C$ cMoney and US Dataworks Announce Strategic Alliance
01 April 2010 - 1:00PM
Business Wire
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’s 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
eliminates the risk of identity and credit card theft
for users. 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.
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