US Dataworks / Hyundai Syscomm Joint Venture Generates Transaction Valued at $3.5 Million
May 15 2007 - 9:00AM
PR Newswire (US)
HOUSTON, May 15 /PRNewswire-FirstCall/ -- US Dataworks, Inc.
(AMEX:UDW), a leading developer of payment processing solutions
announced that through the joint venture with Hyundai Syscomm
Corp., doing business as mComm, it shipped the initial 200 ATM
units of a total 700 unit order, the total of which being valued at
$3.5 million, during the 4Q 2007. The Company anticipates the
remaining 500 ATM units to be shipped this quarter. "We are
delighted with our partnership with Hyundai," says US Dataworks CEO
Charles E. Ramey. "We believe through this joint venture we will
make significant headway in this new revenue channel." Adds Hyundai
RFmon Corp. Chairman Wendell Balc, the designated distribution
channel for mComm, "Our preliminary evaluation of this market
remains very strong and we anticipate securing significant
additional orders in the very near future." 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. About Hyundai Syscomm Corp. Hyundai Syscomm is a
leader in next generation mobile communication system development.
The company is a CDMA infrastructure manufacturer with an installed
base of over 3 million CDMA subscribers and over 2,200 base
stations globally. The developer of the world's first commercial
CDMA system, Hyundai Syscomm installed its first network in 1995
and its products support all major CDMA spectrums globally with a
wide range of solutions. Driven by experience in Korea, the company
is focusing its current efforts on seizing new market opportunities
in China, Southeast Asia and the United States. Hyundai Syscomm has
already supplied a WLL system in India. Hyundai Syscomm and its
affiliates have installed CDMA infrastructures for Sprint PCS,
Verizon and 30 other carrier-level clients, globally. The Company
has since continued to focus on CDMA and in addition diversified
into markets complementary to its core assets. Except for the
historical information contained herein, the matters set forth in
this press release, including, but not limited to, the anticipated
shipments of ATMs under this transaction, the anticipated benefits
of our joint venture with Hyundai, the expected revenue generated
from the joint venture, the growth of this market and anticipated
future orders, including size and timing of the orders, 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, our ability to collect fees from our
customers, the ability our customers to sell our products,
including the ATMs, our 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, our ability to obtain future
financing and other risks detailed from time to time in the SEC
reports of US Dataworks, Inc., including its annual report on Form
10-KSB/A 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 For Hyundai Syscomm
Corp. Jay Shotwell Shotwell Public Relations, Inc. Tel. (831)
688-5375 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.;
or Jay Shotwell of Shotwell Public Relations, Inc.,
+1-831-688-5375, for Hyundai Syscomm Corp. Web site:
http://www.usdataworks.com/
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