HOUSTON, April 30 /PRNewswire-FirstCall/ -- US
Dataworks, Inc. (Amex: UDW) announced today that, following the
April 13, 2010 oral hearing before
the NYSE Amex Listing Qualifications Panel (the "Panel"), the Panel
informed the Company of its determination to affirm the Exchange
Staff's earlier determination to delist the Company's securities
from the Exchange. The delisting is expected to become effective at
the close of market on May 4,
2010.
Although the Company is in the process of, through a market
maker, getting its securities quoted on the OTC Bulletin Board (the
"OTC-BB"), following the effectiveness of the delisting of the
Company's securities from the NYSE Amex, the Company cannot give
any assurance that there will be any market maker for the Company's
securities to be quoted on the OTC-BB or that such securities will
be traded on any market. The Company currently anticipates that its
securities may be quoted in the National Daily Quotation Sheets,
commonly referred to as the "pink sheets," published by the
National Quotation Bureau LLC.
"Surely we are disappointed with this outcome," remarked
Charles Ramey, CEO of US Dataworks.
"However, in light of the recent successes of the Company's current
operational, business and financial initiatives, we are very
optimistic that the marketplace will validate the Company's efforts
and direction," he added. Mr. Ramey concluded that "the
fundamentals of the Company's model remain very strong and we will
continue working toward maximizing value of our shareholders,
including eventually returning to a national securities
exchange."
The Company will continue to file periodic reports with the SEC
pursuant to the requirements of the Securities Exchange Act of
1934, as amended.
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.
Forward Looking Statements
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 our ability to effect an orderly transition of our
securities to the OTC Bulletin Board. 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, the failure
of the strategic alliance agreement to benefit us as anticipated
and other risks detailed from time to time in our SEC reports.
These forward-looking statements speak only as of the date hereof.
US Dataworks disclaims any obligation to update these
forward-looking statements.
CONTACTS:
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Charles Ramey, CEO
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Donald C. Weinberger
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US Dataworks, Inc.
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Wolfe Axelrod Weinberger Assoc. LLC
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Tel. (281) 504-8100
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Tel. (212) 370-4500
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Fax (212) 370-4505
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SOURCE US Dataworks, Inc.