Park City Group Substantially Completes Redemption of Series A Convertible
PARK CITY, Utah, April 10, 2013 (GLOBE NEWSWIRE) -- Park City Group (NYSE
MKT:PCYG), a Software-as-a-Service (SaaS) provider of unique supply chain
solutions for retailers and their suppliers, today announced that
approximately 97 percent of the holders of the Company's Series A Convertible
Preferred Stock have elected to convert their Series A Convertible Preferred
Stock into shares of Park City Group's common stock.
The Company previously announced that it would redeem all of its issued and
outstanding shares of Series A Convertible Preferred Stock on April 15, 2013
at a redemption price of $10.00 per preferred share in cash, less any
applicable tax withholding as may be required by law. Holders of the Series A
Preferred have the right to accept the cash redemption price, or convert their
shares of Series A Preferred into shares of Park City Group's common stock
until the close of business (5:00 pm Mountain Daylight Time) on April 15,
"Nearly all of the Series A holders have elected to convert their preferred
stock into common stock and we believe that it shows the continuing support
and commitment from our shareholders. The result of this action will simplify
our capital structure and reduce our preferred dividend payments by
approximately $650,000 annually, or $0.04 per share," said Randall K. Fields,
Chairman and CEO of Park City Group.
About Park City Group
Park City Group (NYSE MKT:PCYG) is a Software-as-a-Service ("SaaS") provider
that brings unique visibility to the consumer goods supply chain, delivering
actionable information that ensures product is on the shelf when the consumer
expects it as well as providing food safety tracking information. The
Company's services increase customers' sales and profitability while enabling
lower inventory levels, and help to ensure regulatory compliance for both
retailers and their suppliers.
Through a process known as Consumer Driven Sales Optimization™, Park City
Group helps its customers turn information into cash and increased sales,
using the largest scan based platform in the world. Scan based trading
provides retail trading partners with a distinct competitive advantage through
scan sales that provides store level visibility and sets the supply chain in
motion.And since it is scan based, it can be used in a Direct Store Delivery
(DSD) or warehouse setting.
In 2012 Park City Group worked with Leavitt Partners, an internationally-known
health care and food safety consulting firm to create ReposiTrak, Inc., which
provides food retailers and suppliers with a robust solution that helps them
protect their brands and remain in compliance with rapidly evolving
regulations in the recently passed Food Safety Modernization Act.Powered by
Park City Group, this solution, also called ReposiTrak™, is an internet-based
technology, which enables all participants in the farm-to-table supply chain
to easily manage tracking and traceability requirements as products move
between trading partners.
The Park City Group, Inc. logo is available at
Statements made in this press release include forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended, regarding,
but not limited to, the amount and use of proceeds the Company expects to
receive from the offering, the closing of the offering, the exercise of the
warrants, and the Company's ability to continue to grow revenue.
Forward-looking statements can be identified by the use of words such as
"may," "will," "plan," "should," "expect," "anticipate," "estimate,"
"continue," or comparable terminology. Such forward-looking statements are
inherently subject to certain risks, trends and uncertainties, many of which
the Company cannot predict with accuracy and some of which the Company might
not even anticipate, and involve factors that may cause actual results to
differ materially from those projected or suggested. Readers are cautioned not
to place undue reliance on these forward-looking statements and are advised to
consider the factors listed above together with the additional factors under
the heading "Disclosure Regarding Forward-Looking Statements" and "Risk
Factors" in the Company's Annual Reports on Form 10-K, as may be supplemented
or amended by the Company's Quarterly Reports on Form 10-Q. The Company
assumes no obligation to update or supplement forward-looking statements that
become untrue because of subsequent events, new information or otherwise.
CONTACT: Investor Relations Contact:
Three Part Advisors, LLC
Park City Group, Inc. logo
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