Tier Announces Sale of Government Business Process Outsourcing Business Unit
08 July 2008 - 7:30AM
Business Wire
As previously announced, Tier Technologies, Inc. (Nasdaq:TIER) is
in the process of the divestment of a number of business units and
operations. On June�30, 2008, Tier completed the sale of its
Government Business Process Outsourcing business unit. In addition,
Tier recently completed the sale of its State Systems Integration
business unit, Health and Human Services business unit, and
Virginia Call Center and Independent Validation and Verification
operations. Tier has two additional business units currently under
review by potential acquirers. With closure on these last
transactions, Tier will have completed its divestiture plan as part
of its strategy to focus on electronic payment processing going
forward. About Tier Tier Technologies, Inc. primarily provides
federal, state and local government and other public sector clients
primarily with electronic payment processing and other transaction
processing services. Tier Technologies is headquartered in Reston,
Virginia. Its electronic payment processing clients include over
3,000 federal, state, and local governments, educational
institutions, utilities and commercial clients throughout the U.S.
Through its subsidiary, Official Payments Corp., Tier delivers
payment processing solutions for a wide range of markets. For more
information, see www.tier.com and www.officialpayments.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 Private 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 impact of governmental
investigations; 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; the
timing and completion of the divestment of the Company�s non-core
assets; 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 fiscal year ended
September 30, 2007 filed with the SEC.
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