Johannesburg, South Africa: Net 1 UEPS Technologies Inc. has announced a three month extension of its contract for the payment of social welfare grants with the South African Social Security Agency ("SASSA"), on the same terms and conditions as the existing agreement, which was scheduled to expire on March 31, 2010. The three month extension allows Net1 to maintain its high level of service delivery while the Company and SASSA conclude negotiations. Our ongoing discussions with SASSA include the evaluation of a number of proposals including a further contract extension, a new fixed-term contract and the commencement of a new tender process. Further announcements will be made once discussions have been concluded.

"Although we would have liked to finalize a definitive agreement with SASSA prior to March 31, 2010, this process will provide us a further opportunity to demonstrate the breadth of our technology and various business models to SASSA," says Dr. Serge Belamant, Net1's Chairman and Chief Executive Officer. "We remain committed to deliver the most efficient and cost-effective solution to SASSA and the most vulnerable citizens of South Africa," he concluded.

 

 

 

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