South African Supreme Court of Appeal Rules in Favor of SASSA and Net1
28 March 2013 - 1:45AM
Marketwired
Net 1 UEPS Technologies Inc. (NASDAQ:UEPS)(JSE:NT1) today announced
that a full bench of the South African Supreme Court of Appeal
("Appeal Court") unanimously ruled that the tender process followed
by the South African Social Security Agency ("SASSA") in awarding a
contract to Net1's wholly owned subsidiary Cash Paymaster Services
(Proprietary) Limited ("CPS") was valid and legal. Accordingly, the
contract between SASSA and CPS to distribute social welfare grants
to ten million South Africans every month for a period of five
years, remains in full force and effect. The full Appeal Court
judgment is available on our website at www.net1.com. The Company
may issue further comment on the judgment when it has had
sufficient time to study the full document.
About Net1 (www.net1.com)
We are a leading provider of alternative payment systems that
leverage our Universal Electronic Payment System, or UEPS, 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. In
addition to payments, UEPS can be used for banking, healthcare
management, payroll, remittances, voting and identification.
We operate market-leading payment processors in South Africa,
Republic of Korea and Ghana. In addition, our proprietary Mobile
Virtual Card technology offers secure mobile payments and banking
services in developed and emerging countries.
We have 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 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.
Contacts: Net 1 UEPS Technologies Inc. Dhruv Chopra Vice
President of Investor Relations +1-212-626-6675dchopra@net1.com
www.net1.com
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