Net1 Announces Six Month Extension of SASSA Contract
13 January 2011 - 8:05AM
Marketwired
Net 1 UEPS Technologies Inc. ("Net1" or the "Company") (NASDAQ:
UEPS)(JSE: NT1) today announced a six month extension of its
contract for the payment of social welfare grants with the South
African Social Security Agency ("SASSA"), on the same terms and
conditions as the existing agreement, which is scheduled to expire
on March 31, 2011.
SASSA has indicated that it intends to commence with a new
tender process shortly and has requested the six month extension to
allow it to conclude the tender process.
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.
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 may 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. Dhruv Chopra Vice
President of Investor Relations +1-212-626-6675 dchopra@net1.com
www.net1.com
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