US Dataworks Completes Senior Secured Note Financing
November 14 2007 - 7:40AM
PR Newswire (US)
Raises $4 Million from Institutional Investors to Support
Continuing Growth Initiatives HOUSTON, Nov. 14
/PRNewswire-FirstCall/ -- US Dataworks, Inc. (AMEX:UDW), a leading
developer of payment processing solutions, announced today that it
has secured $4.0 million of debt financing from institutional
investors. The Shemano Group, Inc. acted as the Company's placement
agent. "We are pleased with the level of commitment we have
received from these highly sophisticated institutional funds," says
UDW chairman and CEO Charles E. Ramey. "It is our belief that with
this financing we are adequately capitalized to sustain our course
toward profitability and pursue other avenues that may deliver
value to our shareholders." US Dataworks has also retained
Friedman, Billings, Ramsey & Co., Inc. (FBR) as its financial
advisor to assist the Board of Directors in actively exploring
strategic alternatives. No assurance can be given by the Company
that any transaction will be entered into or consummated as a
result of this review. 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. Additional
information about US Dataworks is available at
http://www.usdataworks.com/. Forward-Looking Statements Except for
the historical information contained herein, the matters set forth
in this press release, including, but not limited to statements
regarding the anticipated benefits of the debt financing, the
Company's belief that it is adequately capitalized, the benefits of
engaging FBR and the Company's exploration of strategic
alternatives, 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 its
quarterly report on Form 10-QSB for the period ended June 30, 2007.
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, Donald C.
Weinberger Business Development Wolfe Axelrod Weinberger Assoc. LLC
US Dataworks, Inc. Tel. (212) 370-4500 Tel. (281) 635-7932 Fax
(212) 370-4505 DATASOURCE: US Dataworks, Inc. CONTACT: John Figone,
SVP, Business Development of US Dataworks, Inc., +1-281-635-7932;
or Donald C. Weinberger of Wolfe Axelrod Weinberger Assoc. LLC,
+1-212-370-4500, fax, +1-212-370-4505, for US Dataworks, Inc. Web
site: http://www.usdataworks.com/
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