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Net1 Announces Acquisition Of South African Third Party Payroll Processor

Net1 also focuses on the development and provision of secure transaction technology, solutions and services.  Its core competencies around secure online transaction processing, cryptography and integrated circuit card (chip/smart card) technologies are principally applied to electronic commerce transactions in the telecommunications, banking, retail, petroleum and utilities market sectors.

Net1 has a primary listing on the Nasdaq and a secondary listing on the JSE Limited.

About FIHRST (

FIHRST is a "third party payment provider" as defined by the South African Reserve Bank and the largest of its kind in South Africa. It was established in 1998 with the development of FIHRST Connect and primary host software. Currently, FIHRST processes payments on behalf of approximately 1,170 companies with approximately 700,000 employees paid each month. Its ability to process payment volumes of approximately R40 billion per annum is due to the systems, technological infrastructure and proprietary software namely, FIHRST Connect and Web Connect. FIHRST currently has 53 employees with offices in Johannesburg, Cape Town, Durban and Port Elizabeth, South Africa.

Forward-Looking Statements

This announcement contains forward-looking statements that involve known and unknown risks and uncertainties. A discussion of various factors that cause the Company's actual results, levels of activity, performance or achievements to differ materially from those expressed in such forward-looking statements are included in the Company's filings with the Securities and Exchange Commission. The Company undertakes no obligation to revise any of these statements to reflect future circumstances or the occurrence of unanticipated events.

SOURCE Net 1 UEPS Technologies, Inc.

Copyright 2009 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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