Net1: Court Grants Leave to Appeal
September 12 2012 - 11:45AM
Marketwired
Net 1 UEPS Technologies Inc. (NASDAQ:UEPS)(JSE:NT1) ("Net1" or the
"Company") today announced that the North Gauteng High Court has
granted leave to appeal the judgment handed down on August 28,
2012, in which the court ruled that the tender process followed by
SASSA was illegal and invalid, but that the award of the tender to
CPS would not be set aside and therefore remained valid. The court
today granted CPS and SASSA leave to appeal the ruling that the
tender process was illegal and invalid and granted AllPay, an
unsuccessful bidder and the applicant in this matter, leave to
appeal the ruling that the contract between SASSA and CPS should
not be set aside.
The matter will now be heard before the South African Supreme
Court of Appeal, as soon as it has scheduled a date for the
proceedings. The appeal process could take several months to be
finalized and the Company cannot predict when the proceeding will
be resolved or its ultimate outcome. The appeal process does not
interrupt Net1's right to continue with the execution of the
contract with SASSA and the Company remains committed to deliver a
high quality service to SASSA and its grant recipients.
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.
Forward-Looking Statements
This announcement contains forward-looking statements that
involve known and unknown risks and uncertainties, including those
that relate to the outcome of the litigation described in this
release. 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 including the risk factors related to our SASSA
contract. We undertake no obligation to revise any of these
statements to reflect future events.
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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