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NT1 - Net 1 UEPS Technologies, Inc - Net1 concludes SASSA Contract and Service
Level Agreement
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 concludes SASSA Contract and Service Level Agreement
Johannesburg, South Africa, February 6, 2012 - Net 1 UEPS Technologies, Inc.
("Net1") (NASDAQ: UEPS, JSE: NT1) today announced that its wholly owned
subsidiary, Cash Paymaster Services ("CPS") has signed a contract and service
level agreement with the South African Social Security Agency ("SASSA") in
terms of the award of the national payment tender as announced on January 17,
2012.
Under these agreements, CPS will effect payment, on behalf of SASSA, of social
grants to all persons who are entitled to receive such grants in all of South
Africa`s provinces. CPS` primary services include the enrollment of all
eligible recipients, issuance of a smart card to each recipient and the
biometric validation and payment of social grants to such recipients. The term
of the agreements commences on April 1, 2012 and terminates on March 31, 2017.
"Now that the contract and service level agreement with SASSA has been
concluded, we look forward to the implementation of our solution," said Dr.
Serge Belamant, Chairman and CEO of Net1. "We are ready and committed to
provide SASSA and the grant recipients with the highest level of service and
payment security and look forward to the execution of this critical
responsibility for the next five years," he concluded.
About Net1 (www.net1.com)
Net1 is a leading provider of alternative payment systems that leverage its
Universal Electronic Payment System, or UEPS, to facilitate biometrically
secure real-time electronic transaction processing to unbanked and under-
banked populations of developing economies around the world in an online or
offline environment. In addition to payments, UEPS can be used for banking,
healthcare management, payroll, remittances, voting and identification.
Net1 operates market-leading payment processors in South Africa, Republic of
Korea, Ghana and Iraq. In addition, Net1`s proprietary Mobile Virtual Card
technology offers secure mobile payments and banking services in developed and
emerging countries while its MediKredit and XeoHealth subsidiaries provide its
proprietary 5010 and ICD-10 compliant real-time claims adjudication system.
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
our actual results, levels of activity, performance or achievements to differ
materially from those expressed in such forward-looking statements are
included in our filings with the Securities and Exchange Commission including
the risk factors related to our SASSA contract. We undertake no obligation to
revise any of these statements to reflect future events.
Investor Relations Contact:
Dhruv Chopra
Vice President of Investor Relations
Phone: +1-212-626-6675
Email: dchopra@net1.com
Johannesburg
7 February 2012
Sponsor to Net1
Deutsche Securities (SA) (Proprietary) Limited
Date: 07/02/2012 09:54:01 Supplied by www.sharenet.co.za
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