USWD

AcronymDefinition
USWDUnited Service Workers for Democracy
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The acquisition will be made for 1,125,000 shares of USWD common stock, subject to adjustments based upon the performance of USWD's common stock over the twenty-four month period following the closing.
Condensed Consolidated Statement of Cash Flows (In thousands) (Unaudited) Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, 2004 2003 2004 2003 Net income (loss) $1,466 (1,015) $(194) $(3,450) Non-cash and working capital items 13,026 8,869 19,776 24,236 Net cash provided by operating activities: 14,492 7,854 19,582 20,786 Purchases of property and equipment (5,084) (2,722) (8,204) (7,264) Purchase of Synapse assets from USWD (6,077) -- (6,077) -- Purchase of vending assets from USWD (3,748) -- (3,748) -- Investment in affiliated entity (100) (100) (100) (100) Purchase of Openet S.
In the interim, USWD's businesses will continue uninterrupted and USWD will continue to provide its customers with the same quality of service they have come to expect.
The contemplated transaction with Mist envisions that USWD will receive consideration consisting of cash and an agreement to provide the company with a certain amount of payment processing services for its vending initiatives.
While we continue to face serious challenges relating to our immediate need for additional capital, the combination of sustained growth in our monthly recurring service revenue, the continuation of our various cost-cutting measures, and the anticipated commercial roll-out of our wireless vending initiative with Pepsi in early 2004, moves USWD that much further along the path toward profitability," commented Mr.
Brascan indicated that despite certain technical defaults in connection with their bridge loan to USWD, as previously reported in the company's Annual Report on Form 10-KSB, as filed on October 14, 2003 (which defaults were waived through October 31, 2003), it is willing to discuss continuing to extend the balance of the remaining unadvanced amounts under the bridge loan that approximate $1 million.
Through the use of its proprietary technology, software, carrier relationships, and front-end authorization and capture capability, USWD enables merchant acquirers to provide their customers with the fastest and most cost-effective transaction processing solutions in the industry today.
OTC Bulletin Board: USWDA), the leader in applying wireless technology to the payments industry announces that First Savings Bank Merchant Division (FSB) has executed an agreement with USWD enabling the bank to offer payment terminals powered by USWD's Wireless Express Payment Service(SM) (WEPS(SM)) to their merchants.
USWD reported an increase in total revenue of 48% to $3,725,000, with service revenue jumping 75% to $3,404,000, compared to the prior fiscal year.
We're pleased to nd authorization and capture capability, USWD enables merchant acquirers to provide their customers with the fastest and most cost-effective transaction processing solutions in the industry today.