NT1 - Net 1 UEPS Technologies, Inc - Net1 Announces Six Month Extension of SASSA

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 Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department.                  
The SENS service is an information dissemination service administered by the    
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or            
implicitly, represent, warrant or in any way guarantee the truth, accuracy or   
completeness of the information published on SENS. The JSE, their officers,     
employees and agents accept no liability for (or in respect of) any direct,     
indirect, incidental or consequential loss or damage of any kind or nature,     
howsoever arising, from the use of SENS or the use of, or reliance on,          
information disseminated through SENS.