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NET 1 UEPS TECHNOLOGIES INC - South African Supreme Court of Appeal Rules in Favor of SASSA and Net1

Release Date: 27/03/2013 17:02
Code(s): NT1     PDF:  
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South African Supreme Court of Appeal Rules in Favor of SASSA and Net1

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”)

South African Supreme Court of Appeal Rules in Favor of SASSA and Net1

Johannesburg - March 27, 2013 - Net 1 UEPS Technologies, Inc. (NasdaqGS: UEPS;
JSE: NT1) today announced that a full bench of the South African Supreme Court of
Appeal (“Appeal Court”) unanimously ruled that the tender process followed by the
South African Social Security Agency (“SASSA”) in awarding a contract to Net1’s
wholly owned subsidiary Cash Paymaster Services (Proprietary) Limited (“CPS”) was
valid and legal. Accordingly, the contract between SASSA and CPS to distribute
social welfare grants to ten million South Africans every month for a period of five
years, remains in full force and effect. The full Appeal Court judgment is available on
our website at www.net1.com. The Company may issue further comment on the
judgment when it has had sufficient time to study the full document.


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
and Ghana. 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. 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. 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
27 March 2013

Sponsor:
Deutsche Securities (SA) (Proprietary) Limited

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