Louisiana Signs Contract with Official Payments Corp. to Provide Electronic Tax Payment Processing Services; Represents 26th Off
24 October 2005 - 11:02PM
Business Wire
Official Payments Corp.(R), a wholly owned subsidiary of Tier
Technologies, Inc. (Nasdaq: TIER), today announced that the
Louisiana Department of Revenue has awarded it a contract to
provide electronic tax payment processing services to the citizens
and businesses of Louisiana. This new contract will enable
Louisiana taxpayers to experience the convenience of making secure
electronic payments for their individual income taxes and certain
business taxes using an American Express(R), Discover(R),
MasterCard(R) or VISA(R) debit or credit card via the Web at
www.officialpayments.com, or through the phone by calling
1-800-2PAY-TAX(SM). Louisiana, the 22nd largest state in terms of
population, collected approximately $2.2 billion in individual
income taxes, and approximately $2.6 billion in sales, corporation
income and franchise business taxes, in its last fiscal year.
"Consistent with our goal of being more responsive to taxpayers by
finding ways to make the tax compliance process simple, we are
pleased to offer Louisiana taxpayers another convenient, secure way
to make electronic tax payments," said Cynthia Bridges, Secretary
of Revenue, Louisiana Department of Revenue. "We are delighted that
Louisiana has selected Official Payments to provide our flexible
electronic tax payment services to Louisiana taxpayers," said James
R. Weaver, Tier's Chairman and Chief Executive Officer. "Louisiana
is a recognized leader in electronic government initiatives, and we
believe that by offering this service, the state is again
demonstrating its willingness to embrace technology to provide the
best possible customer service to its constituents." Official
Payments provides electronic payment services for the Internal
Revenue Service, 26 states, the District of Columbia and 2,000
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, 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 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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