eFunds Receives Notification of Informal Inquiry From SEC
SCOTTSDALE, Ariz., March 12 -- eFunds Corporation (NASDAQ: EFDS) announced today that the Securities and Exchange Commission is conducting an informal inquiry of eFunds following the Company`s March 4, 2002, announcement regarding the restatement of certain 2001 results relating to the acquisition of Access Cash. The SEC has requested information regarding the Company`s 2001 financial results.
"eFunds intends to cooperate fully with the SEC and to take all action necessary to enable the SEC to complete its review as expeditiously as possible," said Gus Blanchard, Chairman and Chief Executive Officer.
About eFunds
eFunds delivers innovative, reliable and cost-effective technology solutions to meet its customers` payment and risk management, e-commerce and business process improvement needs. eFunds provides its services to financial institutions, financial services companies, electronic funds networks, retailers, government agencies, e-commerce providers, and other companies around the world. For more information, visit http://www.efunds.com/ .
Statements made in this release concerning the Company`s or management`s intentions, expectations, or predictions about future results or events are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are necessarily subject to risks and uncertainties that could cause actual results to vary from stated expectations, and such variations could be material and adverse. Factors that could result in such a variation include, but are not limited to, the inherent unreliability of earnings and revenue growth predictions due to numerous factors, including many beyond the Company`s control, potential difficulties, delays and unanticipated expenses inherent in the development and marketing of new products and services, competitive factors, and the numerous risks and potential additional costs, disruptions and delays associated with the establishment of new business initiatives. Additional information concerning these and other factors that could cause actual results to differ materially from the Company`s current expectations is contained in the Company`s Quarterly Report on Form 10-Q for the quarter ended September 30, 2001.
Contact:
Paul Bristow, Executive Vice President & Chief Financial
Officer
480-629-7620
paul_bristow@efunds.com
Diane Salucci, Vice President of Corporate Communications & I.R
480-629-1414
diane_Salucci@efunds.com
Debi Ford, Director of Investor Relations
480-629-7619
debra_ford@efunds.com
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