American Stock Exchange Accepts US Dataworks' Compliance Plan
October 15 2008 - 1:48PM
PR Newswire (US)
HOUSTON, Oct. 15 /PRNewswire-FirstCall/ -- US Dataworks, Inc.
(AMEX:UDW), a leading innovator of payment processing solutions,
announced today that on July 23, 2008, the Company received notice
from the NYSE Alternext US (formerly the American Stock Exchange)
(Exchange) staff that the Company is not in compliance with Section
1003(a)(ii) of the NYSE Alternext US Company Guide (Company Guide)
with stockholders' equity of less than $4,000,000 and losses from
continuing operations and net losses in three out of its four most
recent fiscal years and Section 1003(a)(iii) of the Company Guide
with stockholders' equity of less than $6,000,000 and losses from
continuing operations and net losses in its five most recent fiscal
years. The Company was afforded the opportunity to submit a plan of
compliance to the Exchange, which the Company presented to the
Exchange on August 27, 2008. On October 9, 2008, the Exchange
notified the Company that it accepted the Company's plan of
compliance and that the Company has until January 22, 2010 to
regain compliance with the continued listing standards. The Company
will be subject to periodic review by the Exchange staff during
this period. Failure to make progress consistent with the plan or
to regain or maintain compliance with the continued listing
standards by the end of this period could result in the Company
being delisted from the Exchange. "We are confident that we will
meet the Exchange's continued listing standards based on the plan
that was presented and accepted by the Exchange," says US Dataworks
Chairman and CEO Charles Ramey. "As a result of our recent
corporate restructuring and demonstrated focus on sustaining
profitable growth, we are now positioned to continue our commitment
toward profitability while pursuing other avenues that may deliver
increased value to our shareholders." About US Dataworks, Inc. US
Dataworks is a developer of payment processing solutions, focused
on the Financial Services market, Federal, State and local
governments, 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 http://www.usdataworks.com/. Forward-Looking
Statements Except for the historical information contained herein,
the matters set forth in this press release, including, but not
limited to statements regarding the Company's regain compliance
with the Company Guide, the Company's profitability and the
Company's ability to increase shareholder value. Any
forward-looking statements are subject to risks and uncertainties
that may cause actual results to differ materially, including, but
not limited to, the Company's failure to meet the goals of the plan
of compliance or to regain compliance with the Exchange's continued
listing standards, the Company's 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 and other risks detailed
from time to time in the SEC reports of US Dataworks, including its
annual report on Form 10-KSB for the period ended March 31, 2008
and its quarterly report on Form 10-QSB for the period ended June
30, 2008. These forward-looking statements speak only as of the
date hereof. US Dataworks disclaims any obligation to update these
forward-looking statements. CONTACTS: Charles Ramey, CEO Donald C.
Weinberger US Dataworks, Inc. Wolfe Axelrod Weinberger Assoc. LLC
Tel. (281) 504-8100 Tel. (212) 370-4500 Fax (212) 370-4505
DATASOURCE: US Dataworks, Inc. CONTACT: Charles Ramey, CEO of US
Dataworks, Inc., +1-281-504-8100; or Donald C. Weinberger of Wolfe
Axelrod Weinberger Assoc. LLC, +1-212-370-4500, or Fax,
+1-212-370-4505, for US Dataworks, Inc. Web Site:
http://www.usdataworks.com/
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