Usio Wins Contract to Provide Prepaid Payments Infrastructure in Support of Houston’s COVID-19 Vaccine Incentive Program

Rhea-AI Summary

Usio, Inc. (Nasdaq: USIO) has secured a contract with the Houston Health Department for its Vaccine Incentive Program, which subsidizes vaccinations by offering prepaid cards. The program, now at capacity, incentivizes 20,000 residents with $100 for their first vaccination and $50 for the second. Mayor Sylvester Turner praised its success in increasing vaccination rates. Usio provides customizable payment solutions, enhancing efficiency in municipal initiatives. The company aims to optimize payment processing in various civic endeavors.

Positive

• Secured contract with Houston Health Department for a vaccine incentive program.
• Successfully facilitated prepaid card distribution for 20,000 vaccinations.
• Demonstrated capability in customizable payment solutions for civic initiatives.

Negative

• None.

Adds to growing roster of Major Metropolitan Cities choosing Usio’s Prepaid Card Solution

SAN ANTONIO, Oct. 11, 2021 (GLOBE NEWSWIRE) -- Usio, Inc: (Nasdaq: USIO), a leading FinTech integrated payment solutions provider, today announced the contract it was awarded by the Houston Health Department to provide the prepaid card issuing platform underlying the mayor’s recently initiated Vaccine Incentive Program to vaccinate an additional 20,000 city residents has reached its capacity. Under this program, the city provided those who get a first dose of the Pfizer or Moderna vaccine, or the one-dose Johnson & Johnson vaccine, at an eligible health department site a $100.00 prepaid card. Prepaid cards valued at $50.00 were awarded for second doses of Pfizer or Moderna vaccine.

“This program was a success and a worthwhile investment that benefits everyone by helping to increase the city’s vaccination rate, ultimately savings lives,” said Houston Mayor Sylvester Turner. “Even with the gift card incentive program at capacity, it is still vital that more of us get vaccinated to protect ourselves and our loved ones from serious illness and death.”

Louis Hoch, President and Chief Executive Officer of Usio, said, “We are very grateful to Mayor Turner and the Houston City Council for their decision to implement Usio’s proprietary payments technology for this very important program. Through our extensive experience providing payments solutions for the various civic initiatives of cities large and small across the United States, we have been able to develop innovative technology that can be customized to each organizations’ unique needs. Consequently, we are able to provide Houston an efficient, cost-effective solution that optimizes their decision to utilize prepaid debit cards as the disbursement vehicle for their Vaccines Incentive Program.”

Houston Frost, Senior Vice President of Corporate Development and Prepaid Products, added, “Like Louis, I want to thank Houston’s mayor and City Council for choosing Usio for this prestigious program. Since the onset of the pandemic, we have provided the payments technology responsible for disbursing funds for over 150 charitable, civic, and other economic assistance programs. Relative to virtually every other option, our prepaid programs provide a more convenient, easy-to-use electronic payment solution offering better reporting, tracking and other benefits. As a result, this is not only advantageous to the City of Houston but is a disbursement format that is preferred by card recipients as well.”

The Houston program is part of Usio’s industry-leading vaccine incentive disbursement solution. More information can be found by visiting https://www.akimbocard.com/vaccine-incentives/

About Usio, Inc.
Usio, Inc. (Nasdaq: USIO), a leading FinTech integrated payment solutions provider, offers a wide range of payment solutions to merchants, billers, banks, service bureaus, crypto exchanges, and card issuers. The Company operates credit, debit/prepaid, and ACH payment processing platforms to deliver convenient, world-class payment solutions and services to their clients. The company, through its division Usio Output Solutions offers services relating to electronic bill presentment, document composition, document decomposition and printing and mailing services. The strength of the Company lies in its ability to provide tailored solutions for card issuance, payment acceptance, and bill payments as well as its unique technology in the prepaid sector. Usio is headquartered in San Antonio, Texas, and has offices in Austin, Texas and Franklin, Tennessee, just outside of Nashville. Websites: www.usio.com, www.payfacinabox.com, www.akimbocard.com and www.usiooutput.com. Find us on Facebook® and Twitter.

FORWARD-LOOKING STATEMENTS DISCLAIMER
Except for the historical information contained herein, the matters discussed in this release include forward-looking statements which are covered by safe harbors. Those statements include, but may not be limited to, all statements regarding management’s intent, belief, and expectations, such as statements concerning our future and our operating and growth strategy. These forward-looking statements are identified by the use of words such as “believe,” “intend,” “look forward,” “anticipate,” “schedule,” and “expect” among others. Forward-looking statements in this press release are subject to certain risks and uncertainties inherent in the Company’s business that could cause actual results to vary, including such risks related to an economic downturn as a result of the COVID-19 pandemic, the realization of opportunities from the IMS acquisition, the management of the Company’s growth, the loss of key resellers, the relationships with the Automated Clearinghouse network, bank sponsors, third-party card processing providers and merchants, the security of our software, hardware and information, the volatility of the stock price, the need to obtain additional financing, risks associated with new legislation, and compliance with complex federal, state and local laws and regulations, and other risks detailed from time to time in the Company’s filings with the Securities and Exchange Commission including its annual report on Form 10-K for the fiscal year ended December 31, 2020. One or more of these factors have affected, and in the future, could affect the Company’s businesses and financial results in the future and could cause actual results to differ materially from plans and projections. The Company believes that the assumptions underlying the forward-looking statements included in this release will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by us or any other person that the objectives and plans will be achieved. All forward-looking statements made in this release are based on information presently available to management. The Company assumes no obligation to update any forward-looking statements, except as required by law.

Contact
Joe Hassett, Investor Relations
joeh@gregoryfca.com
484-686-6600

FAQ

What is Usio's role in the Houston Vaccine Incentive Program?

Usio provides the prepaid card issuing platform for the Houston Health Department's Vaccine Incentive Program.

How much is the prepaid card incentive for the vaccinations in Houston?

Participants receive a $100 prepaid card for their first dose and a $50 card for the second dose.

What date was the contract with the Houston Health Department announced?

The contract was announced on October 11, 2021.

What does the contract with Houston signify for Usio?

It signifies Usio's growing presence in major metropolitan areas for prepaid card solutions.

What is the stock symbol for Usio?

The stock symbol for Usio is USIO.