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Net1 terminates consulting agreement with Serge C.P. Belamant
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 Terminates Consulting Agreement with Serge C.P. Belamant
Johannesburg, July 31, 2017 – Net1 (NasdaqGS: UEPS; JSE: NT1) today announced
that its board of directors has issued its former CEO, Mr. Serge C.P. Belamant, a 90-
day written notice to terminate his two-year consulting agreement with the Company.
Mr. Belamant retired as CEO of Net1 on May 31, 2017. The Company will not be
making any termination payments to Mr. Belamant beyond the 90-day notice period.
“We have managed a smooth transition and thus believe there is limited value to
continuing with such agreement for a lengthy period of time.” said Mr. Christopher S.
Seabrooke, Chairman of Net1. “We discussed our decision with Mr. Belamant, who
concurred with our conclusion. Our parting is cordial and we wish him success in his
future endeavors after the remaining period of the consulting agreement with us,” he
concluded.
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
July 31, 2017
Sponsor:
Rand Merchant Bank, a division of FirstRand Bank Limited
Date: 31/07/2017 03:45:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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