Park City Group to redeem all series A convertible preferred stock

By Tali David

Minneapolis, March 13 - Park City Group plans to redeem all of its series A convertible preferred stock, according to a press release.

The preferreds will be redeemed at $10 per share in cash on April 15. Each share is convertible into 3.33 shares of common stock.

"We believe the redemption of the series A preferred will be accretive to shareholder value by simplifying our capital structure and reducing our preferred dividend payments by approximately $650,000 annually, or $0.04 per share," chairman and CEO Randall K. Fields said in the release.

"These savings, combined with the anticipated continued acceleration of our revenue and earnings, position us to deliver record results during fiscal 2013."

Based in Park City, Utah, Park City Group develops computer software to help retailers increase sales and reduce inventory and labor costs.

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