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US Dataworks Announces Appointment of John Penrod as CEO and Chairman of the Board

Companies mentioned in this article: US Dataworks, Inc.

SUGAR LAND, Texas, May 19, 2014 /PRNewswire/ -- US Dataworks, Inc., (OTC PinkSheets: UDWK) a leader in payment processing solutions, is pleased to announce the appointment of John Penrod as our new CEO and Chairman of the Board. The Company's Board of Directors believes that John's proven experience in leading enterprise-class businesses is essential in continuing US Dataworks growth and sustained profitability.

Mr. Penrod commented, "US Dataworks has a strong management team that has consistently achieved high standards in creating innovative payment processing and treasury management solutions. We will continue to work as a team to develop the Clearingworks® platform and NextGen Receivables(TM) Solution."

Mr. Penrod continued, "The company's focus has not changed. That focus is to simplify receivables processing for businesses of all sizes and modernize the treasury management industry with our NextGen Receivables solution. Our integrated approach to payment processing and simple cloud delivery allows US Dataworks to reach new markets and set the standard for modern receivables processing. The addition of new banks, BPO's, credit unions and the customers they serve is resulting in healthy recurring revenue growth."

The key metrics that we follow are growth in monthly transaction and recurring revenue, particularly in the cloud, average price per transaction and operating income. Our monthly recurring revenue for fiscal 2014 experienced double-digit growth over the prior fiscal year. Our average price per transaction for calendar year 2014 has more than doubled when compared to calendar 2013, as our customers benefit from the added value of NextGen Receivables, and our operating income is positive. As a non-reporting public company, we continue to perform annual independent audits for the twelve months ending March 31(st). We are planning for our second annual audit as a non-reporting company this summer.

About US Dataworks

US Dataworks is a leading innovator in payment processing technology. Our Clearingworks platform is a highly-scalable, open and cloud-optimized payment-processing platform, capable of handling all forms of payments. The Clearingworks platform is trusted to process billions of dollars in payments each day for banks, businesses and government agencies. Additional information about US Dataworks is available at www.usdataworks.com.

Certain statements made in this press release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including statements regarding our ability to grow recurring revenue and average price per transaction. These 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 solutions to perform as anticipated, our ability to develop and timely introduce products that address market demand, the impact of alternative technological advances and competitive products, our ability to repay or refinance our debt, and our ability to realize the anticipated benefits from our business initiatives. These forward-looking statements speak only as of the date hereof. US Dataworks disclaims any obligation to update these forward-looking statements.

SOURCE US Dataworks, Inc.