Net1: Court Grants Leave to Appeal
JOHANNESBURG, SOUTH AFRICA -- (Marketwire) -- 09/12/12 -- 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.
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 +1-212-626-6675 email@example.com www.net1.com
Source: Net 1 UEPS Technologies Inc.