US Dataworks Submits Plan to the American Stock Exchange
29 August 2008 - 6:23AM
PR Newswire (US)
HOUSTON, Aug. 28 /PRNewswire-FirstCall/ -- US Dataworks, Inc.
(AMEX:UDW), a leading innovator of payment processing solutions,
announced today that it has submitted to the American Stock
Exchange, a Compliance Plan in response to the Exchange's letter of
July 23, 2008 informing the Company that it is not in compliance
with certain of the Exchange's continued listing standards as set
forth in Part 10 of the AMEX Company Guide (the "Company Guide")
and the Company has therefore become subject to the procedures and
requirements of Section 1009 of the Company Guide. "We have
prepared a Compliance Plan to address the requirements outlined by
the Exchange in their letter of July 23, 2008. The Plan was
respectively submitted to the Exchange on August 27, 2008," says US
Dataworks Chairman and CEO Charles Ramey. "It is our belief that we
have provided a Plan that will result in the Company's compliance
within the timeframe requested by the Exchange." 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. Additional information about US Dataworks is
available at http://www.usdataworks.com/. Forward-Looking
Statements Except for the historical information contained herein,
the matters set forth in this press release, including, but not
limited to statements regarding the anticipated acceptance of the
Compliance Plan by the American Stock Exchange, the Company
believes that it has adequately prepared a Plan that, when fully
implemented, will result in the Company moving back into compliance
with the Exchange's Company Guide. Any 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-KSB
for the period ended March 31, 2008 and its quarterly report on
Form 10-QSB for the period ended June 30, 2008. These
forward-looking statements speak only as of the date hereof. US
Dataworks disclaims any obligation to update these forward-looking
statements. Charles Ramey, CEO Donald C. Weinberger US Dataworks,
Inc. Wolfe Axelrod Weinberger Assoc. LLC Tel. (281) 504-8100 Tel.
(212) 370-4500 Fax (212) 370-4505 DATASOURCE: US Dataworks, Inc.
CONTACT: Charles Ramey, CEO of US Dataworks, Inc., +1-281-504-8100;
or Donald C. Weinberger of Wolfe Axelrod Weinberger Assoc. LLC,
+1-212-370-4500, Fax, +1-212-370-4505, for US Dataworks, Inc. Web
site: http://www.usdataworks.com/
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