Net1 UEPS Technologies, Inc ('Net1') Announces Extension of Contract with Limpopo Provincial Government
06 April 2006 - 11:30PM
PR Newswire (US)
JOHANNESBURG, South Africa, April 6 /PRNewswire-FirstCall/ -- Net1
UEPS Technologies, Inc. (NASDAQ:UEPS) today announced that its
subsidiary, Cash Paymaster Services (Northern) (Proprietary)
Limited ("CPS") signed a new contract with the Limpopo provincial
government for the distribution of social welfare grants until
December 31, 2006. A new contact was required as the award of the
previous contract to CPS in November 2002 was set aside by a South
African court, following a challenge by one of the disqualified
bidders. The terms and conditions of the new contract are
substantially the same as the contract awarded in November 2002 and
executed in March 2003. The new contract may be extended by the
Limpopo government to coincide with the implementation of a
national tender by the South African Social Security Agency
("SASSA"). SASSA has not published any details of this tender to
date. Net1 utilizes its smart card based UEPS technology to
distribute monthly grants to more than 900,000 social welfare
recipients in the Limpopo province. The grants distributed include
old age grants, disability grants and child support grants. About
Net1 (http://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. Net1 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, Net1 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 a number of risks and
uncertainties. These forward-looking statements are not guarantees
of future performance or events and are subject to risks and
uncertainties that can cause actual results to differ materially
from the results contemplated by such forward-looking statements.
Net1 undertakes no obligation to revise any of these statements to
reflect future circumstances or the occurrence of unanticipated
events. DATASOURCE: Net1 UEPS Technologies, Inc. CONTACT: William
Espley of Net1 Investor Relations, +1-604-484-8750, Toll Free:
+1-866-412-NET1 (6381) Web site: http://www.net1ueps.com/
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