Shareholders to Vote on Park City Group/Prescient Deal
Park City Group Inc., a developer of patented retail supply chain solutions and services, announces that the shareholders of Prescient Applied Intelligence will vote on the pending acquisition by Park City Group at a special meeting of shareholders on January 13, 2009. Park City Group expects to consummate the acquisition within three days following the meeting and will operate Prescient as a wholly owned subsidiary. This acquisition is projected to provide:
> Increased recurring subscription-based revenues
> Increased Park City Group total revenues from $3.3 million to $12 million
> Increased EBITDA to approximately 15 percent of revenue
> Synergies of product and service offerings
> Strong future revenue growth opportunities within the combined customer base
> Economies of scale in business operations and development costs
Commenting on the combined companies, Randall K. Fields, Park City Group chairman and CEO, says, "We are very satisfied with the continued and increasing positive results of our cross selling efforts. The integration of the two businesses is in its final stages and will be completed by the time we close the acquisition. Park City Group has successfully transitioned its business model from one that historically generated approximately 70 percent of its revenues from license-related business to one that now generates approximately 70 percent of revenues from recurring subscription-based customers."
> Increased recurring subscription-based revenues
> Increased Park City Group total revenues from $3.3 million to $12 million
> Increased EBITDA to approximately 15 percent of revenue
> Synergies of product and service offerings
> Strong future revenue growth opportunities within the combined customer base
> Economies of scale in business operations and development costs
Commenting on the combined companies, Randall K. Fields, Park City Group chairman and CEO, says, "We are very satisfied with the continued and increasing positive results of our cross selling efforts. The integration of the two businesses is in its final stages and will be completed by the time we close the acquisition. Park City Group has successfully transitioned its business model from one that historically generated approximately 70 percent of its revenues from license-related business to one that now generates approximately 70 percent of revenues from recurring subscription-based customers."