UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
20549
___________________________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November
25, 2014
NET 1 UEPS TECHNOLOGIES,
INC.
(Exact name of registrant as specified in its
charter)
Florida |
000-31203 |
98-0171860 |
(State or other jurisdiction |
(Commission |
(IRS Employer |
of incorporation) |
File Number) |
Identification No.) |
President Place, 4th Floor, Cnr.
Jan Smuts Avenue and Bolton Road
Rosebank, Johannesburg, South
Africa
(Address of principal executive offices) (ZIP Code)
Registrants telephone number, including area code:
011-27-11-343-2000
Check the appropriate box below if the Form 8-K filing is
intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions:
[ ] Written communications pursuant to Rule 425
under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12
under the Exchange Act (17 CFR 240.14a -12)
[ ] Pre-commencement communications pursuant to
Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d -2(b))
[ ] Pre-commencement communications pursuant to
Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e -4(c))
Item 7.01 Regulation FD Disclosure.
On November 25, 2014, Net1 issued a press release providing an
update on the current South African Social Security Agency (SASSA) tender
process for the payment of social grants, and the Companys approach to the
South African Constitutional Court foran order setting aside the RFP and
directing SASSA to issue a corrected RFP. A copy of the press release is
attached as Exhibit 99.1.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned hereunto duly authorized.
NET 1 UEPS TECHNOLOGIES, INC.
Date: November 25, 2014 |
By: /s/ Serge Belamant |
|
Dr. Serge C.P.
Belamant |
|
Chief Executive
Officer and Chairman of |
|
the Board
|
Exhibit 99.1
Net1 provides update on SASSA tender process
Johannesburg, November 25, 2014 Net 1 UEPS Technologies, Inc.
(Net1 or the Company) (Nasdaq: UEPS; JSE: NT1) today provided an update on
the South African Social Security Agency (SASSA) tender process.
As ordered by the South African Constitutional Court (Court)
in its April 2014 ruling, SASSA has initiated a new tender process for a
five-year contract for the payment of social grants. SASSA issued a request for
proposals on October 22, 2014 (RFP). Bidders are required to submit proposals
by December 12, 2014, and Net1 intends to participate in the tender process.
Following a detailed analysis of the tender specifications, the
Company concluded that the tender specifications were not sufficiently clear
regarding a number of critical points and failed to comply with the RFP
requirements specified in the Courts order. The Company wrote a letter to
SASSA, requesting that the RFP be withdrawn, corrected and reissued. SASSA
declined the Company's request and, in order to avoid further delays and
prejudice, the Company applied to the Constitutional Court on November 6, 2014
for an order setting aside the RFP and directing SASSA to issue a corrected RFP.
SASSA and AllPay (an unsuccessful bidder during the previous
RFP, and a party to the Courts April 2014 ruling) are opposing our application.
Similar to the original litigation that followed the previous tender process,
the Company believes the AllPay answering affidavit contains numerous baseless
allegations regarding the Companys business practices and disclosures, which
the Company denies. We cannot predict when, or if, the Court will consider our
application or what the outcome will be.
About Net 1
(www.net1.com)
Net1 is a leading provider of alternative payment systems that
leverage its Universal Electronic Payment System (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. Net1's UEPS/EMV solution is interoperable with
global EMV standards that seamlessly permit 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 operates market-leading payment processors in South Africa
and the Republic of Korea. In addition, Net1's proprietary MVC technology offers
secure mobile payments and banking services in developed and emerging
countries.
Net1 has a primary listing on NASDAQ and a secondary listing on
the Johannesburg Stock Exchange.
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.
Exhibit 99.1
Net1 Investor Relations Contact:
Dhruv Chopra
Head of Investor Relations
Phone: +1-917-767-6722
Email: dchopra@net1.com
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