UEPS Net 1 Ueps Technologies Inc

JOHANNESBURG, June 3 /PRNewswire-FirstCall/ -- Net 1 UEPS Technologies, Inc. ("Net1" or the "Company") (NASDAQ:UEPS)(JSE:NT1) today announced the appointment of Mr. Dhruv Chopra as Vice-President--Investor Relations. He will join the Company today and will be based in New York City. Mr. Chopra, 34 years old, has spent the past five years as a research analyst at Morgan Stanley covering the IT Services industry. Prior to that, he spent four years at various investment management firms including Citigroup Asset Management. He started his career as a management consultant focused on the financial services industry. Mr. Chopra holds a Masters in Business Administration, specializing in Finance, from the Columbia Business School in New York, a Masters in Economics from Tufts University in Medford, MA, and a Bachelor of Arts in Economics from St. Xavier's College, Mumbai, India. Mr. Chopra is contactable by telephone at 1-212-626-6675 and his e-mail address is . About Net1 (http://www.net1ueps.com/) Net1 provides its universal electronic payment system, or UEPS, as an alternative payment system for the unbanked and under-banked populations of developing economies. The Company believes that it is the first company worldwide to implement a system that can enable the estimated four billion people who generally have limited or no access to a bank account to enter affordably into electronic transactions with each other, government agencies, employers, merchants and other financial service providers. To accomplish this, the Company has developed and deployed the UEPS. This system uses secure smart cards that operate in real-time but offline, unlike traditional payment systems offered by major banking institutions that require immediate access through a communications network to a centralized computer. This offline capability means that users of Net1's system can enter into transactions at any time with other cardholders in even the most remote areas so long as a portable offline smart card reader is available. In addition to payments and purchases, Net1's system can be used for banking, health care management, international money transfers, voting and identification. The Company also focuses on the development and provision of secure transaction technology, solutions and services. The Company's core competencies around secure online transaction processing, cryptography and integrated circuit card (chip/smart card) technologies are principally applied to electronic commerce transactions in the telecommunications, banking, retail, petroleum and utilities market sectors. These technologies form the cornerstones of the "trusted transactions" environment of Prism, a South Africa-based subsidiary of the Company, and provide the Company with the building blocks for developing secure end-to-end payment solutions. In late August 2008, Net1 acquired 80.1% of BGS Smartcard System AG ("BGS"), an Austrian company, whose core business consists of developing and integrating smart card-based offline and online financial transaction systems. Since 1993, BGS has implemented tailor-made smart card-based payment solutions, focusing on emerging economies and in cooperation with banks, enterprises and government authorities. BGS is headquartered in Vienna, Austria, and has subsidiaries in India and Russia, and a branch office in the Ukraine. Distributors are located in Asia, Central and South America, the Commonwealth of Independent States and the Middle East. DATASOURCE: Net 1 UEPS Technologies, Inc. CONTACT: Dhruv Chopra, +1-212-626-6675, , or William Espley, Net1 Investor Relations, +1-604-484-8750, Toll Free, +1-866-412-NET1 (6381) Web Site: http://www.net1ueps.com/

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