PAR Technology Corporation (NYSE:PAR) Files An 8-K Costs Associated with Exit or Disposal Activities
Item 2.05. Costs Associated with Exit or Disposal Activities.
On January 14, 2019, PAR Technology Corporation (the “Company”) implemented a 4.0% reduction in its workforce in connection with its Restaurant/Retail segment’s transition to a software led solutions company. The Company expects to incur total severance costs of approximately $686,000 that will be expensed in the first quarter of 2019 in the Company’s Restaurant/Retail segment. The Company expects cash payments to be made in the first quarter of 2019. A copy of the press release announcing the workforce reduction is attached hereto as Exhibit 99.1.
Item 2.05 of this Current Report on Form 8-K contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated in these statements, and may relate to, among other things, statements regarding the Company’s current expectations relating to the amount and timing of related costs.
Item 9.01.Financial Statements and Exhibits.
(d)Exhibits
PAR TECHNOLOGY CORP Exhibit
EX-99.1 2 exhibit991.htm EXHIBIT 99.1 Exhibit FOR RELEASE: NEW HARTFORD,…
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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.