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<SEC-DOCUMENT>0001062993-08-004813.txt : 20081104
<SEC-HEADER>0001062993-08-004813.hdr.sgml : 20081104
<ACCEPTANCE-DATETIME>20081104122729
ACCESSION NUMBER:		0001062993-08-004813
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20081103
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20081104
DATE AS OF CHANGE:		20081104

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:		081159895

	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
<TEXT>
<!DOCTYPE HTML PUBLIC "Net 1 8-K - Final SASSA determination.pdf">


<HTML>
<HEAD>
   <TITLE>Filed by sedaredgar.com - Net 1 UEPS Technologies, Inc. - Form 8-K</TITLE>
   <META name="HandheldFriendly" content="true">
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<BODY style="font-size:10pt;">

<HR noshade align="center" width=100% size=3 color="black">
<A name=page_1></A>
<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): <U><B>November
3, 2008</B></U></P>
<P align=center><B><U><FONT size=5>NET 1 UEPS TECHNOLOGIES,
INC.<BR></FONT></U></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><U><B>Florida </B></U></TD>
    <TD align=center width="33%"><U><B>000-31203 </B></U></TD>
    <TD align=center width="33%"><U><B>98-0171860 </B></U></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 <BR><U>Rosebank, Johannesburg, South
Africa</U><BR></B>(Address of principal executive offices) (ZIP Code)</P>
<P align=center>Registrant&#146;s telephone number, including area code:
<B><U>011-27-11-343-2000</U></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))</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_2></A>
<P align=justify><B>Item 8.01. Other Events.</B></P>
<P align=justify>The following information is furnished pursuant to Item 8.01,
&#147;Other Events.&#148;</P>
<P align=justify>On November 3, 2008, Net 1 UEPS Technologies, Inc. (&#147;Net1&#148;)
issued a press release announcing that it received the final decision in respect
of the Payment Service Tender from the Chief Executive Officer (&#147;CEO&#148;) of the
South African Social Security Agency (&#147;SASSA&#148;). Bidders have been advised that
the CEO has decided to: (i) make no award of tenders submitted in response to
SASSA Tender 19/06/BS and to terminate the procurement process; and (ii) defer a
decision about commencing a fresh tender process for the provision of a social
assistance grants payment service.</P>
<P align=justify>The reasons for the decision of the CEO are summarized as
follows:</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%">1. </TD>
    <TD>
      <P align=justify>a number of the bid evaluation technical criteria
      specified in the Request for Proposal (&#147;RFP&#148;) are vaguely formulated and
      resulted in a high degree of subjectivity in the decision making process
      and inconsistent scoring of bids;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">2. </TD>
    <TD>
      <P align=justify>uncertainty and ambiguity of the RFP regarding payment
      solutions based on multiple payment channels resulted in an unfair and
      uncompetitive bidding process;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">3. </TD>
    <TD>
      <P align=justify>the important objectives of the procurement process
      relating to submission of performance guarantees by bidders could not be
      achieved;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">4. </TD>
    <TD>
      <P align=justify>due to the lack of clarity in the RFP regarding the
      measurement of preference points, an important objective of the RFP,
      namely the advancement of broad-based black economic empowerment, could
    not be achieved;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">5. </TD>
    <TD>
      <P align=justify>evaluating and adjudicating the payment service tender,
      notwithstanding the serious flaws identified in the RFP and bid evaluation
      process, would be inconsistent with the application of a fair,
      transparent, equitable, cost-effective and competitive procurement system
      and would expose the SASSA to a significant degree of legal risk;
    and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">6. </TD>
    <TD>
      <P align=justify>a decision by SASSA on whether or not to commence a fresh
      tender process will require further consultation and consideration of
      various important factors, including the terms, evaluation criteria and
      specifications for a new tender, the envisaged payment solution and
      conditions for the acceptability and evaluation of bids which may be based
      on alternative payment models.</P></TD></TR></TABLE>
<P align=justify>A copy of Net1&#146;s press release is attached as Exhibit 99.1.</P>
<P align=justify><B>Item 9.01. Financial Statements and Exhibits.</B></P>
<P align=justify>(d) Exhibits</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 bgColor=#eeeeee ><a href="exhibit99-1.htm">99.1 </a></TD>
    <TD align=left width="95%" bgColor=#eeeeee><a href="exhibit99-1.htm">Press
      Release, dated November 3, 2008, issued by Net 1 UEPS Technologies, Inc.
      </a></TD>
  </TR>
</TABLE>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<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: November 4, 2008 </TD>
    <TD align=left width="5%" >By:</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      width="45%">&nbsp;/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 ></TD>
    <TD align=left width="5%" ></TD>
    <TD align=left width="45%">Chief Executive Officer and Chairman of the
      Board </TD></TR></TABLE><BR>
<HR align=center width="100%" color=black noShade SIZE=5>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exhibit99-1.htm
<DESCRIPTION>PRESS RELEASE, DATED NOVEMBER 3, 2008
<TEXT>
<!DOCTYPE HTML PUBLIC "FinalSASSA.pdf">


<HTML>
<HEAD>
   <TITLE>Filed by sedaredgar.com - Net 1 UEPS Technologies, Inc. - Exhibit 99.1</TITLE>
   <META name="HandheldFriendly" content="true">
</HEAD>

<BODY style="font-size:10pt;">

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<A name=page_1></A>
<P align=right>Exhibit 99.1</P>
<P align=center><B>Net1 receives final decision from SASSA</B></P>
<P align=justify>Johannesburg, South Africa, November 3, 2008 &#150; Net 1 UEPS
Technologies, Inc. (NASDAQ: UEPS; JSE: NT1) (&#147;Net1&#148; or the &#147;Company&#148;) today
announced that it has received the final decision in respect of the Payment
Service Tender from the Chief Executive Officer (&#147;CEO&#148;) of the South African
Social Security Agency (&#147;SASSA&#148;). Bidders have been advised that the CEO has
decided to:</P>
<UL style="TEXT-ALIGN: justify">
  <LI>make no award of tenders submitted in response to SASSA Tender 19/06/BS
  and to terminate the procurement process; and
  <LI>defer a decision about commencing a fresh tender process for the provision
  of a social assistance grants payment service. </LI></UL>
<P align=justify>The reasons for the decision of the CEO are summarized as
follows:</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%">1. </TD>
    <TD>
      <P align=justify>a number of the bid evaluation technical criteria
      specified in the Request for Proposal (&#147;RFP&#148;) are vaguely formulated and
      resulted in a high degree of subjectivity in the decision making process
      and inconsistent scoring of bids;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">2. </TD>
    <TD>
      <P align=justify>uncertainty and ambiguity of the RFP regarding payment
      solutions based on multiple payment channels resulted in an unfair and
      uncompetitive bidding process;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">3. </TD>
    <TD>
      <P align=justify>the important objectives of the procurement process
      relating to submission of performance guarantees by bidders could not be
      achieved;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">4. </TD>
    <TD>
      <P align=justify>due to the lack of clarity in the RFP regarding the
      measurement of preference points, an important objective of the RFP,
      namely the advancement of broad-based black economic empowerment, could
      not be achieved;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">5. </TD>
    <TD>
      <P align=justify>evaluating and adjudicating the payment service tender,
      notwithstanding the serious flaws identified in the RFP and bid evaluation
      process, would be inconsistent with the application of a fair,
      transparent, equitable, cost-effective and competitive procurement system
      and would expose the SASSA to a significant degree of legal
risk;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">6. </TD>
    <TD>
      <P align=justify>a decision by SASSA on whether or not to commence a fresh
      tender process will require further consultation and consideration of
      various important factors, including the terms, evaluation criteria and
      specifications for a new tender, the envisaged payment solution and
      conditions for the acceptability and evaluation of bids which may be based
      on alternative payment models.</P></TD></TR></TABLE>
<P align=justify>&#147;Due to the protracted process that SASSA undertook, this
outcome is not in any way surprising&#148; said Dr. Serge Belamant, Chairman and CEO
of Net1. &#147;We will continue with our high-quality service offering to SASSA and
focus on developing our international market opportunities. The outcome of the
SASSA tender process clarifies our operating margin expectation for the duration
of our current contracts, which may well be extended,&#148; he concluded.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_2></A>
<P align=justify><B>About Net1</B> (<U><FONT
color=#0000ff>www.net1ueps.com</FONT></U>)</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net1 provides its universal
electronic payment system (&#147;UEPS&#148;), 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, Net1 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 cardholders 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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.
These technologies form the cornerstones of the &#147;trusted transactions&#148;
environment of Prism, 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>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net1 recently acquired 80.1% of
BGS Smartcard System AG (&#147;BGS&#148;), an Austrian company, whose core business
consists of developing and integrating smart card-based offline and online
financial transaction systems. Since 1993, BGS has implemented tailor-made smart
card-based payment solutions, focusing on emerging economies and in cooperation
with banks, enterprises and government authorities. BGS is headquartered in
Vienna, Austria, and has subsidiaries in India and Russia, and a branch office
in the Ukraine. Distributors are located in Asia, Central and South America, the
Commonwealth of Independent States and the Middle East. </P>
<P align=justify><B>Forward-Looking Statements</B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This announcement contains
forward-looking statements that involve known and unknown risks and
uncertainties. A discussion of various factors that could 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 including
the risk factor entitled &#147;The South African Social Security Agency, or SASSA, is
in the process of conducting a national tender for the distribution of welfare
grants in which bidders had the opportunity to bid for all of South Africa or on
a province-by-province basis. If we were not to receive contracts to continue to
distribute these grants in each of the provinces where we currently distribute
them, or if we do win these contracts, but the terms are not as favorable to us
as our current contracts, our financial condition, results of operations and
cash flows would be materially and </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_3></A>
<P align=justify>adversely affected,&#148; contained in our Annual Report on Form
10-K for the year ended June 30, 2008. The Company undertakes no obligation to
revise any of these statements to reflect future circumstances or the occurrence
of unanticipated events.</P>
<P align=justify><B>Contact William Espley at Net1 Investor Relations at:
<BR>Telephone: 1-604-484-8750 <BR>Toll Free: 1-866-412-NET1 (6381)</B></P>
<HR align=center width="100%" color=black noShade SIZE=5>

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