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National Prosecuting Authority declines to prosecute criminal charges against Net1
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”)
National Prosecuting Authority declines to prosecute criminal charges against Net1
Johannesburg, August 11, 2016 – Net1 (NasdaqGS: UEPS; JSE: NT1) today announced
that it has been notified that the National Prosecuting Authority has taken a “no prosecution
decision” on the criminal charges brought by SASSA against the Company and Grindrod
Bank Limited.
On June 15, 2016, SASSA brought criminal charges against the Company and Grindrod
Bank for failing to comply with the recently amended Regulations to the Social Assistance
Act (the “Regulations”), which SASSA interprets to prohibit the processing of deductions
from bank accounts held by SASSA beneficiaries. SASSA’s decision to file the criminal
charges followed the Company’s announcement on June 3, 2016, that it had filed for a
declaratory order with the South African High Court to provide certainty on the
interpretation of the Regulations. SASSA is opposing the Company’s application, which is
scheduled to be heard on October 17, 2016.
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 of the Company’s High
Court application. 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
August 11, 2016
Sponsor:
Deutsche Securities (SA) Proprietary Limited
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