Tier Awarded Minnesota Child Support Payment Processing Center Contract Extension.RESTON, Va. -- Tier Technologies, Inc. (Nasdaq:TIER), a leading provider of 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. and packaged software See software package. and systems integration solutions for public sector clients, today announced that it has been awarded a child support payment processing contract extension by the Minnesota Department of Human Services. Tier has operated the Minnesota Child Support Payment Center since 1998. The contract extension is for approximately three years, ending in May 2008. "Tier has been an excellent partner in assisting the Child Support Enforcement Division in carrying out its mission," said Wayland Campbell, Director, Child Support Enforcement Division, Minnesota Department of Human Services. "We look forward to continuing our relationship with Tier for the benefit of the children and families of Minnesota." Under the contract extension, Tier will continue providing child support payment processing services for Minnesota - staffing the payment processing center, processing incoming mail, payments, and exceptions. Tier processed approximately $465 million in child support payments for Minnesota families in fiscal year 2004. "It gives us great pleasure to continue providing these important child support payment processing services for our long-standing customer, Minnesota," said James R. Weaver
The Weavers are small passerine birds related to the finches. These are seed-eating birds with rounded conical bills, most of which breed in sub-Saharan Africa, with fewer species in tropical , Tier's Chairman and Chief Executive Officer. "Tier is completely committed to continuing its work with the Child Support Enforcement Division in ensuring the children of Minnesota receive the financial support they deserve." Tier operates and partners in operating child support payment centers in nine states, processing more than 31 million child support payments valued at over $3.8 billion annually. 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 re·cur intr.v. re·curred, re·cur·ring, re·curs 1. To happen, come up, or show up again or repeatedly. 2. To return to one's attention or memory. 3. To return in thought or discourse. 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 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. 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 here·of adv. Of this. hereof Adverb Formal or law of or concerning this Adv. 1. hereof - of or concerning this; "the twigs hereof are physic" 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 risk of delay of negotiating and signing the contract as result of a protest by an unsuccessful bidder, 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. Form 10-K See 10-K. for the year ended Sept. 30, 2004, our most recent Form 10-Q Form 10-Q See 10-Q. , as well as other filings with the SEC. |
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