncertainties. A discussion of various factors that could
cause the Company`s actual results, levels of activity, performance or
achievements to differ materially from those expressed in such forward-looking
statements are included in the Company`s filings with the Securities and
Exchange Commission. The Company undertakes no obligation to revise any of these
statements to reflect future circumstances or the occurrence of unanticipated
events.
Contact:
Net 1 UEPS Technologies, Inc.
William Espley
Net1 Investor Relations
(604) 484-8750 or Toll Free: 1-866-412-NET1 (6381)
www.net1ueps.com
Johannesburg
November 7, 2008
Sponsor to Net1
Deutsche Securities (SA) (Proprietary) Limited
Date: 07/11/2008 09:16:37 Produced by the JSE SENS Department.
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