PAR Technology Corporation (NYSE:PAR) Files An 8-K Completion of Acquisition or Disposition of Assets
Item 2.01 Completion of Acquisition or Disposition of Assets.
On September 30, 2019, ParTech, Inc., a wholly-owned subsidiary (“ParTech”) of PAR Technology Corporation (the “Company”) completed its acquisition of assets of 3M Company’s Drive-Thru Communications Systems business (the “Business”), including the XT-1 and G5 headset systems, contracts and intellectual property associated with the business (the “purchased assets”) for cash consideration of $7.0 million. ParTech acquired the purchased assets from 3M Company and certain of its subsidiaries to a bill of sale and a patent and know-how assignment agreement, each dated September 4, 2019, as previously disclosed in the Company’s current report on Form 8-K filed with the Securities and Exchange Commission on September 4, 2019. Under a transition contract manufacturing agreement (the “CMA”) between 3M and ParTech, dated September 4, 2019, ParTech will purchase remaining inventory of products, raw materials and work-in-progress in 3M’s possession and used in the manufacture of products or the provision of services in connection with the Business upon termination of the CMA on December 31, 2019, unless sooner terminated by its terms.
This current report on Form 8-K contains “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (“Exchange Act”), Section 27A of the Securities Act of 1933, as amended (“Securities Act”), and the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in, or implied by, the forward-looking statements. Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as may be required under applicable securities law.
Item 9.01 Financial Statements and Exhibits
PAR TECHNOLOGY CORP Exhibit
EX-2.1 2 billofsalefinalforexhibitf.htm EXHIBIT 2.1 Exhibit EXHIBIT 2.1BILL OF SALEThis BILL OF SALE (this “Bill of Sale”) is entered into as of September 4,…
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About PAR Technology Corporation (NYSE:PAR)
PAR Technology Corporation (PAR) is a provider of systems and service solutions for the hospitality industry. The Company operates through two segments: Hospitality and Government. The solutions for the restaurant industry integrate software applications, hardware platforms, software delivery, and installation and lifecycle support services. PAR’s software offerings for the Restaurant market include front-of-store point-of-sale (POS) software applications, and enterprise software applications for content management and business intelligence. PAR’s hardware offerings for the restaurant market include POS terminals, kitchen systems utilizing printers and/or video monitors, and a range of food safety monitoring and task management hardware and software solutions. PAR’s Government business provides a range of technical services for the Department of Defense (DoD) and federal agencies. The Government segment focuses on serving intelligence, surveillance and reconnaissance (ISR) customers.
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