|[April 15, 2014]
PAR Technology Corporation Announces Plan to Declassify Board of Directors
NEW HARTFORD, N.Y. --(Business Wire)--
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 decisin 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.
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