Net1 Appoints Dhruv Chopra as Vice-President - Investor Relations
June 03 2009 - 7:18AM
PR Newswire (US)
JOHANNESBURG, June 3 /PRNewswire-FirstCall/ -- Net 1 UEPS
Technologies, Inc. ("Net1" or the "Company") (NASDAQ:UEPS)(JSE:NT1)
today announced the appointment of Mr. Dhruv Chopra as
Vice-President--Investor Relations. He will join the Company today
and will be based in New York City. Mr. Chopra, 34 years old, has
spent the past five years as a research analyst at Morgan Stanley
covering the IT Services industry. Prior to that, he spent four
years at various investment management firms including Citigroup
Asset Management. He started his career as a management consultant
focused on the financial services industry. Mr. Chopra holds a
Masters in Business Administration, specializing in Finance, from
the Columbia Business School in New York, a Masters in Economics
from Tufts University in Medford, MA, and a Bachelor of Arts in
Economics from St. Xavier's College, Mumbai, India. Mr. Chopra is
contactable by telephone at 1-212-626-6675 and his e-mail address
is . About Net1 (http://www.net1ueps.com/) 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'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's system can be used for banking,
health care management, international money transfers, voting and
identification. The Company also focuses on the development and
provision of secure transaction technology, solutions and services.
The Company'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 "trusted transactions" environment of Prism, a
South Africa-based subsidiary of the Company, and provide the
Company with the building blocks for developing secure end-to-end
payment solutions. In late August 2008, Net1 acquired 80.1% of BGS
Smartcard System AG ("BGS"), 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. DATASOURCE: Net 1 UEPS Technologies, Inc.
CONTACT: Dhruv Chopra, +1-212-626-6675, , or William Espley, Net1
Investor Relations, +1-604-484-8750, Toll Free, +1-866-412-NET1
(6381) Web Site: http://www.net1ueps.com/
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