Tier Technologies Announces $2.1 Million Contract Extension for State Vertical ASP Center.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)--Nov. 27, 2000 Tier Technologies, Inc. (Nasdaq: TIER) today announced that the State of Kentucky has granted Tier its third consecutive extension for its child support payment processing contract. This extension covers the period December 1, 2000 through November 30, 2001 and is valued at approximately $2.1 million (based on current transaction volumes). Including this new extension, the total amount under contract is in excess of $5 million. Under this contract, Tier's vertical ASP asp, popular name for several species of viper, one of which, the European asp (Vipera aspis), is native to S Europe. It is also a name for the Egyptian cobra (Naja haja). center automates the child support payments for all counties in the State of Kentucky. In calendar 1999, over $130 million in child support payments was collected and distributed in the State. "This contract extension demonstrates the success we have had in providing our proprietary vertical ASP solution to the child support payment arena," said James L. Bildner, Tier's Chairman and Chief Executive Officer. "Further, it shows our expertise in driving high volume, transaction-based projects." ABOUT TIER Tier Technologies 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. , application development, software engineering services, systems and technology training, 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 vertical application service centers that facilitate the migration of clients' enterprise-wide systems and applications to leading edge technologies, including e-commerce. Tier serves Fortune 1000 companies and government entities through its offices located 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, but are not limited to, statements contained in the material above, as well as the Company's ability to build its presence in its core vertical markets, the development of the Company's services and markets, future demand for the Company's services, and other statements regarding matters that are not historical facts, are forward-looking statements. 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 new contracts, win contract re-bids, or contract renewals; variations in estimated transaction volume for transaction-based contracts; failure to achieve anticipated gross margin levels with respect to individual contracts; the possible termination of projects by major clients or strategic partners; variations in the timing, initiation or completion of client assignments; unanticipated costs incurred in fixed-price projects, the Company's dependence on a limited number of large clients; the Company's ability to recruit, train and retain IT professionals and key personnel; the failure to successfully integrate acquisitions in the Company; the Company's ability to effectively manage growth and acquisitions; risks associated with rapid technological advances; risks associated with international operations Internal Operations (I.O., IO or I/O) is a fictional American Intelligence Agency in Wildstorm comics. It was originally called International Operations. I.O. first appeared in WildC.A.T.S. volume 1 #1 (August, 1992) and was created by Brandon Choi and Jim Lee. , including unanticipated unfavorable changes in exchange rates; the failure of the Company's marketing and branding efforts to achieve expected results; 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, 1999 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 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" , 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. |
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