PAR Technology Corporation Announces Dismissal of the Company’s Chief Financial Officer, Michael S. Bartusek
March 14 2016 - 7:30AM
Business Wire
PAR Technology Corporation (NYSE:PAR), a leading supplier of
technology solutions to the restaurant/retail and government
contracting industries, today announced effective immediately, the
employment of Michael S. Bartusek, the Company’s Vice President and
Chief Financial officer was terminated for cause in connection with
unauthorized investments made in contravention of the Company’s
policies and procedures involving Company funds. These funds,
collectively, total less than $900K. The unauthorized investments
occurred during the period between September 25, 2015 and November
6, 2015. As previously reported, Mr. Bartusek was hired by the
Company effective July 20, 2015.
This matter was identified to the Audit Committee of the
Company’s Board of Directors, comprised solely of independent
directors, by the Company’s newly appointed President and Chief
Executive Officer, Karen E. Sammon, who, as previously reported,
assumed the office effective January 1, 2016. Under direction of
the Audit Committee an investigation was commenced and continues
into this matter.
The investigation is being led by outside counsel who has
engaged an independent forensic consultant to assist in the matter.
Investigators are coordinating with the Company’s independent
financial accountants, BDO USA, LLP. As directed by the Audit
Committee, the Company has reported this matter to federal law
enforcement agencies, including the U.S. Securities and Exchange
Commission, and the Company has initiated a thorough review of its
internal controls.
At the direction of the Board, the Company’s Chief Executive
Officer, Ms. Sammon, has initiated an executive search to locate
and vet potential candidates to fill the position of Chief
Financial Officer. Matthew J. Trinkaus will continue to serve as
the Company’s Acting Treasurer and Principal Accounting
Officer.
ABOUT PAR TECHNOLOGY
PAR Technology Corporation's stock is traded on the New York
Stock Exchange under the symbol PAR. PAR’s Hospitality segment has
been a leading provider of restaurant and retail technology for
more than 30 years. PAR offers technology solutions for the full
spectrum of restaurant operations, from large chain and independent
table service restaurants to international quick service
chains. Products from PAR also can be found in retailers,
cinemas, cruise lines, stadiums and food service companies. PAR’s
Government Business is a leader in providing computer-based system
design, engineering and technical services to the Department of
Defense and various federal agencies. Visit www.partech.com for
more information.
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version on businesswire.com: http://www.businesswire.com/news/home/20160314005362/en/
PAR Technology CorporationChristopher R. Byrnes, 315-738-0600
ext. 6226cbyrnes@partech.comwww.partech.com
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