US Dataworks, Inc. Forms Alliance for End-to-End Electronic Payment Processing Solution With Significant Financial Transaction
25 May 2006 - 12:00AM
PR Newswire (US)
HOUSTON, May 24 /PRNewswire-FirstCall/ -- US Dataworks, Inc.
(AMEX:UDW), a leading developer of payment processing solutions,
announced that it has formed a strategic alliance with the nation's
largest financial transaction processor for businesses accepting
payments via traditional point of sale, hospitality, Internet,
catalog and recurring billing. The contemplated focus of the
alliance is to provide an integrated electronic payment processing
solution to the marketplace. Under the terms of the agreement, the
partnering company, which offers the industry's most extensive
array of payment processing methodologies, will be adding US
Dataworks' innovative and proprietary technology,
Clearingworks(TM), to provide its customers with a comprehensive
solution for their check and Automated Clearing House (ACH) payment
processing needs. This will include Back Office Conversion (BOC), a
new procedure allowing retailers and merchants to scan paper items
in their own back offices and process them electronically --
dramatically reducing operational expenses and bank costs (float).
US Dataworks is expressly precluded from disclosing specific
details from the partnership agreement, including the partner's
name, but believes that this agreement will have a material
positive impact on its operations as a result. "As more retailers
and merchants begin to implement BOC, we believe this new
relationship will place US Dataworks at the forefront in the
pursuit for market share," said Charles Ramey, Chairman and CEO of
US Dataworks. "We believe that this alliance will solidify future
growth for US Dataworks as our new partner, renown within the
financial transaction processing industry, is expected to process
over 13 billion transactions this year. We hope the alliance will
boost that volume significantly by adding the ability to process
check and ACH payments." About US Dataworks, Inc. 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. Except for
the historical information contained herein, the matters set forth
in this press release, including, but not limited to, the
extensiveness of the operational expense and bank costs savings to
be realized by BOC, the magnitude of the positive impact the
alliance will have on the operations of UDW and its future growth,
the expectation of the partner's transaction volumes for this year
and the alliance's ability to boost the partner's total
transactional volume 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, 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 and other risks detailed from time to time in the SEC
reports of US Dataworks, including its annual report on Form 10-K
for the period ended March 31, 2005 and its quarterly report on
Form 10-Q for the period ended December 31, 2005. These
forward-looking statements speak only as of the date hereof. US
Dataworks disclaims any obligation to update these forward-looking
statements. CONTACTS: John Figone, SVP of Business Development US
Dataworks, Inc. (713) 934-3855 Donald C. Weinberger/Alisa Steinberg
(media) Wolfe Axelrod Weinberger Assoc. LLC Tel. (212) 370-4500 Fax
(212) 370-4505 DATASOURCE: US Dataworks, Inc. CONTACT: John Figone,
SVP of Business Development of US Dataworks, Inc., +1-713-934-3855;
or media, Donald C. Weinberger or Alisa Steinberg, both of Wolfe
Axelrod Weinberger Assoc. LLC, +1-212-370-4500, or fax,
+1-212-370-4505, for US Dataworks, Inc. Web site:
http://www.usdataworks.com/
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