Net1 Provides Update on SASSA Final Evaluation Process
17 Juli 2007 - 1:17AM
PR Newswire (US)
JOHANNESBURG, South Africa, July 16 /PRNewswire-FirstCall/ -- Net 1
UEPS Technologies, Inc. (NASDAQ:UEPS) ("Net1" or the "Company")
today announced that the South African Social Security Agency
("SASSA") has not yet published any information as indicated in the
timetable included in the request to submit proposals for the
provision of payments services to social assistance grant
recipients (the "RFP"). On May 4, 2007, Net1 filed proposals for
each of South Africa's nine provinces, as well as a proposal for
the entire country. According to the SASSA timetable included
within the RFP, the final evaluation process was expected to be
completed by July 13, 2007. The Company has not received any formal
notification that the final evaluation process has been completed
and will provide an update if and when such notification is
provided. There can be no assurance that the remainder of the RFP
process will be completed on the announced timetable, or that Net1
will be the successful bidder for any or all of the contracts
ultimately to be awarded by SASSA. 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. 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. The
Company also focuses on the development and provision of secure
transaction technology, solutions and services. The Company's core
competencies around secure online transaction processing,
cryptography and integrated circuit card (chip/smart card)
technologies are principally applied to electronic commerce
transactions in the telecommunications, banking, retail, petroleum
and utilities market sectors. These technologies form the
cornerstones of the "trusted transactions" environment of Prism
Holding Limited, a South African based subsidiary of the Company,
and provide the Company with the building blocks for developing
secure end-to-end payment solutions. This announcement contains
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 the results of the SASSA tender
process, implementation of the Company's Prism strategy, 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. DATASOURCE: Net 1 UEPS Technologies, Inc.
CONTACT: William Espley, Investor Relations of Net 1 UEPS
Technologies, Inc., +1-604-484-8750, Toll Free: +1-866-412-NET1
(6381) Web site: http://www.net1ueps.com/
Copyright
Net 1 Ueps Technologies (NASDAQ:UEPS)
Historical Stock Chart
Von Jun 2024 bis Jul 2024
Net 1 Ueps Technologies (NASDAQ:UEPS)
Historical Stock Chart
Von Jul 2023 bis Jul 2024