Tier Announces Child Support Payment Processing Contract Renewal With State of Minnesota.Business Editors WALNUT CREEK Walnut Creek, residential city (1990 pop. 60,569), Contra Costa co., W Calif., in the San Francisco Bay area; inc. 1914. It is the trade and shipping center of an extensive agricultural area where walnuts are among the major product. , Calif.--(BUSINESS WIRE)--March 6, 2002 Tier Technologies, Inc. (Nasdaq: TIER) announced that it has been awarded a second contract renewal by the State of Minnesota for child support payment processing. The original two-year contract, signed in 1998, was renewed for a consecutive two-year period in 2000. The new one-year contract becomes effective June 1, 2002. For the calendar year ended December 31, 2001, Tier processed over 2.5 million transactions for the State of Minnesota. "Tier Technologies has done a great and consistent job for us," commented Wayland Campbell, Director of the Child Support Enforcement Division of the Minnesota Department of Human Services. "When we have needed their help the most, Tier has always come through," he said. "We are pleased that the State has again elected to exercise its option to renew this contract," commented James L. Bildner, Tier's Chairman and Chief Executive Officer. "The State is a wonderful client and we are happy to continue our long-standing relationship with them serving the people of Minnesota," he said. ABOUT TIER Tier is a vertically-focused global consulting firm Noun 1. consulting firm - a firm of experts providing professional advice to an organization for a fee consulting company business firm, firm, house - the members of a business organization that owns or operates one or more establishments; "he worked for a that provides business and information technology consulting Information technology consulting (IT consulting or business and technology services) is a field that focuses on advising businesses on how best to use information technology to meet their business objectives. , systems design and integration, transaction processing Updating the appropriate database records as soon as a transaction (order, payment, etc.) is entered into the computer. It may also imply that confirmations are sent at the same time. Transaction processing systems are the backbone of an organization because they update constantly. , business process outsourcing Business process outsourcing (BPO) is the contracting of a specific business task, such as payroll, to a third-party service provider. Usually, BPO is implemented as a cost-saving measure for tasks that a company requires but does not depend upon to maintain its position in and business process reengineering See reengineering. for its clients primarily in the state and local government, healthcare, insurance and utilities markets. Tier brings specific industry knowledge, proven delivery capability and proprietary applications to its client relationships. The combination of domain expertise and technical capability allow Tier to provide solutions that link increased operating efficiencies with systems and technology improvements. Tier serves Fortune 1000 companies and government entities through its offices in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , Australia and the United Kingdom. This press release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements include statements concerning awarded projects and their dollar amount and other statements regarding matters that are not historical facts. Such forward-looking statements involve risks and uncertainties; consequently, actual results may differ materially from those expressed or implied thereby. Factors that could affect actual results include risks associated with the failure to obtain contract renewals; failure to achieve anticipated gross margin levels with respect to individual contracts; revisions to mandated statutes including changes to the timing of required compliance; the possible termination of projects by clients; unanticipated claims as a result of project performance; variations in the timing, initiation or completion of client assignments; unanticipated costs incurred in fixed-price projects and warranty periods; the Company's ability to recruit, train and retain consultants and key personnel; the Company's ability to effectively manage growth and acquisitions; risks associated with rapid technological advances and other risk factors listed from time to time in the Company's filings and reports with the Securities and Exchange Commission, including 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. Form 10-K See 10-K. for the year ended September 30, 2001, and its most recent Quarterly Report on Form 10-Q Form 10-Q See 10-Q. . The forward-looking statements contained in this press release are made as of the date hereof, and the Company does not assume any obligation to update these statements or the reasons why actual results could differ materially from those projected in these statements. Tier...Expect A Lot(SM) |
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