Tier to Provide Kentucky Tax Data Match and Levy System.RESTON, Va. -- Tier Technologies, Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). :TIER), today announced that it was awarded a contract by the Commonwealth of Kentucky's Department of Revenue (DOR Dor or Dora, Canaanite seaport, ancient Palestine (modern Israel), N of Caesarea Palestinae. It was never a Jewish city but rather a Phoenician outpost. It was rebuilt by the Romans; still visible are the ruins of a temple and a theater. ) to implement an electronic tax data match and levy system to assist the DOR in collecting delinquent taxes and debts. The initial contract term is two years, with four additional two year option periods. The financial terms of the primarily transaction processing-based contract were not disclosed. The DOR currently collects delinquent taxes and debts owed to the Commonwealth using asset information obtained from the debtors themselves or in limited circumstances, the federal government. Paper levies are issued by DOR and mailed to financial institutions where the debtor has a potential account. The levy, once served, places a hold on any funds needed to pay the debt. In order to increase efficiency and dollars collected, DOR has contracted with Tier to institute an electronic tax data match system similar to the Financial Institution Data Match (FIDM FIDM Fashion Institute of Design and Merchandising (California) FIDM Financial Institution Data Match (child support enforcement) FIDM Full-Iteration Dynamic Model ) program used for child support. The new tax data match and levy system will allow DOR to issue levies only when the debtor has an account in a financial institution. This will prevent DOR from issuing levies to financial institutions where the debtor is not a client. "Tier supports Kentucky's spirit of innovation and vision in implementing this groundbreaking system," said Ronald L. Rossetti, Tier's Chief Executive Officer. "We will work diligently to assist in improving revenue recovery and collection efficiencies in support of DOR's mission." Tier is a recognized leader in the field of data matching, and has been at the forefront of the FIDM arena since 1999. Tier is the largest provider of FIDM services in the nation, providing data matching services to 17 states with over 7,400 financial institutions participating in the program. About Tier Tier Technologies, Inc. offers a diversified array of innovative business and financial 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. solutions. Headquartered in Reston, Virginia Reston is an internationally known planned community whose goal was to revolutionize post-World War II concepts of land use and residential/corporate development in American suburbia. , Tier's clients include more than 2,200 federal, state, and local governments, educational institutions, utilities and commercial clients in the U.S. and abroad. Tier provides information technology solutions and, through its Official Payments Corp. subsidiary, delivers payment processing solutions for a wide range of markets. From designing, installing and maintaining cutting-edge public sector software systems, to delivering fast, secure and convenient financial transaction processing solutions, Tier provides integrated information solutions that solve problems while balancing innovation with practicality. For more information, see www.tier.com and www.officialpayments.com. Statements made in this press release that are not historical facts, including statements regarding expectations for future revenues, earnings, and expenses, 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. Tier undertakes no obligation to update any such forward-looking statements. 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 quarterly report on Form 10-Q Form 10-Q See 10-Q. for the period ended June 30, 2006 filed on November 22, 2006 with the SEC. |
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