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Net1 BEE Option Expires Unexercised; Company and BBBEE Consortium Evaluating Alternatives
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 BEE Option Expires Unexercised; Company and BBBEE Consortium
Evaluating Alternatives
Johannesburg - April 19, 2013 - Net 1 UEPS Technologies, Inc. (NasdaqGS: UEPS;
JSE: NT1) today announced that the one-year option to purchase 8,955,000 shares
with an exercise price of $8.96 per share granted to Business Venture Investments
1567 ("BVI"), a special purpose vehicle that represents a consortium of black South
Africans, community groups and the Net1 Foundation (the "BBBEE consortium"),
has expired unexercised. The Company and the BBBEE consortium are evaluating
various alternatives to ensure the Company’s empowerment objectives will be met.
Mr. Mosehla, who represented the BBBEE consortium, has expressed his continued
commitment to the Company and will remain a director on the Net1 Board.
"The protracted legal battle with Absa subsidiary AllPay regarding the SASSA tender,
recently decided in favor of SASSA and Net1 by a unanimous ruling of the full bench
of the South African Supreme Court of Appeal, and the existence of the DOJ/SEC
investigations have thwarted any chance that BVI may have had to raise the funds
required to exercise the option. I am disappointed that our attempt to embrace South
African economic empowerment policies has failed due to circumstances beyond our
control," said Dr. Serge Belamant, Chairman and CEO of Net1. "Net1 remains
committed to these critical transformative policies and we hope to conclude a new
transaction in the near future which will achieve a similar result. We would like to
thank Mr. Mosehla for his contributions and continued commitment to the Company
despite this unfortunate setback," 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
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
April 19 2013
Sponsor:
Deutsche Securities (SA) (Proprietary) Limited
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