Net1 Receives Order to Provide POS Equipment for Nedbank's New Business Acquiring Strategy
20 September 2005 - 5:34PM
Business Wire
Net 1 UEPS Technologies, Inc. (NASDAQ:UEPS) ("Net1" or "the
Company") announced today that it had received an order to provide
Nedbank Limited ("Nedbank") with 9,080 pin-pads and 7,280
Point-of-Sale ("POS") terminals for Nedbank's new business
requirements. Net1 expects to generate revenue of approximately
$4.6 million (ZAR 30 million) at the current exchange rate. Net1 is
the exclusive provider to Nedbank of POS terminals and pin-pads.
The POS terminals have the functionality, flexibility and
industrial strength to support Nedbank's existing acquirer base and
will facilitate the continued deployment of Nedbank's Europay,
MasterCard and Visa (EMV) rollout. Deliveries are expected to
commence at the beginning of Net1's second fiscal quarter and are
expected to be completed in the beginning of Net1's third quarter.
About Net1 (www.net1ueps.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. The company 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, the company 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 Net1'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, Net1's
system can be used for banking, health care management,
international money transfers, voting and identification. This
announcement may contain forward-looking statements pursuant to the
"safe-harbor" provisions of the Private Securities Litigation
Reform Act of 1995. These forward looking statements involve known
and unknown risks, uncertainties and other factors that may cause
the company'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, such as product
demand, market and customer acceptance, the effect of economic
conditions, competition, pricing, development difficulties, foreign
currency risks, costs of capital, the ability to consummate and
integrate acquisitions, and other risks detailed in the Company's
SEC filings. The Company undertakes no obligation to revise any of
these statements to reflect future circumstances or the occurrence
of unanticipated events. -0- *T NET 1 U.E.P.S. 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
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