| Mon 16 Nov 2009, 16:59 | | NT1 - Net 1 UEPS Technologies Inc -. Announces sale of up to one million shares |
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NT1
NT1
NT1 - Net 1 UEPS Technologies, Inc -. Announces sale of up to one million shares
by Chairman and CEO
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")
Net 1 UEPS Technologies, Inc. Announces Sale of Up to One Million Shares by
Chairman and CEO
JOHANNESBURG, November 16, 2009 - Net1 UEPS Technologies, Inc. ("Net1" or the
"Company") (NasdaqGS: UEPS; JSE: NT1) announced today that Dr. Serge Belamant,
its Chairman and Chief Executive Officer, plans to sell up to one million shares
of his personal holdings in the Company. The sales will occur in the open market
at the prevailing market price and will be subject to regulatory restrictions
imposed on affiliates and insiders, including Rule 144. If these sales are
completed, Dr. Belamant would continue to beneficially own approximately one
million shares, or 2.2% of the Company`s outstanding stock.
"This year marks the 20-year anniversary since I founded the Company, and my
decision to sell part of my holdings is based exclusively on my desire to
diversify my assets and assist me in estate planning," said Dr. Serge Belamant.
"Net1`s existing business and pipeline of future opportunities is strong, and I
remain firmly committed and engaged toward driving sustained profitable growth
for the Company," he added.
About Net1 (www.net1.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 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 using UEPS. The system uses
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 the Net1 system can enter into transactions at
any time with other card holders even in the most remote areas so long as a
portable offline smart card reader is available. In addition to payments and
purchases, UEPS can be used for banking, healthcare 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, energy and utilities
market sectors. Additionally, through our majority-owned subsidiary, BGS
Smartcard System AG ("BGS") based in Austria, we have implemented develop and
integrate smart card-based offline and online financial transaction systems in
cooperation with banks, enterprises and government authorities in Russian and
the Commonwealth of Independent States.
Net1 has a primary listing on the Nasdaq and a secondary listing on the JSE
Limited.
Forward-Looking Statements
This announcement contains forward-looking statements that involve known and
unknown risks and uncertainties. A discussion of various factors that 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 Dhruv Chopra, VP of Investor Relations at:
Telephone: 1-212-626-6675
e-mail: dchopra@net1.com
Johannesburg
16 November 2009
Sponsor:
Deutsche Securities (SA) (Proprietary) Limited
Date: 16/11/2009 16:59:01 Produced by the JSE SENS Department.
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