New Hartford, NY- April 15, 2014 — PAR Technology Corporation announced today that its board of directors unanimously voted in favor of amendments to the Company’s Certificate of Incorporation and By-Laws declassifying PAR’s board of directors. Approval of the amendments require support by two-thirds of outstanding shares of the Company’s common stock at the Company’s next annual meeting to be held on May 22, 2014 (the “2014 Annual Meeting”). Shareholders of record on April 2, 2014 will be entitled to vote in person or by proxy at the 2014 Annual Meeting.
Declassification of the board will permit PAR’s stockholders to vote annually for all directors. Currently, the Company’s three classes of directors are elected for staggered three-year terms. If the stockholders approve the proposal to declassify the board, all directors will stand for election each year beginning with 2015 Annual Meeting.
“The decision to declassify the board is consistent with PAR’s commitment to sound corporate governance,” said Ronald J. Casciano, PAR Board Member, CEO & President. “The Board believes that this proactive step to amend the Company’s Certificate of Incorporation and By-Laws is in the best interest of PAR Technology and its shareholders.”
ABOUT PAR TECHNOLOGY
PAR Technology Corporation’s stock is traded on the New York Stock Exchange under the symbol PAR. PAR’s Hospitality segment has been a leading provider of restaurant and retail technology for more than 30 years. PAR offers technology solutions for the full spectrum of restaurant operations, from large chain and independent table service restaurants to international quick service chains. PAR’s Hospitality business also provides hotel management systems with a complete suite of powerful tools for guest management, recreation management, and timeshare/condo management. In addition, PAR offers the spa industry a leading management application specifically designed to support the unique needs of the resort spa and day spa markets, a rapidly growing hospitality segment. Products from PAR also can be found in retailers, cinemas, cruise lines, stadiums and food service companies. PAR’s Government segment is a leader in providing computer-based system design, engineering and technical services to the Department of Defense and various federal agencies. Visit www.partech.com for more information.