PAR Technology (PAR) Completes Sale of Subsidiary to ORBCOMM (ORBC)

PAR Technology Corporation (NYSE: PAR) has completed the asset sale of its subsidiary, PAR Logistics Management Systems (PAR LMS), to ORBCOMM Inc. (NASDAQ: ORBC) as further described in the Company’s “Definitive Agreement” announcement of December 28, 2011. The total selling price is valued at approximately $6 million, comprised of cash and ORBCOMM common stock with a potential additional earn-out of $4 million.

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