SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report: August 6, 2003
PAYMENT DATA SYSTEMS, INC.
(Exact name of registrant as specified in its charter)
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Nevada 0-30152 98-0190072
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(State or other jurisdiction of (Commission File (IRS Employer
incorporation) Number) Identification No.)
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211 NORTH LOOP 1604 EAST, SUITE 200
SAN ANTONIO, TEXAS 78232
(Address of principal executive offices) (Zip Code)
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Registrant's telephone number, including area code (210) 402-5000
Billserv, Inc.
(Former name of Registrant, changed since last report)
ITEM 5. OTHER EVENTS AND REGULATION FD DISCLOSURE
On August 6, 2003, Payment Data Systems, Inc., formerly Billserv, Inc. (the
"Registrant"), a Nevada corporation, became aware that certain shareholders of
the Registrant commenced legal action against the Registrant and certain of its
current and former directors in the District Court of the 45th Judicial
District, Bexar County, Texas seeking recovery for alleged improper disclosure
of the Registrant's right to access funds held by certain institutional lenders
(the "Suit").
The Registrant believes the Suit to be without merit, and intends to vigorously
defend itself and those current and former directors of the Registrant named as
defendants therein.
ANY FORWARD-LOOKING STATEMENTS IN THIS RELEASE ARE MADE PURSUANT TO THE "SAFE
HARBOR" PROVISIONS OF THE PRIVATE SECURITIES LITIGATION ACT OF 1995. INVESTORS
ARE CAUTIONED THAT ACTUAL RESULTS MAY DIFFER SUBSTANTIALLY FROM SUCH
FORWARD-LOOKING STATEMENTS, WHICH INVOLVE RISKS AND UNCERTAINTIES INCLUDING, BUT
NOT LIMITED TO, CONTINUED ACCEPTANCE OF THE COMPANY'S PRODUCTS AND SERVICES IN
THE MARKETPLACE, COMPETITIVE FACTORS, NEW PRODUCTS AND TECHNOLOGICAL CHANGES,
DEPENDENCE UPON THIRD-PARTY VENDORS, CUSTOMER RELATIONS, GOVERNMENT SUPERVISION
AND REGULATION, CHANGES IN INDUSTRY PRACTICES, CHANGES IN THIRD-PARTY EXPENSE
REIMBURSEMENT PROCEDURES, AND OTHER RISKS DETAILED IN THE COMPANY'S PERIODIC
FILINGS WITH THE SECURITIES AND EXCHANGE COMMISSION.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
BILLSERV, INC.
Date: August 11, 2003 By: /s/ Michael R. Long
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Michael R. Long
Chief Executive Officer