Net1: Court Rules SASSA Contract Valid and Will Not Be Set Aside
August 28 2012 - 8:00AM
Marketwired
Net 1 UEPS Technologies Inc. (NASDAQ:UEPS)(JSE:NT1) ("Net1") today
announced that the North Gauteng High Court has ruled that the
contract between Cash Paymaster Services (Pty) Ltd and SASSA for
the payment of social welfare grants on a national basis for a five
year period remains valid and will not be set aside.
"We are delighted by the High Court's decision to validate our
agreement with SASSA," said Dr. Serge Belamant, Chairman and CEO of
Net1. "We agree with the court that the continued deliverance of a
high level service to our beneficiaries is of tantamount importance
and, as such, we remain absolutely committed to SASSA and our
beneficiaries," he concluded.
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, Ghana and Iraq. 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.
Contacts: Net 1 UEPS Technologies Inc. Dhruv Chopra Vice
President of Investor Relations +1-212-626-6675dchopra@net1.com
www.net1.com
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