US Dataworks Restructures to Provide Future Profitability
May 15 2008 - 8:26AM
PR Newswire (US)
Mario Villarreal Appointed President and COO HOUSTON, May 15
/PRNewswire-FirstCall/ -- US Dataworks, Inc. (AMEX:UDW), a leading
innovator of payment processing solutions, announced today that it
has implemented a restructuring initiative designed to provide
future profitability as it continues to grow its revenue. This
initiative positions the company with the financial stability to
increase shareholder value over the coming quarters. As part of
today's announcement, Mario Villarreal has been promoted from
Executive Vice President and CTO to President and Chief Operating
Officer. Villarreal also has been appointed to the company's board
of directors and to the board's Executive Committee. In addition,
the duties and responsibilities previously assigned to John Figone,
General Counsel and SVP Business Development, also have been
reassigned. The vision of the Company to provide an enterprise-wide
payments platform continues to drive our strategies. "As the market
shifts from paper checks to electronic payments, we know that we
have to fight harder to sustain our market share," said Mr.
Villarreal. "In order to accomplish that task we need to identify
and close new sales opportunities quickly, which is the necessary
ingredients for our core business to flourish." "It was with
gratitude for his ten years of service that we accepted the
retirement of Terry Stepanik, one of the founders of US Dataworks.
We look forward to working with Terry in a consulting role to draw
upon his extensive industry knowledge," stated US Dataworks
Chairman and CEO Charles Ramey. "Looking forward, it is our belief
that with this restructuring, we will maintain our rapid growth
within the transaction processing market and will rededicate our
commitment toward profitability while pursuing other avenues that
will deliver increased value to our shareholders." "I am pleased to
leave US Dataworks in the capable hands of Mario Villarreal,"
stated Terry Stepanik. "As one of the founders and the CTO, Mario
has the experience to continue the leading edge technology
development and his vision of the future growth within the market
is exceptional." Major credit card issuers, financial institutions,
and government agencies are adopting Clearingworks(R) as their
mission-critical platform. The benefit of the Clearingworks
platform is that it provides a growth path across all departments,
while the number of operational systems is eliminated, resulting in
large operational cost savings. 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
Company's restructuring plan, including future profitability,
growth and shareholder value, our business strategies and platform,
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 successfully implement our
restructuring plan, 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 December 31,
2007. These forward-looking statements speak only as of the date
hereof. US Dataworks disclaims any obligation to update these
forward-looking statements. CONTACTS: Charles Ramey, CEO Donald C.
Weinberger US Dataworks, Inc. Wolfe Axelrod Weinberger Assoc. LLC
Tel. (281) 504-8100 Tel. (212) 370-4500 Fax (212) 370-4505
DATASOURCE: US Dataworks, Inc. CONTACT: Charles Ramey, CEO of US
Dataworks, Inc., +1-281-504-8100; or Donald C. Weinberger of Wolfe
Axelrod Weinberger Assoc. LLC, +1-212-370-4500, fax,
+1-212-370-4505 Web site: http://www.usdataworks.com/
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