UNITED STATES
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 (Date of earliest event reported): August 8, 2005
PAR TECHNOLOGY CORPORATION
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(Exact Name of Registrant as Specified in Charter)
Delaware 1-09720 16-1434688
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(State or Other Jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
PAR Technology Park, 8383 Seneca Turnpike, New Hartford, NY 13413-4991
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (315) 738-0600
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Not applicable
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(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
Item 8.01. Other Events.
On August 8, 2005, PAR Technology Corporation issued a press release
announcing a Letter of Intent to acquire PixelPoint Technologies, Inc.
99.1 Press Release dated August 8, 2005.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
PAR TECHNOLOGY CORPORATION
Date: August 8, 2005 By: /s/ Ronald J. Casciano
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Ronald J. Casciano
Vice President, Chief Financial
Officer and Treasurer
EXHIBIT INDEX
Exhibit Number Description
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99.1 Press Release dated August 8, 2005.
Exhibit 99.1 Press Release dated August 8, 2005.
CONTACT: Christopher R. Byrnes (315) 738-0600 ext. 226
cbyrnes@partech.com, www.partech.com
PAR TECHNOLOGY CORPORATION ANNOUNCES LETTER OF INTENT
TO ACQUIRE PIXELPOINT TECHNOLOGIES
o ACQUISITION TO ENHANCE PAR'S EXPANSION INTO FULL SERVICE RESTAURANTS AND
INTERNATIONAL MARKETS
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NEW HARTFORD, NY, PAR TECHNOLOGY CORPORATION (NYSE:PTC)
New Hartford, NY--August 8, 2005--PAR Technology Corporation (NYSE:PTC), a
leading provider of integrated technology solutions to the hospitality industry,
today announced that it has signed a letter of intent to acquire PixelPoint(R)
Technologies, Inc. a privately held hospitality technology company.
The financial terms of the acquisition were not disclosed. The closing of the
transaction is subject to customary closing conditions and is expected in the
third quarter of 2005.
Based in suburban Toronto, Canada, PixelPoint operates with a commitment to the
development of state-of-the-art hospitality management software. PixelPoint is
an innovative leader, developing and marketing POS, WebPOS, Wireless and
Enterprise software suites for the table service restaurant industry. It
currently ships software in multiple languages and to virtually every major
economic center worldwide.
PixelPoint is a premier supplier to the hospitality industry with over 5,000
installations in full-service restaurants around the globe. PixelPoint's
software products are reliable, flexible and easy to use. Their integrated
software solution includes HeadOffice(R) enterprise management, PocketPOS(TM) a
wireless application that is seamless to their connected capability and allows
remote order taking in the dining room, Web-to-Go(TM), on-line ordering
capability for customers via the internet, and MemberShare(TM) an in-store and
enterprise level Loyalty and Gift Card information sharing application.
Under the terms of the agreement, PixelPoint Technologies will continue to be
managed by its senior management team and will be backed up by PAR's products,
worldwide infrastructure and resources.
"This acquisition is a great match for PAR Technology. Over the past 18 months
we have been focused on expanding our reach into new hospitality markets for PAR
with new product offerings that allow us to leverage our existing
infrastructure," said John W. Sammon, PAR's Chairman and CEO. "PixelPoint has a
great reputation as an innovator to go along with a strong and loyal client
base. This acquisition gives us access to hospitality markets and geographical
areas PAR has not yet penetrated, and also provides an opportunity to offer
PixelPoint clients additional PAR products and support services that will
supplement the PixelPoint product lines. We look forward to continuing to
support PixelPoint customers through PAR's service network and to facilitate
PixelPoint's growth through resources now available to them as a result of the
acquisition."
Sammon concluded, "This latest move is part of our global business growth
strategy. The combination of PAR and PixelPoint is an ideal synergistic pairing
that will combine the technological and personnel strengths of both companies."
Lino D'Angicco, Co-Founder and CEO of PixelPoint commented, "We are pleased to
become part of a very successful organization, and even more so to be able to
offer our PixelPoint customers the benefits of PAR's integrated solutions and
services, their industry experience and financial strength. This proposed
acquisition will certainly enable a much faster deployment of our products and
services across the globe. We have experienced significant growth over the past
few years and being part of the PAR family will propel our growth faster and
more efficiently. The hospitality technology industry is at an exciting stage
with interest in advanced products and services. We are clearly at the forefront
of this technology."
Certain Company information in this release or by its spokespersons from time to
time may contain forward-looking statements. Any statements in this document
that do not describe historical facts are forward-looking statements.
Forward-looking statements are made pursuant to the safe harbor provisions of
the Private Securities Litigation Reform Act of 1995. Investors are cautioned
that all forward-looking statements involve risks and uncertainties, including
without limitation, delays in new product introduction, risks in technology
development and commercialization, risks in product development and market
acceptance of and demand for the Company's products, risks of downturns in
economic conditions generally, and in the quick service sector of the restaurant
market specifically, risks of intellectual property rights associated with
competition and competitive pricing pressures, risks associated with foreign
sales and high customer concentration, and other risks detailed in the Company's
filings with the Securities and Exchange Commission.
ABOUT PAR TECHNOLOGY
PAR Technology Corporation is a leading provider of professional services and
enterprise business intelligence technology solutions. PAR develops, markets and
supports hardware and software products that improve the ability of hospitality
business professionals to make timely, fact-based business decisions. The
Company is the world's largest supplier of Point-of-Sale systems to the quick
service restaurant market with over 40,000 systems installed in more than 100
countries. PAR is also a leader in providing computer based system design and
engineering services to the Department of Defense and other Federal Government
Agencies. PAR Technology Corporation's stock is traded on the New York Stock
Exchange under the symbol PTC. More information can be found on the Company's
website at WWW.PARTECH.COM.