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US Dataworks Announces Fiscal 2011 Fourth Quarter Results

SUGAR LAND, Texas July 13, 2011 March 31, 2011

$2.1 million $2.1 million $1.6 million

$116,000 $0.00 $224,000 $0.01 ($515,000) ($0.02)

Charles E. Ramey Clearingworks® Clearingworks

Clearingworks®

Mr. Ramey continued, "As we execute on this platform transition to address this huge market opportunity, we have formulated new metrics to measure our on-demand progress internally for this new business model.  These metrics include: Unique Site Visitors; Outbound Calls; Webinars Registered; Webinar Attendees; one-on-one Demos Scheduled; one-on-one Demos Completed; Proposals Sent; Contracts Sent; Contracts Signed; and Monthly Recurring Revenue Closed. Additionally, we are measuring our inside sales teams by their assigned territory pipeline shape, velocity, and yield performance."

$6.0 billion

Conference Call Information

11:00 a.m. Eastern time 10:00 a.m. Central time July 20, 2011

www.usdataworks.com

www.clearingworks.com

About US Dataworks

US Dataworks offers on-demand payment processing services with proven enterprise-class payment, deposit, returns processing, and powerful payment analytic tools.  US Dataworks is a trusted payments provider to utilities, telecommunications providers, content providers, financial institutions and government agencies.

March 31, 2011

– Tables to Follow –

US DATAWORKS, INC.

BALANCE SHEETS

March 31,

2011

March 31,

2010

ASSETS

Current assets:

Cash and cash equivalents

$

44,096

$

444,542

Accounts receivable, trade

1,019,579

1,059,825

Prepaid expenses and other current assets

387,548

307,653

Total current assets

1,451,223

1,812,020

Property and equipment, net

240,500

169,796

Goodwill, net

4,020,698

4,020,698

Other assets

70,109

90,835

Total assets

$

5,782,530

$

6,093,349

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Current portion of long-term debt

$

663,667

$

350,972

Accounts payable

582,304

235,077

Accrued expenses

79,557

246,558

Accrued interest – related parties

87,299

30,162

   Deferred revenue

688,340

781,330

         Total current liabilities

2,101,167

1,644,099

Long term Liabilities:

Notes payable

165,157

638,889

Notes payable – related parties, net of unamortized discount at March 31, 2011 and  2010 of $409,302 and $543,736, respectively

2,682,943

2,548,509

Total long term liabilities

2,848,100

3,187,398

Total liabilities

4,949,267

4,831,497

Commitments and contingencies

Stockholders’ equity:

Convertible Series B preferred stock, $0.0001 par value; 700,000 shares authorized; 109,933 shares issued and outstanding; $3.75 liquidation preference, dividends of $417,444 and $376,312  in arrears as of March 31, 2011 and 2010, respectively

11

11

Common stock, $0.0001 par value; 90,000,000 shares authorized; 33,318,842 and 33,103,951 shares issued and outstanding as of March 31, 2011 and 2010, respectively

3,331

3,310

Additional paid-in capital

66,548,488

66,369,315

Accumulated deficit

(65,718,567)

(65,110,784)

Total stockholders’ equity

833,263

1,261,852

Total liabilities and stockholders’ equity

$

5,782,530

$

6,093,349

US DATAWORKS, INC.

STATEMENTS OF OPERATIONS

For the years ended March 31, 2011 and 2010

2011

2010

Revenues:

Software transactional and subscription  revenues                                    

$

2,316,170

$

2,025,794

Software licensing revenues

537,277

Software maintenance revenues

621,731

819,897

Professional services revenues

3,740,785

5,055,030

Software resale revenue

59,555

30,977

Total revenues

7,275,518

7,931,698

Cost of revenues

2,503,022

2,822,679

Gross profit

4,772,496

5,109,019

Operating expenses:

Research and development

969,154

886,556

Sales and marketing

921,926

947,201

General and administrative

2,846,581

2,803,220

Depreciation and amortization

124,795

149,074

Total operating expenses

4,862,456

4,786,051

Income (loss) from operations

(89,960)

322,968

Other (expense) income:

Financing costs – related parties

(5,181)

(242,175)

Interest expense

(25,159)

(178,411)

Interest expense – related parties

(489,558)

(521,844)

Other Income

2,075

241

Total other expense

(517,823)

(942,189)

Net loss

$

(607,783)

$

(619,221)

Basic loss per share

$

(0.02)

$

(0.02)

Diluted loss per share

$

(0.02)

$

(0.02)

Basic weighted-average shares outstanding

33,229,667

32,938,983

Diluted weighted-average shares outstanding

33,229,667

32,938,983

US DATAWORKS, INC.

INCOME STATEMENT DATA

Non-GAAP Reconciliations

For the year ended March 31, 2011 and March 31, 2010

2011

2010

Reconciliation of Adjusted EBITDA (See Note 1)

Net loss

$       (607,783)

$       (619,221)

Depreciation and amortization (incl. loss on disposal of assets)

124,795

149,074

Stock based compensation expense

113,194

253,991

Other (income) expense

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