Reduces Annual Interest Costs and Improves Balance Sheet
PARK CITY, UT – August 31, 2009 – Park City Group, Inc. (OTCBB: PCYG), a developer of patented, innovative retail supply chain solutions and services, today announced that it has refinanced approximately $2.0 million of promissory notes with Baylake Bank. The new note replaces a three year Note issued by Prescient Applied Intelligence, Inc., which was acquired by Park City Group on January 13, 2009. The new Note bears a fixed interest rate of 4.25% per year and matures on August 1, 2012.
“We are extremely satisfied with the terms of this financing transaction and certainly pleased with our banking partner,” said Randall K. Fields, Park City Group’s Chairman and CEO. “This transaction provides further liquidity and support to our exciting growth plans and illustrates our ability to raise funds at reasonable rates in a challenging financial market.”
About Park City Group
Park City Group is a trusted business solutions and services provider that enables retailers and suppliers to work collaboratively as strategic partners to reduce out-of-stocks, shrink, inventory and labor while improving profits, efficiencies, and customer service. Our innovative solutions provide trading partners a common platform on which they can capture, manage, analyze and share critical data, bringing greater visibility throughout the supply chain, and giving them the power to make better and more informed decisions. For more information please visit www.parkcitygroup.com.
Any statements contained in this document that are not historical facts are forward-looking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995. Words such as “anticipate,” “believe,” “estimate,” “expect,” “forecast,” “intend,” “may,” “plan,” “project,” “predict,” “if”, “should” and “will” and similar expressions as they relate to Park City Group, Inc. (”Park City Group”) are intended to identify such forward-looking statements. Park City Group may from time to time update these publicly announced projections, but it is not obligated to do so. Any projections of future results of operations should not be construed in any manner as a guarantee that such results will in fact occur. These projections are subject to change and could differ materially from final reported results. For a discussion of such risks and uncertainties, see “Risk Factors” in Park City’s annual report on Form 10-KSB for the fiscal year ended June 30, 2008, its quarterly report on Form 10-Q for the quarter ended March 31, 2009, and its other reports filed with the Securities and Exchange Commission under the Securities Exchange Act of 1934, as amended. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the dates on which they are made.