Wrap Text
NT1 - Net 1 UEPS Technologies, Inc. - Net1 receives new orders for an additional
2,000 Biometric EFTPOS devices from its Iraqi partners
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 receives new orders for an additional 2,000 Biometric EFTPOS devices from
its Iraqi partners
Johannesburg, November 10, 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 additional $1.3 million order for 2,000 EFTPOS devices
for deployment in Iraq. The Company expects to deliver 500 devices during the
second quarter of fiscal 2011 and the remaining 1,500 devices in the third
quarter of fiscal 2011.
In August 2008, the Company`s UEPS system was implemented in Iraq and is used
for the distribution and payment of government grants to war victims, government
pension payments to beneficiaries, as well as salary and wage distribution and
payment to employees of the two state owned banks.
"We are extremely excited about the rapid pace at which our partner is
deploying the UEPS across Iraq. To date, approximately 1.8 million UEPS smart
cards have been issued to beneficiaries. The increase in registrations is the
result of our partner, ISC, being awarded the business to distribute grants
electronically to the war victim beneficiaries across a further 15 provinces of
Iraq," said Brenda Stewart, Managing Director of NUETS. "The adoption, success
and proliferation of our UEPS technological solutions in Iraq, including the
current drive by our partner to deploy thousands of EFTPOS devices, is fast
opening new opportunities for Net1 to generate new revenue streams ranging from
bill payments to international and domestic money transfers," she 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. 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. It has a diverse merchant base and processed over 1.4 billion
transactions in 2009.
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.
Investor Relations Contact:
Dhruv Chopra
Vice President of Investor Relations
Phone: +1-212-626-6675
Email: dchopra@net1.com
Johannesburg
10 November 2010
Sponsor:
Deutsche Securities (SA) (Proprietary) Limited
Date: 10/11/2010 14:39:01 Supplied by www.sharenet.co.za
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