Tier Receives Notice from State of Michigan of Intent to Award Child Support State Disbursement Unit Contract.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 the Company has received a notice of intent to award a five year contract by the Michigan Family Independence Agency to provide centralized receipting and disbursement DISBURSEMENT. Literally, to take money out of a purse. Figuratively, to pay out money; to expend money; and sometimes it signifies to advance money. 2. services for the Office of Child Support - Michigan State Disbursement Unit. Subject to contract negotiations and signing, the contract period is expected to be five years, beginning in October 2004, and ending in September 2009, and may also include an additional six-month extension at the end of the contract period. The estimated value of the five-year base contract is in excess of $85 million. Under this contract, Tier will operate the State's child support payment processing center providing receiving and receipting of payments, payment processing, disbursement of funds, customer service including an Integrated Voice Response system, out-reach for Electronic Funds Transfer See EFT. (application, communications) electronic funds transfer - (EFT, EFTS, - system) Transfer of money initiated through electronic terminal, automated teller machine, computer, telephone, or magnetic tape. and Electronic Data Interchange See EDI. (application, communications) electronic data interchange - (EDI) The exchange of standardised document forms between computer systems for business use. EDI is part of electronic commerce. , and other system enhancements. The comprehensive solution selected by the State of Michigan includes services and existing technologies from Tier's Child Support Payment Processing Strategic Business Unit as well as innovative services and technologies delivered by Tier's Official Payments Corp. subsidiary, and recently acquired EPOS (Electronic Point Of Sale) See point of sale. Corporation, to maximize the use of new, proven technologies, methods and financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. , designed to reduce costs while improving efficiency and customer service. "We are delighted that Michigan has chosen Tier to provide these critical services for its citizens," said James R. Weaver, Chairman and Chief Executive Officer. "Our goal is to assist the Michigan Office of Child Support in ensuring that every eligible child receives child support. We look forward to working with the Office of Child Support in helping the State achieve their vision and mission through teamwork and collaboration with all partners." Tier operates and partners in operating child support payment centers in nine states, processing more than 20 million child support payments valued at over $3 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 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 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, 2003, our most recent Form 10-Q Form 10-Q See 10-Q. , as well as other filings with the SEC. |
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