$9 Million Earmarked by Department of Transportation for PAR Government Systems Corporation's - Cargo Identification and Monitoring System, "Cargo*Mate"-.NEW HARTFORD, N.Y.--(BUSINESS WIRE)--July 1, 1998--PAR Government Systems Corporation (PGSC), a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of PAR Technology Corporation (NYSE NYSE See: New York Stock Exchange : PTC (PTC, Needham, MA, www.ptc.com) Long a world leader in mechanical computer-aided design, manufacturing and engineering software, PTC, through acquisitions and reorganization, has transformed itself into a leading provider of Internet-based B2B solutions for discrete manufacturers. ) announces the earmarking of $9 million over six years, by the United States Department of Transportation The United States Department of Transportation (DOT) is a federal Cabinet department of the United States government concerned with transportation. It was established by an act of Congress on October 15, 1966 and began operation on April 1, 1967. , to adapt and deploy PGSC's Cargo*Mate cargo identification and monitoring system to address requirements of the National Intelligent Transportation System. The Cargo*Mate system provides for interoperability with existing fleet communications and management systems, real-time vehicle container and pallet cargo identification, location and monitoring. This specific adaptation of PGSC's system is designed to facilitate emergency response to hazardous materials incidents and safer, more efficient movement of hazardous materials across various modes of transportation. Representative Sherwood Boehlert of the 23rd Congressional District, New York, was instrumental in achieving Cargo Mate's inclusion and funding in the Transportation Equity Act for the 21st Century
The Transportation Equity Act for the 21st Century (TEA-21) was enacted June 9, 1998, as Public Law 105-178. . "This funding by the Federal Department of Transportation proves that Cargo Mate is a valuable component in the search for an integrated Hazardous Materials Incident Management System that ensures the safe movement of hazardous materials by road, rail and ocean carriers," stated Albert Lane Jr., President of PGSC. "I also want to mention that PAR, as well as the entire Mohawk Valley, are very fortunate to be represented by Congressman Boehlert, and PAR appreciates the concern and devotion the Congressman has for Central New York Central New York is a term used to broadly describe the central region of New York State, roughly including the following counties and cities: Cayuga County – Auburn Cortland County – Cortland Madison County – Oneida and the 23rd Congressional District." Forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including without limitation, risks in technology development and commercialization, risks in product development and market acceptance of and demand for the Company's products, risks of downturns in economic conditions generally, and in the transaction-processing information systems sector of the manufacturing/warehousing industries market specifically, risks of intellectual property rights and litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. , risks associated with government contracting, risks associated with foreign sales and high customer concentration and other risks detailed in the Company's filings with the Securities and Exchange Commission. PAR is a full-function, solutions oriented Company which focuses on the design, development, manufacture, sales and support of transaction processing systems. PAR is the world's largest supplier of Point-of-Sale systems to the quick service restaurant market with over 20,000 systems installed in 91 countries. PAR also supplies transaction-processing information systems to the manufacturing/warehousing industries. PGSC has been a leader in image processing, digital signal processing See DSP. Digital Signal Processing - (DSP) Computer manipulation of analog signals (commonly sound or image) which have been converted to digital form (sampled). and computer based data management systems since 1968. PAR Technology Corporation's stock is traded on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. under the symbol PTC. NOTE TO EDITORS: In this news release, there is an "asterisk" symbol, between Cargo and Mate. This symbol may not appear properly in some systems.
CONTACT: Par Technology Corporation
Christopher R. Byrnes
(315) 738-0600 ext. 226
cbyrnes@partech.com,
http://www.partech.com
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