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Net1 receives green light to resume long-term insurance activities
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 receives green light to resume long-term insurance activities
Johannesburg, July 1, 2015 – Net 1 UEPS Technologies, Inc. (NasdaqGS: UEPS;
JSE: NT1) today announced that its subsidiary, The Smart Life Insurance Company
Limited (“Smart Life”), has received a notice from the South African Financial
Services Board (“FSB”), informing Smart Life that, with immediate effect, the FSB
has withdrawn the prohibition to conduct new business it issued on February 23,
2013.
“We are delighted with the FSB’s decision after a process that took more than two
years and resulted in a painful period of dormancy at Smart Life,” said Dr. Serge
Belamant, Chairman and CEO of Net1. “The Smart Life team is eager to resume
marketing and business development activities and will work closely with our
EasyPay Everywhere and Zazoo deployment teams to ensure rapid distribution of our
uncomplicated, low-cost life insurance products. We look forward to the introduction
of yet another revolutionary product line to our customer base,” he concluded.
About Net1 (www.net1.com)
Net1 is a leading provider of alternative payment systems that leverage its Universal
Electronic Payment System (“UEPS”) or utilize its proprietary mobile technologies.
The Company operates market-leading payment processors in South Africa and the
Republic of Korea.
UEPS permits the Company 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 enable 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’s mobile technologies include its proprietary mobile payments solution - MVC,
which offers secure mobile-based payments, as well as mobile banking and prepaid
value-added services in developed and emerging countries. The Company intends to
deploy its varied mobile solutions through its Zazoo business unit, which is an
aggregation of innovative technology companies and is based in the United Kingdom.
Net1 has a primary listing on the 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. All statements, other than statements of historical
fact, included in this press release regarding strategy, future operations, future
financial position, future revenues, projected costs, prospects, plans and objectives of
management are forward-looking statements. A discussion of various factors that
could 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
Head of Investor Relations
Phone: +1-917-767-6722
Email: dchopra@net1.com
Johannesburg
July 1, 2015
Sponsor:
Deutsche Securities (SA) Proprietary Limited
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