Tier Names David Fountain as New Chief Financial Officer
May 05 2005 - 3:13PM
Business Wire
Tier Technologies, Inc. (Nasdaq:TIER), a leading provider of
transaction processing and packaged software and systems
integration solutions for public sector clients, today announced
that it has appointed David E. Fountain as Senior Vice President
and Chief Financial Officer beginning May 9, 2005. Mr. Fountain
brings extensive electronic payment processing experience to Tier,
most recently serving as Chief Financial Officer of National
Processing, Inc., a leading publicly traded electronic payment
processor that was recently acquired by Bank of America. "It gives
me great pleasure to welcome David to Tier's management team," said
James R. Weaver, Tier's Chairman and Chief Executive Officer.
"David is a seasoned finance executive with a proven record of
success in Tier's core transaction processing services market. Tier
is very fortunate to have David join at this important time in the
Company's history, and we are confident that his deep experience in
card payment operations, and in corporate finance will contribute
to Tier's continuing success." While at National Processing, Mr.
Fountain served as the Chief Financial Officer and Treasurer,
responsible for managing financial and accounting operations,
investor relations, developing and managing the annual expense
budget and managing facilities and purchasing operations. Prior to
being named CFO, Mr. Fountain served in a number of other positions
at National Processing, Inc., including Senior Vice
President--Chief Accounting Officer, Vice President--Finance and
Vice President--Settlement Accounting. He has also served in
financial management positions with Total System Services, Inc.,
MBNA Corporation, and Associates First Capital Corporation. He is a
certified public accountant, received an undergraduate degree in
finance and economics from Stephen F. Austin University and
received his MBA from the University of Dallas. "I am very excited
to join the Tier team," Mr. Fountain said. "Tier's financial
strength, combined with its leadership position in growing
transaction processing markets, position Tier extremely well for
continued growth and future success." About Tier Tier is a leading
provider of transaction processing and packaged software and
systems integration services for public sector clients. We combine
our understanding of enterprise-wide systems with domain knowledge
enabling our clients to rapidly channel emerging technologies into
their operations. We focus on sectors that we believe are driven by
forces that make demand for our services less discretionary and are
likely to provide us with recurring long-term revenue streams. Tier
is included in the Russell 3000(R) Index. More information about
the Company is available at www.Tier.com. Statements made in this
press release that are not historical facts are forward-looking
statements that are made pursuant to the safe harbor provisions of
the Securities Litigation Reform Act of 1995. Each of these
statements is made as of the date hereof based only on current
information and expectations that are inherently subject to change
and involve a number of risks and uncertainties. Actual events or
results may differ materially from those projected in any of such
statements due to various factors, including but not limited to
risk of delay of negotiating and signing the contract as result of
a protest by an unsuccessful bidder, the potential loss of funding
by clients, including due to government budget shortfalls or
revisions to mandated statutes; the timing, initiation, completion,
renewal, extension or early termination of client projects; the
Company's ability to realize revenues from its business development
opportunities; and unanticipated claims as a result of project
performance, including due to the failure of software providers or
subcontractors to satisfactorily complete engagements. 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 annual report on Form 10-K for the year ended Sept.
30, 2004, our most recent quarterly report on Form 10-Q for the
quarter ended December 31, 2004, as well as other filings with the
SEC.
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