Net1 Announces Three Month Extension of SASSA Contract
31 März 2010 - 10:15PM
Marketwired
Net 1 UEPS Technologies Inc. ("Net1" or the "Company") (NASDAQ:
UEPS)(JSE: NT1) today announced a three month extension of its
contract for the payment of social welfare grants with the South
African Social Security Agency ("SASSA"), on the same terms and
conditions as the existing agreement, which was scheduled to expire
on March 31, 2010. The three month extension allows Net1 to
maintain its high level of service delivery while the Company and
SASSA conclude negotiations. Our ongoing discussions with SASSA
include the evaluation of a number of proposals including a further
contract extension, a new fixed-term contract and the commencement
of a new tender process. Further announcements will be made once
discussions have been concluded.
"Although we would have liked to finalize a definitive agreement
with SASSA prior to March 31, 2010, this process will provide us a
further opportunity to demonstrate the breadth of our technology
and various business models to SASSA," said Dr. Serge Belamant,
Net1's Chairman and Chief Executive Officer. "We remain committed
to deliver the most efficient and cost-effective solution to SASSA
and the most vulnerable citizens of South Africa," he
concluded.
About Net1 (www.net1.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. Our market-leading system
enables 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. Our
universal electronic payment system, or UEPS, uses 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 the Net1
system can enter into transactions at any time with other card
holders even in the most remote areas so long as a portable offline
smart card reader is available. In addition to payments and
purchases, UEPS can be used for banking, healthcare management,
international money transfers, voting and identification.
Net1 also focuses on the development and provision of secure
transaction technology, solutions and services and offers
transaction processing, financial and clinical risk management
solutions to both funders and providers of healthcare. Its 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.
Net1 has a primary listing on the Nasdaq and a secondary listing
on the JSE Limited.
Forward-Looking Statements
This announcement contains forward-looking statements that
involve known and unknown risks and uncertainties. A discussion of
various factors that cause the Company's actual results, levels of
activity, performance or achievements to differ materially from
those expressed in such forward-looking statements are included in
the Company's filings with the Securities and Exchange Commission.
The Company undertakes no obligation to revise any of these
statements to reflect future circumstances or the occurrence of
unanticipated events.
Contacts: Net 1 UEPS Technologies Inc. Dhruv Chopra Investor
Relations +1-212-626-6675 dchopra@net1.com www.net1.com
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