Tier Reit Inc. (NYSE:TIER)
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As previously announced, Tier Technologies, Inc. (Nasdaq:TIER) is in the
process of the divestment of a number of business units and operations.
On June 30, 2008, Tier completed the sale of its Government Business
Process Outsourcing business unit. In addition, Tier recently completed
the sale of its State Systems Integration business unit, Health and
Human Services business unit, and Virginia Call Center and Independent
Validation and Verification operations.
Tier has two additional business units currently under review by
potential acquirers. With closure on these last transactions, Tier will
have completed its divestiture plan as part of its strategy to focus on
electronic payment processing going forward.
About Tier
Tier Technologies, Inc. primarily provides federal, state and local
government and other public sector clients primarily with electronic
payment processing and other transaction processing services. Tier
Technologies is headquartered in Reston, Virginia. Its electronic
payment processing clients include over 3,000 federal, state, and local
governments, educational institutions, utilities and commercial clients
throughout the U.S. Through its subsidiary, Official Payments Corp.,
Tier delivers payment processing solutions for a wide range of markets.
For more information, see www.tier.com
and www.officialpayments.com.
Statements made in this press release that are not historical facts are
forward-looking statements that are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995. Tier
undertakes no obligation to update any such forward-looking statements.
Each of these statements is made as of the date hereof based only on
current information and expectations that are inherently subject to
change and involve a number of risks and uncertainties. Actual events or
results may differ materially from those projected in any of such
statements due to various factors, including, but not limited to: the
impact of governmental investigations; the potential loss of funding by
clients, including due to government budget shortfalls or revisions to
mandated statutes; the timing, initiation, completion, renewal,
extension or early termination of client projects; the Company’s
ability to realize revenues from its business development opportunities;
the timing and completion of the divestment of the Company’s
non-core assets; and unanticipated claims as a result of project
performance, including due to the failure of software providers or
subcontractors to satisfactorily complete engagements. For a discussion
of these and other factors which may cause our actual events or results
to differ from those projected, please refer to the Company's annual
report on Form 10-K for the fiscal year ended September 30, 2007 filed
with the SEC.