Official Payments Corp.(R), a wholly owned subsidiary of Tier Technologies, Inc. (Nasdaq:TIER), today announced that it has been authorized by the City of Virginia Beach to process electronic credit and debit card payments for personal property tax, real estate property tax, utilities and parking ticket obligations. City of Virginia Beach residents may now make any of these payments online by visiting www.officialpayments.com, or www.vbgov.com. City residents wishing to make payments via phone for personal property tax, real estate property tax and parking ticket obligations may dial 866-515-8162. City residents wishing to make payments via phone for utilities bills may dial 800-874-3384. "We are pleased that the City of Virginia Beach selected Official Payments to deliver these trusted, secure electronic payment processing services to its residents," stated James R. Weaver, Chairman and Chief Executive Officer of Tier. "Virginia Beach is one of the fastest growing cities on the East Coast, and is the largest in the Commonwealth of Virginia with nearly half a million residents. The City collected approximately $447 million in these payment types last year." "This office is charged with collecting revenues and tax receipts due the City in the most efficient and effective manner, and we believe that making these convenient electronic debit and credit card payment options available to our residents will assist us in carrying out this important responsibility," said John T. Atkinson, City Treasurer. "Our residents have asked for this payment alternative, and after carefully evaluating alternatives, we are pleased to partner with Official Payments Corp. in meeting the needs of our residents by providing these safe and reliable payment options." Official Payments provides electronic payment services for the Internal Revenue Service, 25 states, the District of Columbia and more than 1,800 local government clients nationwide. Official Payments' principal business is processing electronic payments on behalf of government entities via its Web site, www.officialpayments.com, and its toll-free telephone number, 1-800-2PAY-TAX(SM). Official Payments charges citizens a convenience fee for the service. Citizens using credit or debit cards with bonus rewards programs may, depending on their card's program, earn reward points, airline frequent flyer miles or cash back for paying their taxes and fees. 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. The Company 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 failure by end consumers to make payments with credit or debit cards or electronic checks through Official Payments Corporation; impact of lower transaction volumes than anticipated; 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 June 30, 2005, as well as other filings with the SEC.
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