Net1: South African Constitution Court Dismisses Net1's Leave to Appeal
10 Juni 2011 - 5:50PM
Marketwired
Net 1 UEPS Technologies Inc. (NASDAQ: UEPS)(JSE: NT1) ("Net1" or
the "Company") today announced that the South African
Constitutional Court ("Constitutional Court") has dismissed Net1's
leave to appeal the Supreme Court of Appeal's judgement related to
the South African Social Security Agency's ("SASSA") right to
contract with the South African Post Office ("SAPO"), citing that
it is not in the interest of justice for the Constitution Court to
hear this matter.
SASSA is therefore no longer restricted from contracting with
SAPO for the distribution of social grants as per the terms of the
agreement signed between the two organizations in 2009. However,
SASSA has since commenced a competitive tender process for the
distribution of social grants in South Africa, and Net1 believes
the outcome of this tender will ultimately decide which contractor
or contractors will be responsible for the distribution of social
grants.
"We are obviously disappointed that we will not have an
opportunity to argue our case at the Constitutional Court," said
Dr. Serge Belamant, Net1's Chairman and Chief Executive Officer.
"In any event, SASSA has commenced a competitive tender process for
the payment of social welfare grants and bids are due next week. We
will participate in the tender process and concurrently continue to
provide SASSA with our high quality service," he concluded.
About Net1 (www.net1.com)
Net1 is a leading provider of alternative payment systems that
leverage its Universal Electronic Payment System, or UEPS, to
facilitate biometrically secure real-time electronic transaction
processing to unbanked and under-banked populations of developing
economies around the world in an online or offline environment. In
addition to payments, UEPS can be used for banking, healthcare
management, payroll, remittances, voting and identification.
Net1 operates market-leading payment processors in South Africa,
Republic of Korea, Ghana and Iraq. In addition, Net1's proprietary
Mobile Virtual Card technology offers secure mobile payments and
banking services in developed and emerging countries.
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 may 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 Vice
President of Investor Relations +1-212-626-6675 dchopra@net1.com
www.net1.com
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