U.S. Dataworks to Appeal the Delisting Determination by the NYSE Amex LLC
27 Februar 2010 - 12:00AM
PR Newswire (US)
HOUSTON, Feb. 26 /PRNewswire-FirstCall/ -- U.S. Dataworks, Inc. , a
leading developer of payment processing solutions, announced today
that on February 23, 2010, NYSE Amex LLC (the "Exchange") notified
the Company that the Exchange intended to strike the listing of the
Company's securities from the Exchange pursuant to Section 1009(d)
of the NYSE Amex LLC Company Guide. Specifically, the Exchange
notified the Company that the delisting determination was based
upon the Company's noncompliance with Sections 1003(a)(i), (ii) and
(iii) of the Company Guide relating to the stockholders' equity and
losses from continued operations. The Company intends to appeal the
foregoing delisting determination and seek an oral hearing before a
Listing Qualifications Panel of the Exchange (the "Panel"). The
time and place of such a hearing will be determined by the Panel. A
request for an oral hearing will stay the scheduled delisting of
the Company's securities pending the Panel's determination. There
can be no assurance that the Panel will grant the Company's request
for continued listing. If the Panel does not grant the relief
sought by the Company, its securities will be delisted from the
Exchange in which event the Company would seek to cause them be
quoted on the OTC Bulletin Board. About U.S. 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 payments. Additional information about US Dataworks is
available at http://www.usdataworks.com/. 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. 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 remain listed on the NYSE Alternext US (formerly the American
Stock Exchange), our ability to repay or refinance our debt, 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. DATASOURCE:
US Dataworks, Inc. CONTACT: Charles Ramey, CEO of US Dataworks,
Inc., +1-281-504-8100; orDonald C. Weinberger of Wolfe Axelrod
Weinberger Assoc. LLC, +1-212-370-4500,or Fax, +1-212-370-4505 Web
Site: http://www.usdataworks.com/
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