Net1 U.E.P.S. Technologies, Inc. Announces Completion of Prerequisites to Consummate the Company's Restructuring

Business Wire, June 23, 1999

BELLEVUE, Wash.--(BUSINESS WIRE)--June 23, 1999--

Net1 U.E.P.S. (OTC BB:NUEP) Net1 U.E.P.S. Technologies, Inc. ("NUEP") (Electronic Bulletin Board) is pleased to announce that it has completed the necessary prerequisites to consummate the Company's restructuring previously announced and described in its Information Statement distributed to shareholders in March, 1999 pursuant to which NUEP will be combined with and succeeded by Bermuda based Net1 UEPS Technologies, Ltd.

Management is currently in negotiations to secure the financing required by "NUEP Ltd" to develop the business plan and commercialise the products as described in the Information Statement.

The foregoing contains forward-looking statements, which are subject to contingencies and uncertainties. Such forward-looking statements are not guarantees of future performance, and are based on numerous assumptions about future conditions that could prove to be inaccurate. Actual events, transactions, and results may differ materially from anticipated events, transactions or results described in such statements. Material uncertainties about the future of the company exist. There can be no assurance that the Company's business develops as contemplated, or that the market for its products will be as assumed.

Serge C. Belamant, Board of Directors Claude Guerard