UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
 
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): January 14, 2019

PAR Technology Corporation
(Exact Name of Registrant as Specified in its Charter)

Delaware
1-09720
16-1434688
(State or Other Jurisdiction of Incorporation)
(Commission File Number)
(IRS Employer Identification No.)

PAR Technology Park, 8383 Seneca Turnpike, New Hartford, New York 13413-4991
(Address of Principal Executive Offices) (Zip Code)

Registrant's telephone number, including area code: (315) 738-0600
 
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 ( see General Instruction A.2. below):
 
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 









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

         99.1      Press Release of PAR Technology Corporation dated January 14, 2019


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 thereunto duly authorized.

 
PAR TECHNOLOGY CORPORATION
 
(Registrant)
 
 
Date:  January 14, 2019
/s/ Bryan A. Menar
 
Bryan A. Menar
 
Chief Financial Officer
(Principal Financial and Accounting Officer)








FOR RELEASE:     NEW HARTFORD, NY, January 14, 2019
CONTACT:     Christopher R. Byrnes (315) 738-0600 ext. 6226
chris_byrnes@partech.com, www.partech.com


PAR TECHNOLOGY CORPORATION ANNOUNCES
ALIGNMENT OF WORKFORCE WITH FOCUS ON KEY STRATEGIC PRIORITIES

New Hartford, NY-January 14, 2019- PAR Technology Corporation (NYSE: PAR) (“PAR” or the “Company”) today announced a strategic reduction in workforce at the Company and its subsidiary, ParTech, Inc. The reduction is designed to lower operating expenses while the Company focuses on securing its position as a leader in enterprise, point-of-sale cloud software solutions for the restaurant and retail industries.

"The reductions announced today are another critical step in PAR becoming an efficient and flexible organization in a highly competitive market and in building a solid foundation for the Company's future growth," commented Savneet Singh, CEO & President of PAR. "As a Company we’ve begun to put a deep discipline around capital allocation with a constant focus on return on invested capital.”
Mr. Singh concluded, “The people who are leaving today have made huge contributions to our company and culture. We’ve been humbled to work with each and everyone one of them and have not lost sight of the impact of our decision; it was difficult, but necessary as we prepare PAR for the future we deeply believe in.”
ABOUT PAR TECHNOLOGY CORPORATION
PAR Technology Corporation (PAR) is a leading global provider of software, systems, and service solutions to the restaurant and retail industries. Today, with 40 years of experience and point of sale systems in nearly 100,000 restaurants and more than 110 countries, PAR is redefining the point of sale through cloud software and bringing technological innovation to all corners of the enterprise. PAR’s Government business is a leader in providing computer-based system design, engineering and technical services to the Department of Defense and various federal agencies. PAR Technology Corporation's stock is traded on the New York Stock Exchange under the symbol PAR. For more information, visit www.partech.com or connect with PAR on Facebook at www.facebook.com/parpointofsale or Twitter at www.twitter.com/Par_tech.


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