HOUSTON, April 1 /PRNewswire-FirstCall/ -- C$ cMoney,
Inc., a Houston-based
technology company, and US Dataworks, Inc. (Amex: UDW),
located in Sugar Land, Texas,
announced today that they have entered into a strategic alliance
agreement for shared technology and support of the upcoming product
launch of the C$ cMoney mobile payment application.
C$ cMoney has developed a new and innovative way to send money
and pay for goods and services using a cell phone. Furthermore, the
C$ cMoney application will eliminate the risk of
identity and credit card theft for users. When it is
released later this spring, the C$ cMoney mobile application will
enable consumers to download and use it with virtually any mobile
device.
"The use of this revolutionary mobile payment system will allow
consumers to make inexpensive money transfers as well as pay for
goods and services anywhere that cash, checks or credit cards are
accepted," explained Jennifer
Pharris, CEO of C$ cMoney, Inc.
Charles E. Ramey, CEO of US
Dataworks, added, "We are pleased to have been chosen to be a
significant strategic partner for C$ cMoney's mobile application
solution. US Dataworks' platform will complement the C$ cMoney
solution. The combination of the two technologies should be very
synergistic in this important, new payment method."
The strategic alliance agreement was negotiated on behalf of C$
cMoney by its investment banker Robert
Gandy of Pythagoras Group. Terms of the strategic
alliance agreement were not released other than C$ cMoney agreed to
pay an upfront payment for a license and a warrant position.
The strategic alliance agreement will also create vertical
synergies. According to Pharris, "We look forward to a long-term
strategic partnership with US Dataworks, beginning with the launch
of C$ cMoney's new mobile payment application, as we continue to
expand into a multitude of new, evolving payment channel
opportunities."
About C$ cMoney, Inc.
C$ cMoney, Inc. is a Houston-based company that has developed a new
and innovative way to send money and pay for goods and services
using a cell phone and the text messaging system. It can be used
anywhere that cash, checks or credit cards are accepted. C$ cMoney
protects and reduces risk of identity theft and credit cards that
could be stolen from a purse or wallet. For more information, visit
www.cmoney.com.
About US Dataworks, Inc.
US Dataworks is a developer of payment processing solutions,
focused on the financial services market, federal, state and local
governments, corporate 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 www.usdataworks.com.
Safe Harbor
Certain statements made in this press release (other than the
historical information contained herein) constitute
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995, as amended, including,
but not limited to, statements regarding our expectation of
continued growth, the benefits of our recent restructuring, the
anticipated features and benefits of our new distribution payment
capture solution, our vision for payment processing and our new
solutions' ability to provide a higher return on investment for our
clients, and the statements herein concerning the C$ cMoney's
mobile payments application and the anticipated benefits of the
strategic alliance agreement to us. Any forward-looking
statements are subject to risks and uncertainties that may cause
actual results to differ materially, including, but not limited to,
the failure of our new solution to perform as anticipated, our
ability to provide long-term customer value and agility, our
ability to protect our intellectual property, our 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, our ability
to avoid being delisted from the NYSE Alternext US (formerly the
American Stock Exchange), our ability to repay or refinance our
debt, the failure of C$ cMoney's mobile payments application to
succeed as anticipated, the failure of the strategic alliance
agreement to benefit us as anticipated and other risks detailed
from time to time in the SEC reports of US Dataworks, including its
annual report on Form 10-K for the year ended March 31, 2009 and its quarterly report on Form
10-Q for the quarter ended September 30,
2009. These forward-looking statements speak only as
of the date hereof. US Dataworks disclaims any obligation to update
these forward-looking statements.
CONTACTS:
|
|
For C$
cMoney
Rachelle
Khalaf
VOLLMER PUBLIC
RELATIONS
Tel:
(713) 970.2134
Cell:
(281) 787-1099
Email:
rachelle@vollmerpr.com
|
For US
Dataworks
Donald
C. Weinberger
Wolfe Axelrod Weinberger Assoc.
LLC
Tel:
(212) 370-4500
Fax:
(212) 370-4505
|
|
|
|
|
|
SOURCE US Dataworks, Inc.