Net 1 UEPS Technologies Inc. Announces Addition of Florian Wendelstadt of General Atlantic LLC to the Board
15 August 2005 - 5:09PM
Business Wire
Net 1 UEPS Technologies, Inc. (Net1), (NASDAQ:UEPS) a provider of
electronic payment systems for the developing world, announced
today that Florian Wendelstadt of General Atlantic LLC has joined
its board of directors. General Atlantic, which completed a $75
million investment for secondary shares in conjunction with the
Company's recent NASDAQ listing, is a leading global private equity
firm providing capital for growth companies where information
technology or intellectual property is a key driver of growth.
Wendelstadt is the head of General Atlantic's London office. "Net1
has one of the strongest value propositions - governments,
merchants, and individuals all stand to benefit tremendously from
the opportunities afforded by the access to electronic payments and
banking services that Net1 provides as compared to the limited
options available in the cash-based environments that are typical
of developing countries. We are looking forward to working with
Net1's management team in the years to come," said Wendelstadt.
"General Atlantic's investment is a strong endorsement of Net1's
leadership position in the industry and our vision for the future
and Florian is a valuable addition to the board of directors," said
Dr. Serge Belamant, Net 1's founder and Chief Executive Officer.
"General Atlantic brings a network of global professional resources
and extensive experience as a strategic advisor to
technology-driven growth companies that will enhance our ability to
continue to establish strategic partnerships on a global basis."
Jonathan Korngold, a Principal in General Atlantic's London office
who will serve as an observer on the board of directors, added that
"Net1's unique solution not only empowers individuals in developing
economies to engage in cost-effective electronic transactions for
the first time, but also significantly reduces the handling risks
and widespread corruption typically associated with cash-based
economies." About Net 1 U.E.P.S. Technologies, Inc. Net 1 provides
its universal electronic payment system, or UEPS, as an alternative
payment system for the unbanked and under-banked populations of
developing economies. Net 1 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, Net 1 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 Net 1's
system can enter into transactions at any time with other card
holders in even the most remote areas so long as a portable offline
smart card reader is available. In addition to payments and
purchases, Net 1's system can be used for banking, health care
management, international money transfers, voting and
identification. For additional information, see www.net1ueps.com.
About General Atlantic General Atlantic LLC is a leading global
private equity firm providing capital for innovative companies
where information technology or intellectual property is a key
driver of growth. The firm was founded in 1980 and has over $8
billion in capital under management. General Atlantic has invested
in about 150 companies, with current holdings in approximately 50
companies of which nearly one-half are based outside the United
States. The firm is distinguished within the investment community
by its global strategy and worldwide presence, its commitment to
provide sustained value-added assistance for its portfolio
companies and its long-term approach. General Atlantic has nearly
70 global investment professionals among its 135 employees
worldwide with offices in Greenwich, New York, Palo Alto,
Washington, D.C., London, Dusseldorf, Singapore, Tokyo, Mumbai,
Hong Kong, and Sao Paulo. For further information and a listing of
GA's public and private portfolio companies see
www.generalatlantic.com. This announcement may contain
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. These forward looking
statements may relate to future events or Net 1's future financial
performance and involve known and unknown risks, uncertainties and
other factors that may cause Net 1's or its industry's actual
results, levels of activity, performance or achievements to be
materially different from any future results, levels of activity,
performance or achievements expressed, implied or inferred by these
forward-looking statements. Forward-looking statements in this
press release should be evaluated together with the risks,
uncertainties and other factors that affect Net 1's business,
particularly those mentioned in from time to time in Net 1's SEC
filings. Net 1 undertakes no obligation to revise any of these
statements to reflect future circumstances or the occurrence of
unanticipated events. -0- *T NET1 UEPS TECHNOLOGIES, INC. 4th
Floor, North Wing President Place, Cnr. Jan Smuts Avenue and Bolton
Road Rosebank, Johannesburg, South Africa Tel: 011-27-11-343-2000
Fax: 011-27-11-880-7080 *T Net 1 UEPS Technologies Inc.
(NASDAQ:UEPS)
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