Tier Receives Recommendation of Award of Financial Institution Data Match Multi-State Alliance Contracts
June 29 2005 - 10:38AM
Business Wire
Tier Technologies, Inc. (Nasdaq:TIER), a leading provider of
transaction processing and packaged software and systems
integration solutions for public sector clients, announced today
that it has received a recommendation of award to continue
providing Financial Institution Data Match (FIDM) services for the
Multi-State Alliance for five years, following a competitive
contract re-bid process. The Multi-State Alliance is a coalition of
approximately 15 states formed to cooperatively develop, issue, and
oversee outsourced FIDM programs. Tier has been the sole provider
of FIDM services to the Multi-State Alliance since its inception in
2000, locating over $6.6 billion in financial assets for the
Alliance states in that time. Tier may now enter into contract
negotiations with the Alliance States. In the event all Alliance
States decide to enter into contracts with Tier, the total dollar
amount of the award for all Alliance States combined would be
approximately $13.4 million over the five year contract period.
Upon successful contract negotiations with the Alliance States,
Tier will continue to operate state FIDM programs matching
delinquent child support obligors against account records with
financial institutions conducting business in the Alliance states.
Federal law requires all states to develop and operate a FIDM
program under which all financial institutions within the state
will conduct a quarterly electronic match to identify and locate
the financial assets of non-custodial parent account holders who
are delinquent on child support payments. Once a match is
identified, each state has the opportunity to seize financial
assets of the delinquent obligor for collection of past due child
support payments. "We are very pleased that Tier has again been
recommended to provide these important child support services to
the Alliance," said James R. Weaver, Tier's Chairman and Chief
Executive Officer. "Tier has a vested interest in the overall
success of the Multi-State FIDM Alliance and the positive impact it
has on children and families in each state. We plan to leverage
Tier's experience in all areas of child support, and specifically
our in-depth FIDM experience and proprietary FundFinder(R) and
FundCollector solutions, to ensure the continued success of the
Multi-State Alliance FIDM program." Tier's proprietary FundFinder
and FundCollector solutions are built to help states increase child
support collections, facilitate interstate case processing, and
simplify the matching process, among other child support-related
services. As the leading provider of FIDM services, Tier has
located financial assets of more than $10.1 billion since 2000.
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. 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. Tier undertakes no
obligation to update any such forward-looking statements. 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 March 31, 2005, as well as other filings
with the SEC.
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