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NET 1 UEPS TECHNOLOGIES INC - Net1 Comments on Social Media Allegations About Serge Belamant's PhD

Release Date: 26/02/2016 08:32
Code(s): NT1     PDF:  
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Net1 Comments on Social Media Allegations About Serge Belamant's PhD

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 Comments on Social Media Allegations About Serge Belamant’s PhD

Johannesburg, February 26, 2016 –The board of directors of Net 1 UEPS Technologies, Inc.
the Company (NasdaqGS: UEPS; JSE: NT1) has become aware of recent allegations posted
on social media questioning the validity of the honorary PhD in Information Technology and
Management conferred by Burkes University upon Serge Belamant, Chairman and CEO of
Net1.

As a result of the social media allegations, two members of the board, with the cooperation of
Serge Belamant, have conducted a review of the circumstances under which the honorary
degree was awarded to Belamant, including an examination of the email correspondence
between Belamant and Burkes University and an attempt to obtain any available information
about Burkes University.

Based on this review, it appears that in early May 2003, Belamant received an email from a
person who appeared to be associated with “Burkes University” stating that he had been
“short-listed by the Honorary Doctorates Committee” for the conferment of an honorary
doctorate degree. After receiving this correspondence, Belamant responded by asking for
details about the selection criteria and process. Belamant received a response that discussed
criteria, which appeared to him to be relevant to the awarding of an honorary degree.
Belamant provided the information that he was asked to submit, including proof of his
memberships of professional societies, his academic records, patents he filed, his nomination
for the South African chapter of the World Entrepreneur of the Year award and his work
published in information security textbooks. Belamant recalls making a donation to what he
believed was a foundation associated with Burkes University. On May 23, 2003, the honorary
degree was awarded to Belamant. Attempts to obtain information about Burkes University
revealed that, according to the “Higher Education Degree Datacheck” website, Burkes
University is currently referred to as “not a valid UK degree awarding body”. Further, there is
no current website for Burkes University.

The board believes Belamant followed the honorary degree award process in good faith and
that at the time, Belamant did not doubt the integrity of the process or the validity of the
degree. However, in light of the review, Belamant and the board have come to the conclusion
that it is likely that Belamant was the unfortunate victim of a scam and that the honorary
degree was not legitimate.


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. Through Transact24, Net1 now offers debit, credit and prepaid processing and
issuing services for Visa, MasterCard and ChinaUnionPay in China and other territories across
Asia-Pacific, Europe and Africa, and the United States.

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. 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
Head of Investor Relations
Phone: +1-917-767-6722
Email: dchopra@net1.com


Johannesburg
February 26, 2016

Sponsor:
Deutsche Securities (SA) Proprietary Limited

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