EX-99.1
2
exhibit99_1.htm
EXHIBIT 99.1
exhibit99_1.htm
Exhibit
99.1
NEWS
Park
City Group Completes Acquisition of Prescient Applied Intelligence
With
All Business Integration Items Substantially Completed, the Combined Company is
Already Providing to Retailers and Suppliers One of the Most Comprehensive
Inventory and Labor Management Solutions
PARK
CITY, UT - January 15, 2009 - Park City Group, Inc. (OTCBB: PCYG), a developer
of patented retail supply chain solutions and services, today announced that it
has completed the acquisition of Prescient Applied Intelligence (OTCBB: PPID)
following the shareholder vote yesterday approving the merger at a special
meeting of Prescient shareholders. Park City Group has also completed
the purchase of the remaining outstanding common stock and preferred shares of
Prescient. As previously announced, Randall K. Fields, Chairman
and Chief Executive Officer of Park City Group had been appointed Chief
Executive Officer of Prescient.
Financing
for completion of the acquisition was accomplished with a combination of bank
financing, operating capital, loans from Park City Group's CEO and one of its
Board members, and an investment made by a group of investors. All of
the business integration items have already been completed since the merger plan
was announced in September. Prescient has merged with a newly formed
subsidiary of Park City Group and now operates as a wholly owned
subsidiary.
Business
Model Transition
It is
important to note that Park City Group has now transitioned its business model
from one that historically generated approximately 70% of its revenues from
license-related business to one that now generates approximately 70% of revenues
from recurring subscription-based customers. "When this change in
business model and its continued revenue stream are demonstrated to Wall Street,
it is reasonable for us to expect that it will have a significantly positive
effect on the valuation of the Company", said Fields.
Full
Business Integration Complete
Commenting
on the fiscal benefits of the combined companies, Fields said that, "I am proud
that the Park City and Prescient teams were able to work diligently together to
swiftly integrate our two businesses. This allows us to begin to
realize the numerous benefits of our combined operations. We have
already taken action on approximately $3.3 million of the identified $4 million
in annualized cost reduction measures which will be reflected over the next
several quarters. We look forward to substantially
increased EBITDA to approx. 15% of revenue.
Business
Development Synergies
"From a
business development perspective, I am thrilled to report that the synergies of
product and service offerings and our cross selling efforts are producing
increasingly positive results and providing important growth opportunities for
the expansion of our combined retail solutions. As announced last
week, we named a new Sr. Vice President to spearhead our sales and marketing
initiatives. I believe that the strategic combination of our
resources allows us to provide an unparalleled and integrated range of offerings
that are more comprehensive than any of our competitors", Fields
added.
In its
role as a most trusted, third-party advisor to retailers and suppliers, the
depth and breadth of Park City Group's product offerings presently
include:
·
Supply Chain Profit Link
-
a
service that provides the analysis and additional resources to improve
in-stock positions, reduce shrink and out-of-stocks, execute more
efficient and effective promotions, resolve service-level issues, improve
assortment planning, and increase sales and profit
opportunities.
·
Scan Based Trading (SBT)
-
the only SBT solution in the industry, the system provides
visibility into store-level product movement, allows suppliers to spend
more time merchandising product, and removes time-consuming operational
drudgery from the retailer-supplier
relationship.
·
Store Level Replenishment -
a store ordering solution that optimizes store level demand
forecasting to help determine when items are in need of re-ordering at a
particular store.
·
Vendor Managed Inventory -
enables suppliers to analyze retailer-supplied demand information
to optimize inventory and determine the most cost-effective
replenishment.
·
Fresh Market Manager
- a
fully integrated, end-to-end suite of software applications that manage
perishable items in retail
environments.
·
ActionManager
- a suite
of operations management solutions that replace costly manual processes
with automated systems. The seamless integration of this time-management
solution provides advanced
capabilities.
·
Visibility & Analytics -
a web-based business intelligence solution to improving performance
at store level, allowing retailers more time to focus on driving strategic
decisions.
·
Enterprise Demand /
Distribution Planning -
analyzes point-of-sale data and other
demand signals to gain insight into consumer demand to enhance forecast,
planning and execution processes.
About
Park City Group
Park City
Group provides innovative solutions and services that enable retailers and
suppliers to work collaboratively as strategic partners to improve profits,
efficiencies, and customer service. Our patented solutions provide trading
partners a common network on which they can capture, manage, analyze and share
critical data, giving them the power to make better and more informed decisions.
Our offerings include store level, supply chain and merchandising solutions and
services, which are all powered by a common foundation, our Retail Data
Repository (RDR). The comprehensive view provided by the RDR, brings greater
visibility throughout the supply chain, enabling our customers to improve
performance at the store shelf through increased sales, reduced out-of-stocks
and improved shrink. To find out more about Park City Group, please
visit www.parkcitygroup.com.
PR Contact:
Courtney
Behrens, Park City Group, Inc.
IR Contact:
Terri
MacInnis, Bibicoff & MacInnis, Inc.
610.719.1600
x332
cbehrens@prescient.com
818.379.8500
terri@bibimac.com

EX - 99 . 1 2 exhibit99 _ 1 . htm EXHIBIT 99 . 1 exhibit99 _ 1 . htm Exhibit 99 . 1 NEWS Park City Group Completes Acquisition of Prescient Applied Intelligence With All Business Integration Items Substantially Completed , the Combined Company is Already Providing to Retailers and Suppliers One of the Most Comprehensive Inventory and Labor Management Solutions PARK CITY , UT - January 15 , 2009 - Park City Group , Inc . ( OTCBB : PCYG ) , a developer of patented retail supply chain solutions and services , today announced that it has completed the acquisition of Prescient Applied Intelligence ( OTCBB : PPID ) following the shareholder vote yesterday approving the merger at a special meeting of Prescient shareholders . Park City Group has also completed the purchase of the remaining outstanding common stock and preferred shares of Prescient . As previously announced , Randall K . Fields , Chairman and Chief Executive Officer of Park City Group had been appointed Chief Executive Officer of Prescient . Financing for completion of the acquisition was accomplished with a combination of bank financing , operating capital , loans from Park City Group 's CEO and one of its Board members , and an investment made by a group of investors . All of the business integration items have already been completed since the merger plan was announced in September . Prescient has merged with a newly formed subsidiary of Park City Group and now operates as a wholly owned subsidiary . Business Model Transition It is important to note that Park City Group has now transitioned its business model from one that historically generated approximately 70 % of its revenues from license - related business to one that now generates approximately 70 % of revenues from recurring subscription - based customers . " When this change in business model and its continued revenue stream are demonstrated to Wall Street , it is reasonable for us to expect that it will have a significantly positive effect on the valuation of the Company " , said Fields . Full Business Integration Complete Commenting on the fiscal benefits of the combined companies , Fields said that , " I am proud that the Park City and Prescient teams were able to work diligently together to swiftly integrate our two businesses . This allows us to begin to realize the numerous benefits of our combined operations . We have already taken action on approximately $ 3.3 million of the identified $ 4 million in annualized cost reduction measures which will be reflected over the next several quarters . We look forward to substantially increased EBITDA to approx . 15 % of revenue . Business Development Synergies " From a business development perspective , I am thrilled to report that the synergies of product and service offerings and our cross selling efforts are producing increasingly positive results and providing important growth opportunities for the expansion of our combined retail solutions . As announced last week , we named a new Sr . Vice President to spearhead our sales and marketing initiatives . I believe that the strategic combination of our resources allows us to provide an unparalleled and integrated range of offerings that are more comprehensive than any of our competitors " , Fields added . In its role as a most trusted , third - party advisor to retailers and suppliers , the depth and breadth of Park City Group 's product offerings presently include : · Supply Chain Profit Link - a service that provides the analysis and additional resources to improve in - stock positions , reduce shrink and out - of - stocks , execute more efficient and effective promotions , resolve service - level issues , improve assortment planning , and increase sales and profit opportunities . · Scan Based Trading ( SBT ) - the only SBT solution in the industry , the system provides visibility into store - level product movement , allows suppliers to spend more time merchandising product , and removes time - consuming operational drudgery from the retailer - supplier relationship . · Store Level Replenishment - a store ordering solution that optimizes store level demand forecasting to help determine when items are in need of re - ordering at a particular store . · Vendor Managed Inventory - enables suppliers to analyze retailer - supplied demand information to optimize inventory and determine the most cost - effective replenishment . · Fresh Market Manager - a fully integrated , end - to - end suite of software applications that manage perishable items in retail environments . · ActionManager - a suite of operations management solutions that replace costly manual processes with automated systems . The seamless integration of this time - management solution provides advanced capabilities . · Visibility & Analytics - a web - based business intelligence solution to improving performance at store level , allowing retailers more time to focus on driving strategic decisions . · Enterprise Demand / Distribution Planning - analyzes point - of - sale data and other demand signals to gain insight into consumer demand to enhance forecast , planning and execution processes . About Park City Group Park City Group provides innovative solutions and services that enable retailers and suppliers to work collaboratively as strategic partners to improve profits , efficiencies , and customer service . Our patented solutions provide trading partners a common network on which they can capture , manage , analyze and share critical data , giving them the power to make better and more informed decisions . Our offerings include store level , supply chain and merchandising solutions and services , which are all powered by a common foundation , our Retail Data Repository ( RDR ) . The comprehensive view provided by the RDR , brings greater visibility throughout the supply chain , enabling our customers to improve performance at the store shelf through increased sales , reduced out - of - stocks and improved shrink . To find out more about Park City Group , please visit www.parkcitygroup.com . PR Contact : Courtney Behrens , Park City Group , Inc . IR Contact : Terri MacInnis , Bibicoff & MacInnis , Inc . 610 . 719 . 1600 x332 cbehrens@prescient.com 818 . 379 . 8500 terri@bibimac.com