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Net 1 UEPS Technologies, Inc.: South African Social Security Agency Issues An Invitation To Bid

Stocks in this article: UEPS

JOHANNESBURG, April 20, 2011 /PRNewswire/ -- Net 1 UEPS Technologies, Inc. (NASDAQ: UEPS; JSE: NT1) ("Net1") today announced that the South African Social Security Agency ("SASSA") has publicly issued an Invitation to Bid inviting service providers to submit proposals for the provision of payment services for social grants in any one or more of the nine provinces of South Africa by the 27th May 2011. Net1 currently performs such payment service in five of South Africa's provinces and will participate in the bid process.

There can be no assurance that the Invitation to Bid process will be completed as per the announced timetable, or that Net1 will be the successful bidder for any or all of the provinces to be ultimately awarded by SASSA. Pursuant to the Invitation to Bid, no information pertaining to the Invitation to Bid should be disclosed to any third parties without the prior consent of SASSA and therefore, Net1 expects that it will not be in a position to provide further information about the Invitation to Bid or the bid process unless and until SASSA makes a further announcement.

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. 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, Ghana and Iraq. In addition, Net1's proprietary Mobile Virtual Card technology offers secure mobile payments and banking services in developed and emerging countries.

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

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