| Thu 13 Jan 2011, 9:17 | | NT1 - Net 1 UEPS Technologies Inc - Net1 Announces Six Month Extension of SASSA |
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NT1
NT1
NT1 - Net 1 UEPS Technologies, Inc - Net1 Announces Six Month Extension of SASSA
Contract
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 Six Month Extension of SASSA Contract
Johannesburg, South Africa (January 12, 2011) - Net 1 UEPS Technologies, Inc.
("Net1" or the "Company") (NASDAQ: UEPS, JSE: NT1) today announced a six month
extension of its contract for the payment of social welfare grants with the
South African Social Security Agency ("SASSA"), on the same terms and conditions
as the existing agreement, which is scheduled to expire on March 31, 2011.
SASSA has indicated that it intends to commence with a new tender process
shortly and has requested the six month extension to allow it to conclude the
tender process.
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. Net1`s market-leading system enables 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. Net1`s
universal electronic payment system, or UEPS, 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.
Net1 also focuses on the development and provision of secure transaction
technology, solutions and services and offers transaction processing, financial
and clinical risk management solutions to both funders and providers of
healthcare. Its core competencies around secure online transaction processing,
cryptography and integrated circuit card (chip/smartcard) technologies are
principally applied to electronic commerce transactions in the
telecommunications, banking, retail, petroleum and utilities market sectors.
Net1 recently acquired KSNET, Inc. KSNET services a broad range of industries in
Korea, including credit card, retail and wholesale merchant, financial
institutions, governmental organizations, utility companies and e-commerce
businesses. It offers payment processing solutions including payment card and
banking value added networks, payment gateways, cash receipt, purchase cards and
point cards.
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 may cause
the Company`s actual results, levels of activity, performance or achievements to
differ materially from those expressed in such forwardlooking 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.
Investor Relations Contact:
Dhruv Chopra
Vice President of Investor Relations
Phone: +1-212-626-6675
Email: dchopra@net1.com
13 January 2011
Johannesburg
Sponsor to Net1:
Deutsche Securities (SA) (Proprietary) Limited
Date: 13/01/2011 09:17:01 Produced by the JSE SENS Department.
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