JOHANNESBURG, SOUTH AFRICA–(Marketwired – April 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
+1-917-767-6722
dchopra@net1.com
www.net1.com
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