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Net1 provides update on SASSA tender process
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 provides update on SASSA tender process
Johannesburg, November 25, 2014 – Net 1 UEPS Technologies, Inc. (“Net1” or the “Company”)
(Nasdaq: UEPS; JSE: NT1) today provided an update on the South African Social Security Agency
(“SASSA”) tender process.
As ordered by the South African Constitutional Court (“Court”) in its April 2014 ruling, SASSA has
initiated a new tender process for a five-year contract for the payment of social grants. SASSA issued
a request for proposals on October 22, 2014 (“RFP”). Bidders are required to submit proposals by
December 12, 2014, and Net1 intends to participate in the tender process.
Following a detailed analysis of the tender specifications, the Company concluded that the tender
specifications were not sufficiently clear regarding a number of critical points and failed to comply
with the RFP requirements specified in the Court’s order. The Company wrote a letter to SASSA,
requesting that the RFP be withdrawn, corrected and reissued. SASSA declined the Company's
request and, in order to avoid further delays and prejudice, the Company applied to the
Constitutional Court on November 6, 2014 for an order setting aside the RFP and directing SASSA to
issue a corrected RFP.
SASSA and AllPay (an unsuccessful bidder during the previous RFP, and a party to the Court’s April
2014 ruling) are opposing our application. Similar to the original litigation that followed the previous
tender process, the Company believes the AllPay answering affidavit contains numerous baseless
allegations regarding the Company’s business practices and disclosures, which the Company denies.
We cannot predict when, or if, the Court will consider our application or what the outcome will be.
About Net 1 (www.net1.com)
Net1 is a leading provider of alternative payment systems that leverage its Universal Electronic
Payment System (“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. Net1's UEPS/EMV solution is interoperable with global EMV
standards that seamlessly permit access to all the UEPS functionality in a traditional EMV
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 and the Republic of Korea. In
addition, Net1's proprietary MVC technology offers secure mobile payments and banking services in
developed and emerging countries.
Net1 has a primary listing on NASDAQ and a secondary listing on the Johannesburg Stock Exchange.
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.
Net1 Investor Relations Contact:
Dhruv Chopra
Head of Investor Relations
Phone: +1-917-767-6722
Email: dchopra@net1.com
Johannesburg
November 26, 2014
Sponsor:
Deutsche Securities (SA) Proprietary Limited
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