If you’re white labeling WordPress as your own CMS or simply want to add your own text and links to the WordPress dashboard footer area, this is a simple customization that you can do in under a minute. Simply paste this into your functions.php file:

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function remove_footer_admin () {
    echo "Your own text";
} 

add_filter('admin_footer_text', 'remove_footer_admin');

Add in text, links, or brand it with your own logo at the bottom.

Source: WPRecipes.com