HOUSTON, May 24 /PRNewswire-FirstCall/ -- US Dataworks, Inc. (Amex:
UDW), a leading developer of payment processing solutions, announced that
it has formed a strategic alliance with the nation's largest financial
transaction processor for businesses accepting payments via traditional
point of sale, hospitality, Internet, catalog and recurring billing. The
contemplated focus of the alliance is to provide an integrated electronic
payment processing solution to the marketplace.
Under the terms of the agreement, the partnering company, which offers
the industry's most extensive array of payment processing methodologies,
will be adding US Dataworks' innovative and proprietary technology,
Clearingworks(TM), to provide its customers with a comprehensive solution
for their check and Automated Clearing House (ACH) payment processing
needs. This will include Back Office Conversion (BOC), a new procedure
allowing retailers and merchants to scan paper items in their own back
offices and process them electronically -- dramatically reducing
operational expenses and bank costs (float).
US Dataworks is expressly precluded from disclosing specific details
from the partnership agreement, including the partner's name, but believes
that this agreement will have a material positive impact on its operations
as a result.
"As more retailers and merchants begin to implement BOC, we believe
this new relationship will place US Dataworks at the forefront in the
pursuit for market share," said Charles Ramey, Chairman and CEO of US
Dataworks. "We believe that this alliance will solidify future growth for
US Dataworks as our new partner, renown within the financial transaction
processing industry, is expected to process over 13 billion transactions
this year. We hope the alliance will boost that volume significantly by
adding the ability to process check and ACH payments."
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.
Except for the historical information contained herein, the matters set
forth in this press release, including, but not limited to, the
extensiveness of the operational expense and bank costs savings to be
realized by BOC, the magnitude of the positive impact the alliance will
have on the operations of UDW and its future growth, the expectation of the
partner's transaction volumes for this year and the alliance's ability to
boost the partner's total transactional volume are forward-looking
statements within the meaning of the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. These 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-K for the period ended March 31, 2005 and its quarterly
report on Form 10-Q for the period ended December 31, 2005. These
forward-looking statements speak only as of the date hereof. US Dataworks
disclaims any obligation to update these forward-looking statements.
CONTACTS:
John Figone, SVP of Business Development
US Dataworks, Inc.
(713) 934-3855
Donald C. Weinberger/Alisa Steinberg (media)
Wolfe Axelrod Weinberger Assoc. LLC
Tel. (212) 370-4500 Fax (212) 370-4505
SOURCE US Dataworks, Inc.
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Related links:
http://www.usdataworks.com
CONTACT:
John Figone, SVP of Business Development of
US Dataworks, Inc., +1-713-934-3855; or media, Donald C.
Weinberger or Alisa Steinberg, both of Wolfe Axelrod Weinberger
Assoc. LLC, +1-212-370-4500, or fax, +1-212-370-4505, for US
Dataworks, Inc.
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