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NT1 - Net 1 UEPS Technologies, Inc. - Company Announcement
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`s continuing success in Iraq results in a new order for 1.2 million UEPS
smart cards for deployment into existing and new government projects.
Johannesburg, July 27, 2010 - Net 1 UEPS Technologies, Inc. (NasdaqGS: UEPS;
JSE: NT1) ("Net1" or the "Company") today announced that its wholly-owned
subsidiary, Net1 Universal Electronic Technological Solutions (Pty) Ltd
("NUETS"), has received an order for a further 1.2 million Universal Electronic
Payment System ("UEPS")-enabled smart cards. NUETS expects the delivery of these
cards to commence towards the end of September 2010 at the rate of 200,000 cards
per month.
Since the project`s inception in August 2008, and including this new order,
NUETS will have provided a total of 3.45 million UEPS smart cards to the Iraqi
consortium for the distribution and payment of government grants to war victims,
government pensioners and beneficiaries of the Ministry of Women affairs, as
well as salary and wage payments to employees of the two Iraqi state banks.
"We are extremely pleased and excited about the significant and accelerating
progress made by our partners since the inception of our UEPS technology in
Iraq," said Brenda Stewart, Managing Director of NUETS. "Our UEPS system is now
fully operational in all the branches of both Rashid and Rafidain banks. In
addition, an operational exercise is currently underway to evaluate how cash
merchants could assist in alleviating the operational pressure being encountered
in bank branches during payment cycles."
Over 1.5 million UEPS smart cards have been issued to beneficiaries to date
with monthly grant payments reaching 600,000 beneficiaries per month, as
payments are effected by Government on alternative months.
Within the next month, a pilot project involving Net1`s "Offline Smart Card
Registration" application for issuing smart cards to military personnel will be
initiated, followed by the distribution of the associated monthly salary/wages
payments on the UEPS cards. This new card order includes 400,000 cards which
have been set aside for the payment of military wages.
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 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 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.
Investor Relations Contact:
Dhruv Chopra
Vice President of Investor Relations
Phone: +1-212-626-6675
Email: dchopra@net1.com
Johannesburg
27 July 2010
Sponsor to Net1
Deutsche Securities (SA) (Proprietary) Limited
Date: 27/07/2010 08:00:08 Supplied by www.sharenet.co.za
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