US Dataworks, Inc. Announces Repurchase of Convertible Promissory Note
March 27 2007 - 9:00AM
PR Newswire (US)
HOUSTON, March 27 /PRNewswire-FirstCall/ -- US Dataworks, Inc.
(AMEX:UDW), a leading developer of payment processing solutions,
announced today it has repurchased a convertible promissory note
issued to Crescent Fund in June 2005. The debenture was being
repaid in monthly installments in shares of the Company's common
stock. Charles E. Ramey, Chairman and CEO of US Dataworks said, "We
are pleased with this transaction, which we believe has caused an
overhang in our stock over the last few weeks. We feel this move
will benefit shareholders in the long-term, especially as we are
broadening several of our customer relationships, including the one
with Hyundai Syscomm." About US Dataworks, Inc. US Dataworks is a
developer of payment processing solutions, focused on the Financial
Services market, Federal, State and local governments, billers and
retailers. Software developed by US Dataworks is designed to enable
organizations to transition from traditional paper-based payment
and billing processes to electronic solutions that automate
end-to-end processes for accepting and clearing checks. Except for
the historical information contained herein, the matters set forth
in this press release, including, but not limited to the Company's
belief that the repurchase of the convertible debenture will
benefit our shareholders in the long term are forward-looking
statements within the meaning of the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. These
forward-looking statements are subject to risks and uncertainties
that may cause actual results to differ materially, including, but
not limited to, the Company's position in the marketplace, our
ability to develop and timely introduce products that address
market demand, the impact of alternative technological advances and
competitive products, market fluctuations and other risks detailed
from time to time in the SEC reports of US Dataworks, including its
annual report on Form 10-KSB for the period ended March 31, 2006
and its quarterly report on Form 10-QSB for the period ended
December 31, 2006. These forward-looking statements speak only as
of the date hereof. US Dataworks disclaims any obligation to update
these forward-looking statements. CONTACTS: John Figone, SVP,
Business Development US Dataworks, Inc. Tel. (713) 934-3855 Fax
(713) 934-8127 Donald C. Weinberger/Alisa Steinberg (media) Wolfe
Axelrod Weinberger Assoc. LLC Tel. (212) 370-4500 Fax (212)
370-4505 DATASOURCE: US Dataworks, Inc. CONTACT: John Figone, SVP,
Business Development of US Dataworks, Inc., +1-713-934-3855, or
fax, +1-713-934-8127; or media, Donald C. Weinberger, or Alisa
Steinberg, both of Wolfe Axelrod Weinberger Assoc. LLC,
+1-212-370-4500, or fax, +1-212-370-4505, for US Dataworks, Inc.
Web site: http://www.usdataworks.com/
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