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NET 1 UEPS TECHNOLOGIES INC - Net1 - High Court refuses appeals regarding bank account debits declaratory order

Release Date: 20/06/2017 16:20
Code(s): NT1     PDF:  
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Net1 - High Court refuses appeals regarding bank account debits 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 - High Court refuses appeals regarding bank account debits declaratory
order

Johannesburg, June 20, 2017 – Net1 (NasdaqGS: UEPS; JSE: NT1) today announced
that the High Court of the Republic of South Africa Gauteng Division, Pretoria ("High
Court") has refused the applicants’, including the Minister of Social Development,
SASSA and Black Sash, leave to appeal its May 9, 2017, declaratory order.

On May 9, 2017, the High Court issued a declaratory order that the Social Assistance
Act of 2004 and Regulations promulgated in terms thereof do not restrict social grant
recipients in the operation of their bank accounts and refused the Black Sash and other
parties' applications to intervene in the matter. Several parties, including SASSA, its
Chief Executive Officer, the Minister of Social Development and the Black Sash
applied for leave to appeal the order.

SASSA, its Chief Executive Officer and the Minister of Social Development were
ordered to pay the costs of the application for the leave to appeal.

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.
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


Media Relations Contact:
Bridget von Holdt
Business Director – Burson-Marsteller South Africa
Phone: +27-82-610-0650
Email: bridget.vonholdt@bm-africa.com

Johannesburg
June 20, 2017

Sponsor:
Rand Merchant Bank, a division of FirstRand Bank Limited

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