Official Payments Corp.(R), a wholly owned subsidiary of Tier Technologies, Inc. (Nasdaq:TIER), today announced that the citizens of Knox County, Tennessee now have the new option of making real estate and personal property tax payments online using a credit card or electronic check through Official Payments Corp. The Knox County Trustee's Office has signed an agreement with Official Payments to allow citizens to make their real estate and personal property tax payments with a VISA(R), American Express(R), Discover(R), MasterCard(R), or electronic check by visiting www.officialpayments.com. The system is now available to accept payments for the property tax payment season which began October 1, 2005. "Providing these secure, new electronic tax payment alternatives to the citizens of Knox County 24 hours a day, seven days a week, reflects our commitment to making government better every day," said Knox County Trustee, Mike Lowe. "We are very pleased that Knox County has joined the other Tennessee government entities that rely on Official Payments to provide our trusted and convenient electronic tax payment options," said James R. Weaver, Tier's Chief Executive Officer. "Knox County collected approximately $200 million in real estate and personal property tax payments in its last fiscal year." Official Payments provides electronic payment services for the Internal Revenue Service, 25 states, the District of Columbia and more than 1,800 local government clients nationwide. Official Payments' principal business is processing electronic payments on behalf of government entities via its Web site, www.officialpayments.com, and its toll-free telephone number, 1-800-2PAY-TAX(SM). Official Payments charges citizens a convenience fee for the service. Citizens using credit or debit cards with bonus rewards programs may, depending on their card's program, earn reward points, airline frequent flyer miles or cash back for paying their taxes and fees. 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 are forward-looking statements that are made pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995. The Company 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 failure by end consumers to make payments with credit or debit cards or electronic checks through Official Payments Corporation; impact of lower transaction volumes than anticipated; the potential loss of funding by clients, including due to government budget shortfalls or revisions to mandated statutes; 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 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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