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Net1 provides update on court process regarding declaratory order
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 court process regarding declaratory order
Johannesburg, June 28, 2016 – Net1 (NasdaqGS: UEPS; JSE: NT1) today announced that
the declaratory order being sought by the Company regarding the interpretation of the
Regulations to the Social Assistance Act has been set down for argument in the Gauteng
Division, Pretoria of the High Court of South Africa on October 17 and 18, 2016.
Today’s court order prohibits the South African Social Security Agency (“SASSA”) from
making any representations to the South African Police Services and the National
Prosecuting Authority regarding the criminal charges laid against the Company and
Grindrod Bank for the alleged contravention of the Social Assistance Act pending the
determination of the dispute, including the determination of any appeals. In addition, the
order prevents SASSA from issuing further demands to the Company and Grindrod Bank
to stop the processing of debit transactions against SASSA bank accounts pending the
determination of the dispute, including the determination of any appeals.
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 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. Through
Masterpayment, Net1 provides payment processing and enables working capital financing
in Europe.
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, including statements relating to the timing or substance of any High
Court ruling. A discussion of various factors that may 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
June 28, 2016
Sponsor:
Deutsche Securities (SA) Proprietary Limited
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