US Dataworks Signs License and Services Contract With Top Financial Services Company and Raises Revenue and Earnings Guidance
30 August 2005 - 9:00PM
PR Newswire (US)
HOUSTON, Aug. 30 /PRNewswire-FirstCall/ -- US Dataworks, Inc.
(AMEX:UDW), a leading developer of payment processing software,
announced today that it has completed the execution of integrated
license, maintenance and services agreements with an existing
customer that is one of the nation's largest financial services
companies. Clearingworks(TM), US Dataworks' integrated electronic
transaction processing platform, will process all payments received
by the financial services company, including mailed remittances,
Internet payments, telephone payments and transactions captured at
worldwide remote offices. Clearingworks promises to improve the
financial services company's collection process by providing faster
funds availability and lower per transaction costs, and because
Clearingworks recognizes all NACHA transaction types and Check 21
clearing methodologies, the platform is able to provide "Best Fit
Clearing" and "Least Cost Routing." "By examining each step of the
transaction process, we have developed a more
technologically-advanced payment solution," said Terry Stepanik,
president and COO of US Dataworks. "This new contract confirms that
Clearingworks, with Real-Time Web Enablement and superior
flexibility and scalability, offers remittance processors a better
solution for today's complex transaction environment that cannot be
matched by legacy remittance systems." "The license and maintenance
agreement has a 10 year term. The services agreement is a
time-and-materials based contract that is estimated to be completed
over an 18 month period. The combined agreements provide revenues
to US Dataworks of approximately $7.0 million," stated John
Reiland, CFO of US Dataworks. "As a result of these agreements, we
are raising our guidance for the fiscal second quarter ending
September 30, 2005 and for the current fiscal year ending March 31,
2006. We expect revenues for the second quarter of fiscal 2006 to
range from $2.2 million to $2.4 million and earnings per share to
be approximately $0.01 to $0.02 per share. For the full fiscal year
ending March 31, 2006, we expect revenues to range from $6.0
million to $6.5 million and loss per share to be between ($0.03)
and ($0.04)," concluded Reiland. US Dataworks is a developer of
payment processing solutions, focused on the financial services
market, federal, state and local governments, billers and
retailers. Software developed by US Dataworks is designed to enable
organizations to transition from traditional paper-based payment
and billing processes to electronic solutions that automate
end-to-end processes for accepting and clearing checks. For more
information, visit the company's website at
http://www.usdataworks.com/ . Except for the historical information
contained herein, the matters set forth in this press release,
including, but not limited to the Company's belief that it shall
process all of the financial services company's payments and the
amounts of revenues anticipated to be received upon the final
satisfaction of the aforementioned agreements are forward-looking
statements within the meaning of the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. These
forward-looking statements are subject to risks and uncertainties
that may cause actual results to differ materially, including, but
not limited to, satisfactory performance under the license,
maintenance and services agreements referred to herein, the
Company's position in the marketplace, our ability to develop and
timely introduce products that address market demand, the impact of
alternative technological advances and competitive products, market
fluctuations, our ability to obtain future financing and other
risks detailed from time to time in the SEC reports of US
Dataworks, Inc., including its annual report on Form 10-KSB for the
period ended March 31, 2005 and its quarterly report on Form 10-QSB
for the period ended June 30, 2005. These forward-looking
statements speak only as of the date hereof. US Dataworks disclaims
any obligation to update these forward- looking statements. For
more information, contacts: John Figone - US Dataworks (713)
934-3855 ext. 250 Terrie James - media contact (713) 412-2052 Ken
Dennard - investor contact (713) 529-6600 DATASOURCE: US Dataworks,
Inc. CONTACT: John Figone of US Dataworks, Inc., +1-713-934-3855,
ext. 250; or media, Terrie James, +1-713-412-2052, or ; or
investors, Ken Dennard, +1-713-529-6600, or , both for US
Dataworks, Inc. Web site: http://www.usdataworks.com/
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