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NET 1 UEPS TECHNOLOGIES INC - Net1: Court Rules SASSA Contract Valid and Will Not Be Set Aside

Release Date: 28/08/2012 15:21
Code(s): NT1     PDF:  
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Net1: Court Rules SASSA Contract Valid and Will Not Be Set Aside

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” )

Net1: Court Rules SASSA Contract Valid and Will Not Be Set Aside

Johannesburg, August 28, 2012 – Net 1 UEPS Technologies, Inc. (NasdaqGS: UEPS;
JSE: NT1) (“Net1”) today announced that the North Gauteng High Court has ruled
that the contract between Cash Paymaster Services (Pty) Ltd and SASSA for the
payment of social welfare grants on a national basis for a five year period remains
valid and will not be set aside.

"We are delighted by the High Court's decision to validate our agreement with
SASSA", said Dr. Serge Belamant, Chairman and CEO of Net1. "We agree with the
court that the continued deliverance of a high level service to our beneficiaries is of
tantamount importance and, as such, we remain absolutely committed to SASSA and
our beneficiaries", he concluded.

About Net1 (www.net1.com)
We are a leading provider of alternative payment systems that leverage our 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.

We operate market-leading payment processors in South Africa, Republic of Korea,
Ghana and Iraq. In addition, our proprietary Mobile Virtual Card technology offers
secure mobile payments and banking services in developed and emerging countries.

We have a primary listing on the Nasdaq and a secondary listing on the JSE Limited.

Investor Relations Contact:
Dhruv Chopra
Vice President of Investor Relations
Phone: +1-212-626-6675
Email: dchopra@net1.com

28 August 2012
Johannesburg

Sponsor to Net1:
Deutsche Securities (SA) (Proprietary) Limited

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