Net1 Receives New Orders for an Additional 2,000 Biometric EFTPOS Devices From Its Iraqi Partners
10 November 2010 - 11:30PM
Marketwired
Net 1 UEPS Technologies Inc. (NASDAQ: UEPS)(JSE: NT1) ("Net1" or
the "Company") today announced that its wholly-owned subsidiary,
Net1 Universal Electronic Technological Solutions (Pty) Ltd
("NUETS") has received an additional $1.3 million order for 2,000
EFTPOS devices for deployment in Iraq. The Company expects to
deliver 500 devices during the second quarter of fiscal 2011 and
the remaining 1,500 devices in the third quarter of fiscal 2011.
In August 2008, the Company's UEPS system was implemented in
Iraq and is used for the distribution and payment of government
grants to war victims, government pension payments to
beneficiaries, as well as salary and wage distribution and payment
to employees of the two state owned banks.
"We are extremely excited about the rapid pace at which our
partner is deploying the UEPS across Iraq. To date, approximately
1.8 million UEPS smart cards have been issued to beneficiaries. The
increase in registrations is the result of our partner, ISC, being
awarded the business to distribute grants electronically to the war
victim beneficiaries across a further 15 provinces of Iraq," said
Brenda Stewart, Managing Director of NUETS. "The adoption, success
and proliferation of our UEPS technological solutions in Iraq,
including the current drive by our partner to deploy thousands of
EFTPOS devices, is fast opening new opportunities for Net1 to
generate new revenue streams ranging from bill payments to
international and domestic money transfers," she concluded.
About Net1 (www.net1.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. Net1's market-leading system
enables 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. Net1's
universal electronic payment system, or UEPS, uses 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 the Net1
system can enter into transactions at any time with other card
holders even in the most remote areas so long as a portable offline
smart card reader is available. In addition to payments and
purchases, UEPS can be used for banking, healthcare management,
international money transfers, voting and identification.
Net1 also focuses on the development and provision of secure
transaction technology, solutions and services and offers
transaction processing, financial and clinical risk management
solutions to both funders and providers of healthcare. Its core
competencies around secure online transaction processing,
cryptography and integrated circuit card (chip/smartcard)
technologies are principally applied to electronic commerce
transactions in the telecommunications, banking, retail, petroleum
and utilities market sectors.
Net1 recently acquired KSNET, Inc. KSNET services a broad range
of industries in Korea, including credit card, retail and wholesale
merchant, financial institutions, governmental organizations,
utility companies and e-commerce businesses. It offers payment
processing solutions including payment card and banking value added
networks, payment gateways, cash receipt, purchase cards and point
cards. It has a diverse merchant base and processed over 1.4
billion transactions in 2009.
Net1 has a primary listing on the Nasdaq and a secondary listing
on the JSE Limited.
Forward-Looking Statements
This announcement contains forward-looking statements that
involve known and unknown risks and uncertainties. A discussion of
various factors that cause the Company's actual results, levels of
activity, performance or achievements to differ materially from
those expressed in such forward-looking statements are included in
the Company's filings with the Securities and Exchange Commission.
The Company undertakes no obligation to revise any of these
statements to reflect future circumstances or the occurrence of
unanticipated events.
Contacts: Net 1 UEPS Technologies Inc. - Investor Relations
Contact: Dhruv Chopra Vice President of Investor Relations
+1-212-626-6675 dchopra@net1.com www.net1.com
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