Net1 Implements Black Economic Empowerment ("BEE") Transactions
16 April 2014 - 3:00PM
Marketwired
Net1 Implements Black Economic Empowerment ("BEE") Transactions
JOHANNESBURG, SOUTH AFRICA--(Marketwired - Apr 16, 2014) - Net 1
UEPS Technologies, Inc. ("Net1" or the "Company")
(NASDAQ:UEPS)(JSE:NT1) today announced that all conditions related
to its Relationship Agreements with its BEE partners, concluded
during December 2013, have been fulfilled and the Company issued
4,400,000 shares to the BEE partners on April 16, 2014.
Under the Relationship Agreements, Net1 issued 4,100,000 shares
of its common stock to Business Venture Investments 1567
Proprietary Limited (RF) and 300,000 shares to Born Free
Investments 272 Proprietary Limited at a price of ZAR 60.00 per
share. In order to facilitate the transactions, a wholly owned
subsidiary of the Company lent the funds to the BEE partners to
effect the purchase of the BEE Shares.
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.
Net1's UEPS/EMV solution is also completely interoperable with
global EMV standards that seamlessly permit access to all the UEPS
functionality in a traditional EMV 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, and Ghana. In addition, Net1's proprietary
Mobile Virtual Card technology offers secure mobile payments and
banking services in developed and emerging countries while its
MediKredit and XeoHealth subsidiaries provide its proprietary 5010
and ICD-10 compliant real-time claims adjudication system.
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 our actual results, levels of activity,
performance or achievements to differ materially from those
expressed in such forward-looking statements are included in our
filings with the Securities and Exchange Commission. We undertake
no obligation to revise any of these statements to reflect future
events.
Investor Relations Contact:Net 1 UEPS Technologies, Inc.Dhruv
Chopra, Head of Investor
Relations+1-917-767-6722dchopra@net1.comwww.net1.com
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