Tier Technologies, Inc. Announces Public Offering.Business/High Tech 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)--Dec. 18, 2001 Tier Technologies, Inc. (Nasdaq:TIER) announced today the public offering of 4,000,000 shares of its Class B Common Stock at $20.00 per share. Of the 4,000,000 shares being sold, 3,600,000 shares are being sold by Tier and 400,000 shares are being sold by selling shareholders. Tier and the selling shareholders, on a pro rata [Latin, Proportionately.] A phrase that describes a division made according to a certain rate, percentage, or share. In a Bankruptcy case, when the debtor is insolvent, creditors generally agree to accept a pro rata share of what is owed to them. basis, have granted the underwriters a 30-day option to purchase up to an additional 600,000 shares to cover over-allotments, if any. UBS UBS Union Bank of Switzerland UBS United Bible Societies UBS United Blood Services UBS United Buying Service UBS Used Bookstore UBS University Business Services UBS Universal Building Society (UK) UBS Ulaanbaatar Broadcasting System Warburg is acting as sole bookrunning manager and Adams, Harkness & Hill, Inc. and Wachovia Securities are acting as co-lead managers. Copies of the prospectus relating to this offering may be obtained from UBS Warburg, 1285 Avenue of the Americas, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , NY 10019, Adams, Harkness & Hill, Inc., 60 State Street, Boston, MA 02109, or from Wachovia Securities, 7 St. Paul Street, 1st Floor, Baltimore, MD 21202. Tier is a vertically focused provider of end-to-end business solutions to national, multinational and public sector clients. Tier's services include systems design and integration, transaction processing, 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. . Tier has offices in the United States, Australia and the United Kingdom. A registration statement relating to these securities has been filed with and declared effective by the Securities and Exchange Commission. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. The registration statement is available over the Internet at the Securities and Exchange Commission's web site at http://www.sec.gov. This press release contains forward-looking statements 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 risks and uncertainties; consequently, actual results may differ materially from those expressed or implied by the forward-looking statements. The underwriters have agreed with Tier and the selling shareholders to conduct this offering as a firm commitment underwriting Firm commitment underwriting An underwriting in which an investment banking firm commits to buy and sell an entire issue of stock and assumes all financial responsibility for any unsold shares. . However, the underwriting agreement Underwriting agreement The contract between a corporation issuing new publicly offered securities and the managing underwriter as agent for the underwriting group. Compare to agreement among underwriters. and the underwriters' commitment may be terminated in certain limited circumstances. A copy of the form of underwriting agreement has been filed with the Securities and Exchange Commission as an exhibit to the registration statement. (c)Tier. All rights reserved. |
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