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NET 1 UEPS TECHNOLOGIES INC - Net1: Court Grants Leave to Appeal

Release Date: 13/09/2012 07:05
Code(s): NT1     PDF:  
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Net1: Court Grants Leave to Appeal

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: Court Grants Leave to Appeal

Johannesburg, September 13, 2012 – Net 1 UEPS Technologies, Inc. (NasdaqGS:
UEPS; JSE: NT1) (“Net1” or the “Company”) today announced that the North
Gauteng High Court has granted leave to appeal the judgment handed down on
August 28, 2012, in which the court ruled that the tender process followed by SASSA
was illegal and invalid, but that the award of the tender to CPS would not be set aside
and therefore remained valid. The court today granted CPS and SASSA leave to
appeal the ruling that the tender process was illegal and invalid and granted AllPay,
an unsuccessful bidder and the applicant in this matter, leave to appeal the ruling that
the contract between SASSA and CPS should not be set aside.

The matter will now be heard before the South African Supreme Court of Appeal, as
soon as it has scheduled a date for the proceedings. The appeal process could take
several months to be finalized and the Company cannot predict when the proceeding
will be resolved or its ultimate outcome. The appeal process does not interrupt Net1’s
right to continue with the execution of the contract with SASSA and the Company
remains committed to deliver a high quality service to SASSA and its grant recipients.

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.

Forward-Looking Statements

This announcement contains forward-looking statements that involve known and
unknown risks and uncertainties, including those that relate to the outcome of the
litigation described in this release. 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
13 September 2012

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

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