Tier Appoints T. Jack Williams as New Senior Vice President of Strategic Programs; Payment Card Visionary Tapped to Leverage Tie
15 August 2005 - 11:22PM
Business Wire
Tier Technologies, Inc. (Nasdaq: TIER), a leading provider of
transaction processing and packaged software and systems
integration solutions for public sector clients, today announced
the appointment of T. Jack Williams to Senior Vice President of
Strategic Programs. In this newly created position, Williams will
report to James R. Weaver, Chairman and Chief Executive Officer,
and will be responsible for identifying and executing on new ways
to leverage Tier's core transaction processing assets. Mr. Williams
brings over 20 years of payment processing industry experience to
Tier, and an exemplary track record of identifying and capitalizing
on new market opportunities. Mr. Williams is credited with the
creation and implementation of the first giftcard program while at
Blockbuster Enterprises, for which he earned Credit Card
Management's 1999 Debit Executive of the Year award. He was also
instrumental in the first live smart card transaction, Visa's POS
Check, and other innovative payment concepts. Mr. Williams was most
recently Senior Vice President, Product Management of National
Processing Inc. (NPC), a leading publicly traded electronic payment
processor that was recently acquired by Bank of America, as well as
other senior management positions within NPC. Prior to NPC, Mr.
Williams was Senior Vice President, Marketing for Stored Value
Systems, where he created and implemented numerous giftcards for
companies such as Kroger, K-Mart and Exxon-Mobil. During his tenure
with Blockbuster, Mr. Williams was also responsible for the launch
and administration of the Blockbuster Visa Card. He has received
numerous industry accolades, and is a multi-year appointee to the
Federal Reserve's Payment Card Industry Advisors Committee. "This
appointment underscores our commitment to maximizing Tier's current
transaction processing assets, and we're honored to have someone of
Jack's stature onboard to lead the initiative," said Weaver. "Jack
has repeatedly demonstrated his ability to spot and develop new
high growth opportunities, build strong teams and achieve excellent
operational results. Jack will play a critical role in Tier's
future strategic direction." "I'm thrilled to be joining an
innovative payment processing industry leader at such a key time in
its growth path," said Mr. Williams. "I look forward to using my
extensive industry experience to assist in delivering new products
to Tier's large customer base, as well as in expanding into
untapped markets. I am excited to become part of the Tier team, and
I am enthusiastic about Tier's prospects." About Tier Tier is a
leading provider of transaction processing and packaged software
and systems integration services for public sector clients. We
combine our understanding of enterprise-wide systems with domain
knowledge enabling our clients to rapidly channel emerging
technologies into their operations. We focus on sectors that we
believe are driven by forces that make demand for our services less
discretionary and are likely to provide us with recurring long-term
revenue streams. More information about the Company is available at
www.Tier.com. Statements made in this press release that are not
historical facts, including statements regarding expectations for
future revenues, earnings, and expenses, are forward-looking
statements that are made pursuant to the safe harbor provisions of
the Securities Litigation Reform Act of 1995. Tier undertakes no
obligation to update any such forward-looking statements. Each of
these statements is made as of the date hereof based only on
current information and expectations that are inherently subject to
change and involve a number of risks and uncertainties. Actual
events or results may differ materially from those projected in any
of such statements due to various factors, including but not
limited to the potential loss of funding by clients, including due
to government budget shortfalls or revisions to mandated statutes;
failure to achieve anticipated gross margin levels with respect to
individual projects, including due to unanticipated costs incurred
in fixed-price or transaction-based projects; the timing,
initiation, completion, renewal, extension or early termination of
client projects; the Company's ability to realize revenues from its
business development opportunities and achieve cost savings from
its restructuring activities; and unanticipated claims as a result
of project performance, including due to the failure of software
providers or subcontractors to satisfactorily complete engagements.
For a discussion of these and other factors which may cause our
actual events or results to differ from those projected, please
refer to the Company's annual report on Form 10-K for the year
ended Sept. 30, 2004, our most recent quarterly report on Form 10-Q
for the quarter ended June 30, 2005, as well as other filings with
the SEC.
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