Tier Technologies Signs Multi-Year Contract with New York City Department of Education to Support, Enhance Computer Systems.Business Editors/High-Tech Writers WALNUT CREEK, Calif.--(BUSINESS WIRE)--Nov. 12, 2003 Tier Technologies, Inc. (Nasdaq: TIER) announced today that it has signed a multi-year agreement with the New York City Department of Education The New York City Department of Education is the branch of municipal government in New York City that manages the city's public school system. The school system these schools form is the largest system in the United States. Over 1. to manage, maintain, upgrade, and web-enable a number of financial computer applications for the Department of Education's Division of Financial Operations. The contract, which runs through July 31, 2006, will be invoiced on a time and materials labor and materials (time and materials) n. what some builders or repair people contract to provide and be paid for, rather than a fixed price or a percentage of the costs. basis and is valued at up to $2.55 million. As part of the contract, Tier will maintain or enhance systems that handle billing and collections, track competitive bids, process requisitions and emergency checks, reconcile documents and handle workers compensation issues. Tier will also manage and train Department of Education employees who use the Division of Financial Operations computer system. Under a separate contract, Tier, through an acquisition of a predecessor company, has supported and performed on-site consulting for Tier's Online FAMIS FAMIS Financial Accounting and Management Information System FAMIS Family Assistance Management Information Systems FAMIS Financial and Management Information System FAMIS Facilities Asset Management Information System FAMIS Foreign Affairs Management Information System 5 Series software for the New York City Department of Education since 1999. "I'm very proud of the job our team has done at the New York City Department of Education," said James R. Weaver, Tier's President and Chief Executive Officer. "They've proven themselves through the work they've done for four years with the department's Online FAMIS 5 Series computer operations." "In addition to showing that Tier can operate and enhance our financial systems, they have also shown that they can do it in a cost-effective manner," said Vincent A. Giordano, Deputy Executive Director for the New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. Department of Education's Division of Financial Operations. About Tier Tier is a vertically focused consulting firm 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, 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 market. 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 is included in the Russell 3000(R) Index and was ranked by Forbes Magazine as one of the "200 Best Small Companies" in America in 2002. More information about the company is available at www.tier.com. Statements made in this press release, including statements regarding the estimated value of the contract and services to be provided, 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 the timing, initiation, completion, renewal, extension or early termination of client projects; the potential loss of funding by clients, including due to government budget shortfalls or revisions to mandated statutes; failure to achieve anticipated gross margin levels with respect to individual projects, including due to unanticipated costs incurred in fixed-price or transaction-based projects; 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 most recent 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, 2002 and quarterly reports on Form 10-Q Form 10-Q See 10-Q. , as well as other filings with the SEC. Tier...Expect A Lot(sm) |
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