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National Prosecuting Authority closes case 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 closes case against Net1
Johannesburg, May 18, 2017 – Net1 (NasdaqGS: UEPS; JSE: NT1) today announced
that the National Prosecuting Authority (the "NPA") has reaffirmed its "no prosecution
decision" reached in August 2016 on the criminal charges brought by the South African
Social Security Agency ("SASSA") against the Company and Grindrod Bank Limited
("Grindrod Bank").
On August 11, 2016, the Company announced that it had been notified that the NPA
had taken a "no prosecution decision" on the criminal charges brought by SASSA
against the Company and Grindrod Bank. On May 17, 2017, the NPA notified the
Company that no further action will be taken and that it can consider the case closed.
The Company is of the view that the charges were not justified and could be classified
as vexatious in nature. The Company has reserved its rights in that regard.
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, ChinaUnionPay, Alipay and
WeChat 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.
Net1 has a primary listing on the NASDAQ and a secondary listing on the Johannesburg
Stock Exchange.
Investor Relations Contact:
Dhruv Chopra
Head of Investor Relations
Phone: +1-917-767-6722
Email: dchopra@net1.com
Media Relations Contact:
Bridget von Holdt
Business Director – Burson-Marsteller South Africa
Phone: +27-82-610-0650
Email: bridget.vonholdt@bm-africa.com
Johannesburg
May 18, 2017
Sponsor:
Rand Merchant Bank, a division of FirstRand Bank Limited
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