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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0001062993-07-001983.txt : 20070521
<SEC-HEADER>0001062993-07-001983.hdr.sgml : 20070521
<ACCEPTANCE-DATETIME>20070521170501
ACCESSION NUMBER:		0001062993-07-001983
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20070517
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20070521
DATE AS OF CHANGE:		20070521

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NET 1 UEPS TECHNOLOGIES INC
		CENTRAL INDEX KEY:			0001041514
		STANDARD INDUSTRIAL CLASSIFICATION:	FUNCTIONS RELATED TO DEPOSITORY BANKING, NEC [6099]
		IRS NUMBER:				980171860
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-31203
		FILM NUMBER:		07868577

	BUSINESS ADDRESS:	
		STREET 1:		4TH FLOOR, PRESIDENT PLACE
		STREET 2:		CNR. JAN SMUTS & BOLTON
		CITY:			ROSEBANK, JOHANNESBURG
		STATE:			T3
		ZIP:			00000
		BUSINESS PHONE:		27 11 343 2000

	MAIL ADDRESS:	
		STREET 1:		4TH FLOOR, PRESIDENT PLACE
		STREET 2:		CNR. JAN SMUTS & BOLTON
		CITY:			ROSEBANK, JOHANNESBURG
		STATE:			T3
		ZIP:			00000
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>form8k.htm
<DESCRIPTION>CURRENT REPORT
<TEXT>
<!DOCTYPE HTML PUBLIC "Form 8-K - Share buy back.pdf">


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<HEAD>
   <TITLE>Filed by Automated Filing Services Inc. (604) 609-0244 - Net 1 UEPS Technologies, Inc. - Form 8-K </TITLE>
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<P align=center><B><FONT size=5>UNITED STATES</FONT><BR></B><B><FONT
size=5>SECURITIES AND EXCHANGE COMMISSION </FONT><BR>Washington, D.C. 20549
<BR>
  </B></P>
<P align=center><B><FONT size=5>FORM 8-K</FONT></B></P>
<P align=center><B>CURRENT REPORT<BR></B><B>Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934</B></P>
<P align=center>Date of Report (Date of earliest event reported): May 17,
2007</P>
<P align=center><B><FONT size=5><U>NET 1 UEPS TECHNOLOGIES,
INC.<BR></U></FONT></B>(Exact name of registrant as specified in its
charter)</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=center><B>Florida </B></TD>
    <TD align=center width="33%"><B>000-31203 </B></TD>
    <TD align=center width="33%"><B>98-0171860 </B></TD></TR>
  <TR vAlign=top>
    <TD align=center>(State or other jurisdiction </TD>
    <TD align=center width="33%">(Commission </TD>
    <TD align=center width="33%">(IRS Employer </TD></TR>
  <TR vAlign=top>
    <TD align=center>of incorporation) </TD>
    <TD align=center width="33%">File Number) </TD>
    <TD align=center width="33%">Identification No.) </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=center><B>President Place, 4</B><B><SUP>th </SUP></B><B>Floor,
      Cnr. Jan Smuts Avenue and Bolton Road </B></TD></TR>
  <TR vAlign=bottom>
    <TD align=center><B>Rosebank, Johannesburg, South Africa </B></TD></TR>
  <TR vAlign=top>
    <TD align=center>(Address of principal executive offices) (ZIP Code)
  </TD></TR></TABLE>
<P align=center>Registrant&#146;s telephone number, including area code: <B>011-27-11-343-2000</B></P>
<P align=center>Check the appropriate box below if the Form 8-K filing is intended
  to simultaneously satisfy the filing obligation of the registrant under any
  of the following provisions:</P>
<p align="center">[ ] Written communications pursuant to Rule 425 under the Securities
  Act (17 CFR 230.425)</p>
<p align="center">[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange
  Act (17 CFR 240.14a-12)</p>
<p align="center">[ ] Pre-commencement communications pursuant to Rule 14d-2(b)
  under the Exchange Act (17 CFR 240.14d-2(b))</p>
<p align="center">[ ] Pre-commencement communications pursuant to Rule 13e-4(c)
  under the Exchange Act (17 CFR 240.13e-4(c))<br>
  <BR>
</p>
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<P align=justify><B>Item 8.01. Other Events</B></P>
<P align=justify>On May 17, 2007, Net 1 UEPS Technologies, Inc. (&#147;Net1&#148;) issued
a press release announcing that its Board of Directors has authorized the
repurchase of up to $50 million of Net1's common stock at any time and from time
to time through June 30, 2008. The share repurchase authorization will be used
in management&#146;s discretion, subject to limitations imposed by SEC Rule 10b-18
and other legal requirements and subject to price and any other internal
limitations that may be established by the Board from time to time. Repurchases
will be funded from Net1&#146;s available cash. Share repurchases may be made through
open market purchases, privately negotiated transactions, or both. There can be
no assurance that Net1 will purchase any shares or any particular number of
shares.</P>
<P align=justify><B>Item 9.01. Financial Statements and Exhibits.</B></P>
<P style="MARGIN-LEFT: 5%" align=justify>(d) Exhibits</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%"><a href="exhibit99-1.htm">99.1 </a></TD>
    <TD>
      <P align=justify><a href="exhibit99-1.htm">Press Release, dated May 17,
        2007, Net1 announces share repurchase authorization.</a></P></TD></TR></TABLE>
<P align=center>[remainder of page intentionally left blank; signature page
follows]</P>
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<P align=center><B>SIGNATURES</B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of
  the Securities Exchange Act of 1934, the registrant has duly caused this report
  to be signed on its behalf by the undersigned hereunto duly authorized.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left><b>NET 1 UEPS TECHNOLOGIES, INC.</b></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Date: May 21, 2007 </TD>
    <TD align=left width="50%">By: <U>/s/ Serge Belamant</U> </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="50%">&nbsp; &nbsp; &nbsp; &nbsp;Dr. Serge C.P. Belamant
    </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="50%">&nbsp; &nbsp; &nbsp; &nbsp;Chief Executive Officer
    </TD>
  </TR>
</TABLE>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<A name="page_4"></A>

<P align="center"> <U>EXHIBIT INDEX</U></P>
<P align="justify">&nbsp; </P>
<TABLE BCLLIST style="font-size:10pt;border-color:black;border-collapse:collapse;" cellpadding="0" cellspacing="0" width="100%" border="0">
  <TR>
    <TD valign=top><u>Exhibit</u></TD>
    <TD><div align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Description</u></div></TD>
  </TR>
  <TR>
    <TD valign=top>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD width=5% valign=top> <a href="exhibit99-1.htm">99.1</a> </TD>
    <TD> <P align="justify"><a href="exhibit99-1.htm">Press Release, dated May
        17, 2007, Net1 announces share repurchase authorization.</a></P></TD>
  </TR>
</TABLE>
<BR>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exhibit99-1.htm
<DESCRIPTION>PRESS RELEASE, DATED MAY 17, 2007
<TEXT>
<!DOCTYPE HTML PUBLIC "ex 99.1.pdf">


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<HEAD>
   <TITLE>Filed by Automated Filing Services Inc. (604) 609-0244 - Net 1 UEPS Technologies, Inc. - Exhibit 99.1  </TITLE>
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<P align=justify><B>Exhibit 99.1</B></P>
<P align=justify><B><U>NET1 ANNOUNCES SHARE REPURCHASE AUTHORIZATION</U></B></P>
<P align=justify>Johannesburg, May 17, 2007 &#150; NET 1 UEPS Technologies, Inc.
  (&#147;Net1&#148; or &#147;the Company&#148;) (NASDAQ: UEPS) announced today
  that its Board of Directors has authorized the repurchase of up to $50 million
  of the Company's common stock at any time and from time to time through June
  30, 2008.</P>
<P align=justify>The share repurchase authorization will be used in management&#146;s
discretion, subject to limitations imposed by SEC Rule 10b-18 and other legal
requirements and subject to price and any other internal limitations that may be
established by the Board from time to time. Repurchases will be funded from the
Company&#146;s available cash. Share repurchases may be made through open market
purchases, privately negotiated transactions, or both. There can be no assurance
that the Company will purchase any shares or any particular number of
shares.</P>
<P align=justify>The authorization may be suspended, terminated or modified at
any time for any reason, including market conditions, the cost of repurchasing
shares, liquidity and other factors that management deems appropriate.</P>
<P align=justify>As of May 17, 2007 Net1 had a total of approximately 56.9
million shares of common stock and special convertible preferred stock issued
and outstanding.</P>
<P align=justify><B>About Net1 (</B><B><U><FONT color=#0000ff>www.net1ueps.com</FONT></U></B><B>)</B></P>
<P align=justify>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&#146;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&#146;s system
can be used for banking, health care management, international money transfers,
voting and identification.</P>
<P align=justify>The Company also focuses on the development and provision of
secure transaction technology, solutions and services. The Company&#146;s 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. These technologies form the cornerstones
of the &#147;trusted transactions&#148; environment of Prism Holding Limited, a South
African based subsidiary of the Company, and provide the Company with the
building blocks for developing secure end-to-end payment solutions. </P>
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<P align=justify><I>Contact</I>:</P>
<P style="MARGIN-LEFT: 5%" align=justify>Net 1 UEPS Technologies, Inc.
<BR>William Espley <BR>Net1 Investor Relations<BR>(604) 484-8750 or Toll Free:
1-866-412-NET1 (6381) <BR><U><FONT color=#0000ff>www.net1ueps.com</FONT></U></P>
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