PARK CITY, Utah, April 10, 2013 (GLOBE NEWSWIRE) -- Park City Group (NYSE MKT:PCYG), a Software-as-a-Service (SaaS) provider of unique supply chain solutions for retailers and their suppliers, today announced that approximately 97 percent of the holders of the Company's Series A Convertible Preferred Stock have elected to convert their Series A Convertible Preferred Stock into shares of Park City Group's common stock.
The Company previously announced that it would redeem all of its issued and outstanding shares of Series A Convertible Preferred Stock on April 15, 2013 at a redemption price of $10.00 per preferred share in cash, less any applicable tax withholding as may be required by law. Holders of the Series A Preferred have the right to accept the cash redemption price, or convert their shares of Series A Preferred into shares of Park City Group's common stock until the close of business (5:00 pm Mountain Daylight Time) on April 15, 2013.
"Nearly all of the Series A holders have elected to convert their preferred stock into common stock and we believe that it shows the continuing support and commitment from our shareholders. The result of this action will simplify our capital structure and reduce our preferred dividend payments by approximately $650,000 annually, or $0.04 per share," said Randall K. Fields, Chairman and CEO of Park City Group.About Park City Group Park City Group (NYSE MKT: PCYG) is a Software-as-a-Service ("SaaS") provider that brings unique visibility to the consumer goods supply chain, delivering actionable information that ensures product is on the shelf when the consumer expects it as well as providing food safety tracking information. The Company's services increase customers' sales and profitability while enabling lower inventory levels, and help to ensure regulatory compliance for both retailers and their suppliers. Through a process known as Consumer Driven Sales Optimization™, Park City Group helps its customers turn information into cash and increased sales, using the largest scan based platform in the world. Scan based trading provides retail trading partners with a distinct competitive advantage through scan sales that provides store level visibility and sets the supply chain in motion. And since it is scan based, it can be used in a Direct Store Delivery (DSD) or warehouse setting. In 2012 Park City Group worked with Leavitt Partners, an internationally-known health care and food safety consulting firm to create ReposiTrak, Inc., which provides food retailers and suppliers with a robust solution that helps them protect their brands and remain in compliance with rapidly evolving regulations in the recently passed Food Safety Modernization Act. Powered by Park City Group, this solution, also called ReposiTrak™, is an internet-based technology, which enables all participants in the farm-to-table supply chain to easily manage tracking and traceability requirements as products move between trading partners.