Official Payments Corp. Announces Contract Extension with Commonwealth of Virginia.
STAMFORD, Conn. -- Official Payments Corp.(R), a wholly owned subsidiary Wholly Owned Subsidiary
A subsidiary whose parent company owns 100% of its common stock.
In other words, the parent company owns the company outright and there are no minority owners. of Tier Technologies, Inc. (Nasdaq:TIER), today announced that it has signed a two year contract extension with the Commonwealth of Virginia Department of Taxation, to allow Virginia individuals and businesses to pay a variety of taxes electronically by visiting www.officialpayments.com, or by calling 1-800-2PAY-TAX(SM).
This extension enables Virginia taxpayers to pay individual income and estimated taxes, notice of assessments and business bills by using a VISA(R), American Express American Express (NYSE: AXP), sometimes known as "AmEx" or "Amex", is a diversified global financial services company, headquartered in New York City. The company is best known for its credit card, charge card and traveler's cheque businesses. (R), Discover(R) or MasterCard(R) via the Internet or telephone through September 2006. Official Payments Corp. has been providing this service to the Commonwealth of Virginia since 2001.
"Innovation is a goal of the Virginia Department of Taxation," said Department of Taxation Commissioner Kenneth W. Thorson. "Consistent with this goal, we are pleased to continue our partnership with Official Payments Corp. in providing our citizens with this secure electronic credit and debit card debit card, card that allows the cost of goods or services that are purchased to be deducted directly from the purchaser's checking account. They can also be used at automated teller machines for withdrawing cash from the user's checking account. tax payment option."
"We are delighted that the Virginia Department of Taxation has again extended its contract with Official Payments Corp.," said James R. Weaver, Tier's Chairman and Chief Executive Officer. "We are proud to offer our innovative, secure and convenient payment processing systems to the taxpayers of the Commonwealth of Virginia."
Official Payments provides electronic payment services Electronic Payment Services (Chinese: 易辦事), commonly known as EPS, is the largest electronic payment system in Hong Kong, Macau and Shenzhen starting from 1985. The service is provided by EPS Company (Hong Kong) Limited. for the Internal Revenue Service, 24 states, the District of Columbia District of Columbia, federal district (2000 pop. 572,059, a 5.7% decrease in population since the 1990 census), 69 sq mi (179 sq km), on the east bank of the Potomac River, coextensive with the city of Washington, D.C. (the capital of the United States). and more than 1,500 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 A toll-free, Freecall, Freephone, or 800 number is a special telephone number, in that the called party is charged the cost of the calls by the telephone carrier, instead of the calling party. , 1-800-2PAY-TAX.
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 frequent flyer Hospital practice A popular term for a Pt who is regularly admitted to a particular ER or health care facility, for various reasons miles or cash back for paying their taxes and fees.
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. Tier is included in the Russell 3000(R) Index. 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 Safe Harbor
1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated.
2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Securities Litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute.
When a person begins a civil lawsuit, the person enters into a process called litigation. Reform Act of 1995.
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 Form 10-K
A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information.
See 10-K. for the year ended Sept. 30, 2003, our most recent Form 10-Q Form 10-Q
See 10-Q. , as well as other filings with the SEC.