South African Supreme Court of Appeal Rules in Favor of SASSA and Net1
JOHANNESBURG, SOUTH AFRICA -- (Marketwire) -- 03/27/13 -- Net 1 UEPS
Technologies Inc. (NASDAQ:UEPS)(JSE:NT1) today announced that a full
bench of the South African Supreme Court of Appeal ("Appeal Court")
unanimously ruled that the tender process followed by the South
African Social Security Agency ("SASSA") in awarding a contract to
Net1's wholly owned subsidiary Cash Paymaster Services (Proprietary)
Limited ("CPS") was valid and legal. Accordingly, the contract
between SASSA and CPS to distribute social welfare grants to ten
million South Africans every month for a period of five years,
remains in full force and effect. The full Appeal Court judgment is
available on our website at www.net1.com. The Company may issue
further comment on the judgment when it has had sufficient time to
study the full document.
About Net1 (www.net1.com)
We are a leading provider of alternative payment systems that
leverage our 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.
We operate market-leading payment processors in South Africa,
Republic of Korea and Ghana. In addition, our proprietary Mobile
Virtual Card technology offers secure mobile payments and banking
services in developed and emerging countries.
We have a primary listing on the Nasdaq and a secondary listing on
the JSE Limited.
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.
Net 1 UEPS Technologies Inc.
Vice President of Investor Relations
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