<SEC-DOCUMENT>0001140361-20-002436.txt : 20200206
<SEC-HEADER>0001140361-20-002436.hdr.sgml : 20200206
<ACCEPTANCE-DATETIME>20200206080015
ACCESSION NUMBER:		0001140361-20-002436
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20200205
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20200206
DATE AS OF CHANGE:		20200206

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PAR TECHNOLOGY CORP
		CENTRAL INDEX KEY:			0000708821
		STANDARD INDUSTRIAL CLASSIFICATION:	CALCULATING & ACCOUNTING MACHINES (NO ELECTRONIC COMPUTERS) [3578]
		IRS NUMBER:				161434688
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-09720
		FILM NUMBER:		20580924

	BUSINESS ADDRESS:	
		STREET 1:		PAR TECHNOLOGY PARK
		STREET 2:		8383 SENECA TURNPIKE
		CITY:			NEW HARTFORD
		STATE:			NY
		ZIP:			13413
		BUSINESS PHONE:		3157380600

	MAIL ADDRESS:	
		STREET 1:		8383 SENECA TURNPIKE
		CITY:			NEW HARTFORD
		STATE:			NY
		ZIP:			13413
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>form8k.htm
<DESCRIPTION>8-K
<TEXT>
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    <div style="text-align: center; font-size: 14pt; font-weight: bold;">UNITED STATES</div>
    <div style="text-align: center; font-size: 14pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
    <div style="text-align: center; font-size: 12pt; font-weight: bold;">Washington, D.C. 20549</div>
    <div><br>
    </div>
    <div style="text-align: center; font-size: 18pt; font-weight: bold;">FORM 8-K</div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">CURRENT REPORT</div>
    <div style="text-align: center; font-weight: bold;">Pursuant to Section 13 or 15(d) of the</div>
    <div style="text-align: center; font-weight: bold;">Securities Exchange Act of 1934</div>
    <div><br>
    </div>
    <div style="text-align: center;">Date of report (Date of earliest event reported): February 5, 2020</div>
    <div><br>
    </div>
    <div style="text-align: center; font-size: 24pt; font-weight: bold;">PAR Technology Corporation</div>
    <div style="text-align: center;">(Exact name of registrant as specified in its charter)</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" id="zc7d3558f588849f7b51508f848aec067" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);">

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            <div style="text-align: center; color: rgb(0, 0, 0);">Delaware</div>
          </td>
          <td style="width: 34.18%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: center; color: rgb(0, 0, 0);">1-09720</div>
          </td>
          <td style="width: 33.01%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: center; color: rgb(0, 0, 0);">16-1434688</div>
          </td>
        </tr>
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          <td style="width: 32.81%; vertical-align: top; border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: center; color: rgb(0, 0, 0);">(State or Other Jurisdiction of Incorporation)</div>
          </td>
          <td style="width: 34.18%; vertical-align: top; border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: center; color: rgb(0, 0, 0);">(Commission File Number)</div>
          </td>
          <td style="width: 33.01%; vertical-align: top; border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: center; color: rgb(0, 0, 0);">(IRS Employer Identification No.)</div>
          </td>
        </tr>

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    <div><br>
    </div>
    <div style="text-align: center;">PAR Technology Park, 8383 Seneca Turnpike, New Hartford, New York 13413-4991</div>
    <div style="text-align: center;">(Address of Principal Executive Offices) (Zip Code)</div>
    <div><br>
    </div>
    <div style="text-align: center;">Registrant&#8217;s telephone number, including area code: (315) 738-0600</div>
    <div><br>
    </div>
    <div>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:</div>
    <div><br>
    </div>
    <div>
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              <td style="width: 30.25pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Segoe UI Symbol',sans-serif;">&#9744;</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000;">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</div>
              </td>
            </tr>

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      </div>
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    <div>
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        <table cellspacing="0" cellpadding="0" id="zd1465804208948d9aa1d21c20b2b1daf" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000;">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</div>
              </td>
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              <td style="width: 30.25pt; vertical-align: top; align: right; color: #000000; font-family: 'Segoe UI Symbol', sans-serif;">&#9744;</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000;">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</div>
              </td>
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              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000;">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div>Securities registered pursuant to Section 12(b) of the Act:</div>
    <div><br>
    </div>
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          <td style="width: 33%; vertical-align: bottom;">
            <div style="text-align: center; color: rgb(0, 0, 0);">Title of each class</div>
          </td>
          <td style="width: 34%; vertical-align: bottom;">
            <div style="text-align: center; color: rgb(0, 0, 0);">Trading Symbol</div>
          </td>
          <td style="width: 33%; vertical-align: bottom;">
            <div style="text-align: center; color: rgb(0, 0, 0);">Name of each exchange on which registered</div>
          </td>
        </tr>
        <tr>
          <td style="width: 33%; vertical-align: bottom;">
            <div style="text-align: center; color: rgb(0, 0, 0);">Common Stock</div>
          </td>
          <td style="width: 34%; vertical-align: bottom;">
            <div style="text-align: center; color: rgb(0, 0, 0);">PAR</div>
          </td>
          <td style="width: 33%; vertical-align: bottom;">
            <div style="text-align: center; color: rgb(0, 0, 0);">New York Stock Exchange</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div>Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</div>
    <div><br>
    </div>
    <div>Emerging growth company &#9744;</div>
    <div><br>
    </div>
    <div>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. &#9744;</div>
    <div> <br>
    </div>
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              <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">Item 7.01</td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">Regulation FD Disclosure</div>
              </td>
            </tr>

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    </div>
    <div><br>
    </div>
    <div style="text-indent: 36pt;">On February 4, 2020, PAR Technology Corporation (the &#8220;Company&#8221;) announced a proposed private offering of convertible unsecured senior notes (the &#8220;notes&#8221;) to qualified institutional buyers pursuant to Rule 144A under the
      Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;).&#160; On February 6, 2020, the Company issued a press release announcing the pricing of an upsized $105 million offering of the notes; a copy of the press release is included in Exhibit 99.1 and
      is incorporated into this Item 7.01 by reference.</div>
    <div><br>
    </div>
    <div style="text-indent: 36pt;">The Company is furnishing the information in this Current Report on Form 8-K, including the information contained in this Item 7.01 and Exhibit 99.1 hereto, to comply with Regulation FD. Such information shall not be
      deemed to be &#8220;filed&#8221; for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;), or otherwise subject to the liabilities of that section, and shall not be deemed to be incorporated by reference into any of the
      Company&#8217;s filings under the Securities Act or the Exchange Act, whether made before or after the date hereof and regardless of any general incorporation language in such filings, except to the extent expressly set forth by specific reference in such
      a filing. This Current Report on Form 8-K will not be deemed an admission as to the materiality of any information in this report (including Exhibit 99.1) that is required to be disclosed solely by Regulation FD.</div>
    <div><br>
    </div>
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              <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">Item 9.01</td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">Financial Statements and Exhibits</div>
              </td>
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      </div>
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    <div><br>
    </div>
    <div><font style="font-weight: bold;">(d) Exhibits</font>.</div>
    <div><br>
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            <div style="font-weight: bold;"><u>Exhibit No.</u></div>
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          <td style="width: 79.32%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="font-weight: bold;"><u>Exhibit Description</u></div>
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            <div><a href="ex99_1.htm">99.1</a></div>
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          <td style="width: 79.32%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div>Press Release, dated February 6, 2020, announcing pricing of convertible senior notes</div>
          </td>
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    <div style="text-align: center; font-weight: bold;">SIGNATURES</div>
    <div><br>
    </div>
    <div style="text-align: justify;">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.</div>
    <div><br>
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          <td style="width: 50%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
          <td style="width: 50%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0);">PAR TECHNOLOGY CORPORATION</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">(Registrant)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
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          <td style="width: 50%; vertical-align: top; padding-bottom: 2px;">
            <div style="color: rgb(0, 0, 0);">Date:&#160; February 6, 2020</div>
          </td>
          <td style="width: 50%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>/s/ Bryan A. Menar</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">Bryan A. Menar</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">Chief Financial and Accounting Officer</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">(Principal Financial Officer)</div>
          </td>
        </tr>

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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  <div style="font-weight: bold; text-align: right;">Exhibit 99.1<br>
  </div>
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            <div>&#160;</div>
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          <td style="vertical-align: top;" colspan="2">
            <div><font style="font-weight: bold;">FOR RELEASE: </font><font style="color: rgb(0, 0, 0);">New Hartford, NY, February 6, 2020</font></div>
          </td>
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          <td style="width: 50.15%; vertical-align: bottom;" rowspan="1">&#160;</td>
          <td style="vertical-align: top;" colspan="2" rowspan="1">&#160;</td>
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          <td style="width: 50.15%; vertical-align: bottom;" rowspan="1">&#160;</td>
          <td style="width: 7%; vertical-align: top;" rowspan="1">
            <div><font style="font-weight: bold;">CONTACT:</font></div>
          </td>
          <td style="width: 43%; vertical-align: top;" rowspan="1"><font style="color: rgb(0, 0, 0);">Christopher R. Byrnes</font></td>
        </tr>
        <tr>
          <td style="width: 50.15%; vertical-align: bottom;" rowspan="1">&#160;</td>
          <td style="width: 7%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 43%; vertical-align: top;" rowspan="1">(315) 738-0600 <font style="font-weight: bold;">&#160;</font>ext. 6226</td>
        </tr>
        <tr>
          <td style="width: 50.15%; vertical-align: bottom;" rowspan="1">&#160;</td>
          <td style="width: 7%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 43%; vertical-align: top;" rowspan="1">cbyrnes@partech.com,&#160; <u>www.partech.com</u></td>
        </tr>

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    <div><br>
    </div>
    <div style="text-align: justify; color: #000000; font-weight: bold;">PAR TECHNOLOGY CORPORATION ANNOUNCES PRICING OF UPSIZED $105 MILLION OFFERING OF CONVERTIBLE SENIOR NOTES </div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;"><font style="font-weight: bold;">New Hartford, NY- February 6, 2020</font> -- PAR Technology Corporation (NYSE: PAR) (&#8220;Company&#8221; or &#8220;PAR&#8221;), announced today that it priced a private offering of $105
      million aggregate principal amount of 2.875% Convertible Senior Notes due 2026 (the &#8220;Notes&#8221;).&#160; The Notes will be sold to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;).&#160; The
      Company also granted to the initial purchaser of the Notes a 30-day option to purchase up to an additional $15 million aggregate principal amount of Notes.&#160; The sale is expected to close on February 10, 2020, subject to satisfaction of the conditions
      to closing.</div>
    <div style="text-align: justify; color: #000000;"> <br>
    </div>
    <div style="text-align: justify; color: #000000;">The Notes will be unsecured senior obligations of the Company.&#160; The Notes will mature on April 15, 2026, unless earlier purchased, redeemed or converted.&#160; Interest will accrue on the Notes at a rate of
      2.875% per year and will be payable semiannually in arrears on April 15 and October 15 of each year, beginning on October 15, 2020.</div>
    <div style="text-align: justify; color: #000000;"> <br>
    </div>
    <div style="text-align: justify; color: #000000;">The Notes will be convertible at the option of the holders, prior to the close of business on the business day immediately preceding October 15, 2025, only under certain circumstances and during certain
      periods, and thereafter, at any time until the close of business on the second business day immediately preceding the maturity date.&#160; The initial conversion rate for the Notes will be 23.2722 shares of the Company&#8217;s common stock for each $1,000
      principal amount of Notes (equivalent to an initial conversion price of approximately $42.97 per share of the Company&#8217;s common stock).&#160; Upon conversion, the Notes may be settled, at the Company&#8217;s election, in cash, shares of the Company&#8217;s common
      stock, or a combination of cash and shares of the Company&#8217;s common stock.</div>
    <div style="text-align: justify; color: #000000;"> <br>
    </div>
    <div style="text-align: justify; color: #000000;">The Company may redeem the Notes for cash, at its option, on or after April 15, 2023, at a redemption price equal to 100% of the principal amount thereof, plus accrued and unpaid interest to, but
      excluding the redemption date, if the last reported sale price of the Company&#8217;s common stock has been at least 130% of the conversion price in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day
      period (including the last trading day of such period).</div>
    <div style="text-align: justify; color: #000000;"> <br>
    </div>
    <div style="text-align: justify; color: #000000;">The Company estimates that the net proceeds from the sale of the Notes, after deducting initial purchaser discounts and offering expenses, will be approximately $101.4 million (or approximately $115.9
      million if the initial purchaser exercises in full its option to purchase additional Notes).&#160; The Company intends to use approximately $66.25 million (excluding cash payments relating to accrued interest and fractional shares) of the proceeds of the
      offering and deliver 722,423 shares of its common stock as consideration to repurchase $66.25 million aggregate principal amount of its 4.500% Convertible Senior Notes due 2024 (the &#8220;2024 notes&#8221;) through individually negotiated transactions expected
      to close concurrently with the offering.&#160; These repurchases could increase (or reduce the size of any decrease in) the market price of PAR&#8217;s common stock or the Notes.&#160; This activity could affect the market price of the Company&#8217;s common stock
      concurrently with the pricing of the Notes, and could result in a higher effective conversion prices for the Notes.</div>
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    <div style="text-align: justify; color: #000000;">The Company intends to use the remaining proceeds from the offering (including any net proceeds from the sale of any additional Notes that may be sold should the initial purchaser exercise its option to
      purchase additional Notes) for general corporate purposes, including continued funding investment in its Brink business and for other working capital needs.&#160; The Company may also use a portion of the proceeds to acquire or invest in other assets
      complementary to its business.</div>
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    <div style="text-align: justify; color: #000000;">The Notes were offered to qualified institutional buyers pursuant to Rule 144A under the Securities Act.&#160; The Notes, the shares of the Company&#8217;s common stock into which the Notes are convertible and the
      shares of common stock issued in connection with any repurchases of the 2024 notes have not been, and will not be, registered under the Securities Act or the securities laws of any other jurisdiction, and unless so registered, may not be offered or
      sold in the United States except pursuant to an applicable exemption from such registration requirements.</div>
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    <div style="text-align: justify; color: #000000;">This announcement is neither an offer to sell nor a solicitation of an offer to buy the Notes, the shares of the Company&#8217;s common stock into which the Notes are convertible or the shares of common stock
      issued in connection with any repurchases of the 2024 notes, nor will there be any offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful.</div>
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    <div style="text-align: justify; color: #000000;"><font style="font-weight: bold;">Forward-Looking Statements</font>.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">This press release includes &#8220;forward-looking statements&#8221; within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act and Section 21E of the Securities
      Exchange Act of 1934, including statements regarding the completion of the offering of the Notes, the proposed repurchases of the 2024 notes, the intended use of proceeds from the offering (including the amount, terms, and timing of the proposed
      repurchases of the 2024 notes and the composition of related consideration), and the expected terms of the offering.&#160; These forward-looking statements are subject to risks and uncertainties that may cause actual results or events to differ materially
      from those expressed in the forward-looking statements, including risks related to whether the Company will be able to satisfy the conditions required to close any sale of the Notes, whether the Company will complete any repurchases of the 2024
      notes, and the fact that the Company&#8217;s management will have broad discretion in the use of the proceeds from any sale of the Notes. Other risks and uncertainties that could cause the actual results or events to differ materially from those
      contemplated in forward looking statements are discussed in &#8220;Risk Factors&#8221; discussed in the Company&#8217;s Annual Report on Form 10-K for the year ended December 31, 2018 and the Company&#8217;s other filings with the Securities and Exchange Commission.&#160; The
      Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as may be required under applicable securities law.</div>
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    <div style="text-align: justify; color: #000000; font-weight: bold;">About PAR Technology Corporation</div>
    <div><br>
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    <div style="text-align: justify;"><font style="color: #000000;">PAR is a customer success-driven, global restaurant/retail technology company with over 100,000 restaurants in more than 110 countries using its point of sale hardware and software. PAR&#8217;s
        Brink integration ecosystem enables quick service, fast casual, table service, and cloud restaurants to improve their operational efficiency by combining its cloud-based POS software with the world&#8217;s leading restaurant technology platforms.&#160; PAR
        Technology Corporation (PAR) through its Government segment provides intelligence, surveillance, and reconnaissance (&#8220;ISR&#8221;) solutions and mission systems support to the Department of Defense and other Federal agencies.&#160; PAR Technology Corporation&#8217;s
        stock is traded on the New York Stock Exchange under the symbol PAR. For more information, visit </font><u>www.partech.com</u><font style="color: #000000;"> or connect with PAR on Facebook at </font><u>www.facebook.com/parpointofsale</u><font style="color: #000000;"> or Twitter at </font><u>www.twitter.com/Par_tech</u><font style="color: #000000;">.</font></div>
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