Net 1 UEPS Technologies Inc.

Net 1 UEPS Technologies Inc.

January 10, 2006 11:09 ET

Net1 Receives Order to Provide Additional POS Equipment to Nedbank Limited

JOHANNESBURG, SOUTH AFRICA--(CCNMatthews - Jan. 10, 2006) - Net 1 UEPS Technologies, Inc. (NASDAQ:UEPS) ("Net1" or "the Company") announced today that it had received an order to provide Nedbank Limited with an additional 10,500 Point-of-Sale ("POS") terminals and 7,000 pin-pads. The POS terminals incorporate the latest technologies such as GPRS ("General Packet Radio Service"), Bluetooth and optical fingerprint readers. Net1 expects to generate revenue of approximately $6.6 million (ZAR 40.9 million), at the current exchange rate, from these transactions.

Deliveries are expected to commence at the end of Net1's third quarter of fiscal 2006 and are expected to be completed during Net1's second quarter of fiscal 2007.

About Net1 (

Net1 provides its universal electronic payment system, or UEPS, as an alternative payment system for the unbanked and under-banked populations of developing economies. The company believes that it is the first company worldwide to implement a system that can enable the estimated four billion people who generally have limited or no access to a bank account to enter affordably into electronic transactions with each other, government agencies, employers, merchants and other financial service providers. To accomplish this, the company has developed and deployed the UEPS. This system uses secure smart cards that operate in real-time but offline, unlike traditional payment systems offered by major banking institutions that require immediate access through a communications network to a centralized computer. This offline capability means that users of Net1's system can enter into transactions at any time with other card holders in even the most remote areas so long as a portable offline smart card reader is available. In addition to payments and purchases, Net1's system can be used for banking, health care management, international money transfers, voting and identification.

This announcement may contain forward-looking statements pursuant to the "safe-harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward looking statements involve known and unknown risks, uncertainties and other factors that may cause the company's actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed, implied or inferred by these forward-looking statements, such as product demand, market and customer acceptance, the effect of economic conditions, competition, pricing, development difficulties, foreign currency risks, costs of capital, the ability to consummate and integrate acquisitions, and other risks detailed in the Company's SEC filings. The Company undertakes no obligation to revise any of these statements to reflect future circumstances or the occurrence of unanticipated events.

4th Floor, North Wing,
President Place, Cnr, Jan Smuts Avenue and Bolton Road
Rosebank, Johannesburg, South Africa
Tel: 011-27-11-343-2000 Fax: 011-27-11-880-7080

Contact Information

  • Net 1 UEPS Technologies Inc.
    William Espley
    Investor Relations
    (604) 484-8750 or Toll Free: 1-866-412-NET1 (6381)