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NT1 - Net 1 UEPS Technologies, Inc. - Net1 Announces Three 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 Three Month Extension of SASSA Contract
Johannesburg, South Africa (April 1, 2010) - Net 1 UEPS Technologies, Inc.
("Net1" or the "Company") (NASDAQ: UEPS, JSE: NT1) today announced a three
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 was scheduled to expire on March
31, 2010. The three month extension allows Net1 to maintain its high level of
service delivery while the Company and SASSA conclude negotiations. Our
ongoing discussions with SASSA include the evaluation of a number of proposals
including a further contract extension, a new fixed-term contract and the
commencement of a new tender process. Further announcements will be made once
discussions have been concluded.
"Although we would have liked to finalize a definitive agreement with SASSA
prior to March 31, 2010, this process will provide us a further opportunity to
demonstrate the breadth of our technology and various business models to
SASSA," said Dr. Serge Belamant, Net1`s Chairman and Chief Executive Officer.
"We remain committed to deliver the most efficient and cost-effective solution
to SASSA and the most vulnerable citizens of South Africa," he concluded.
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. Our 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. Our
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/smart
card) technologies are principally applied to electronic commerce transactions
in the telecommunications, banking, retail, petroleum and utilities market
sectors.
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 at Net1 Investor Relations at:
Telephone: +1-212-626-6675
Email: dchopra@net1.com
Johannesburg
1 April 2010
Sponsor to Net1
Deutsche Securities (SA) (Proprietary) Limited
Date: 01/04/2010 07:30:01 Supplied by www.sharenet.co.za
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