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<SEC-DOCUMENT>0001062993-08-000847.txt : 20080228
<SEC-HEADER>0001062993-08-000847.hdr.sgml : 20080228
<ACCEPTANCE-DATETIME>20080228145558
ACCESSION NUMBER:		0001062993-08-000847
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20080225
ITEM INFORMATION:		Other Events
FILED AS OF DATE:		20080228
DATE AS OF CHANGE:		20080228

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:		08650020

	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 - Iraq contract.pdf">


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   <TITLE>Filed by Automated Filing Services Inc. (604) 609-0244 -  Net 1 UEPS Technologies, Inc. - Form 8K</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): February 25,
2008</P>
<P align=center><B><FONT size=5><U>NET 1 UEPS TECHNOLOGIES,
INC.</U></FONT><BR></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>
<P align=center><B>President Place, 4</B><B><SUP>th</SUP></B><B> Floor, Cnr. Jan
Smuts Avenue and Bolton Road</B><BR><B>Rosebank, Johannesburg, South
Africa</B><BR>
  (Address of principal executive offices) (ZIP Code)</P>
<P align=justify>Registrant&#146;s telephone number, including area code:
<B>011-27-11-343-2000</B></P>
<P align=justify>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=justify>[ ] Written communications pursuant to Rule 425 under the
Securities Act (17 CFR 230.425)</P>
<P align=justify>[ ] Soliciting material pursuant to Rule 14a-12 under the
Exchange Act (17 CFR 240.14a -12)</P>
<P align=justify>[ ] Pre-commencement communications pursuant to Rule 14d-2(b)
under the Exchange Act (17 CFR 240.14d -2(b))</P>
<P align=justify>[ ] Pre-commencement communications pursuant to Rule 13e-4(c)
under the Exchange Act (17 CFR 240.13e -4(c))</P>
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<A name="page_2"></A>

<P align="justify">
<B>Item 8.01. Other Events.</B></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On February 25, 2008, Net 1 UEPS Technologies, Inc. (&#147;Net1&#148; or the &#147;Company&#148;) entered into an agreement with a consortium comprising the Iraqi government and local Iraqi banks for the use of
Net1&#146;s UEPS technology in Iraq. Under the contract, Net1 will provide a customized UEPS banking and payment system to the consortium.</P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The consortium, International Smart Card LLC, selected Net1 as its partner to assist with challenges currently encountered with regards to the payment and distribution of cash disbursements in Iraq. It is expected that
the UEPS technology will also be utilized by Iraqi citizens living abroad, via bank branches in other countries. </P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The deployment of the UEPS Banking and Payments System will provide a ubiquitous platform for most retail payment transactions in Iraq by providing interoperability between automatic teller machines, point of sale
devices and bank branches. The UEPS technology will provide offline and online transaction processing solutions to enable affordable products and services to be offered to Iraqi citizens irrespective of where they reside. Projects identified include
the payment of social grants to war victims, employee salary/wage payments and banking products and financial services. The first project will pilot the solution for the distribution of social grant payments to war victims.</P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company expects to commence this project in the fourth quarter of fiscal 2008 and expects to generate revenue from this arrangement in the first quarter of fiscal 2009. Under the agreement, Net1 will receive ongoing
transaction and license fees, as well as payments for the provision of outsourcing services and the sale of hardware.</P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Current Report on Form 8-K contains forward-looking statements pursuant to the &#147;safe harbor&#148; 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&#146;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&#146;s Securities and Exchange Commission filings. The Company undertakes no obligation to revise any of these statements to reflect future
circumstances or the occurrence of unanticipated events.</P>
<P align="center"> [remainder of page intentionally left blank; signature page
  follows]</P>

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<A name=page_3></A>
<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 width="50%" colSpan=2 ><B>NET 1 UEPS
      TECHNOLOGIES, INC.</B> </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="5%" >&nbsp; </TD>
    <TD width="45%" >&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="5%" >&nbsp; </TD>
    <TD width="45%" >&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>Date: February 28, 2008 </TD>
    <TD align=left width="5%" >By: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="45%"
    >/s/ Serge C.P. Belamant</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="5%" >&nbsp; </TD>
    <TD align=left width="45%" >Dr. Serge C.P. Belamant </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="5%" >&nbsp; </TD>
    <TD align=left width="45%" >Chief Executive Officer
  </TD></TR></TABLE><BR>
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</DOCUMENT>
</SEC-DOCUMENT>
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