Park City Group's New Patent Deciphers 'Miscellaneous' Rings at Cash Register
Breakthrough Helps Retailers Accurately Measure and Forecast Demand for Perishable Items
Park City Group, Inc. (OTCBB: PCYG), a leading provider of inventory and labor optimization solutions for retailers, today announced the approval of U.S. patent 7,292,991 B2, which is described as a system for “disambiguating point-of-sale data through item indexing.”
The patented software technology provides retailers with visibility into the exact assortment of items sold in general categories, such as bakery, deli or produce. For example, cookies are often rung up by cashiers as “general bakery” or “miscellaneous” items. Park City Group’s new technology automatically converts that general data into precise sales figure for each type of cookie.
“This technology can provide grocers and other retailers with an enormous competitive advantage,” said Randall K. Fields, Park City Group’s chairman and chief executive officer. “It can help retailers reduce spoilage, minimize out-of-stock situations, improve customer satisfaction, and increase profitability.”
He added, “Nobody sells ‘miscellaneous’ items. Stores sell specific types of vegetables, deli meats, doughnuts, cookies, flowers, and other perishable items. In order to procure or prepare the proper quantities of these items, retailers must have a reliable way of forecasting consumer demand. Thanks to our patented technology, retailers now have access to empirical data that can be used to forecast demand.”
Park City Group is incorporating the new technology into its popular Fresh Market Manager and Supply Chain Profit Link product suites that are used by many of the world’s most respected retailers and food suppliers. In addition, the company plans to explore licensing opportunities for the patented technology. Park City Group has an extensive library of intellectual property that it leverages to create new revenue streams.
About Park City Group
Park City Group, Inc. (OTCBB: PCYG) develops and markets patented computer software that helps its retail customers to increase their sales while reducing their inventory and labor costs -- the two largest, controllable expenses in the retail industry. The technology has its genesis in the operations of Mrs. Fields Cookies, co-founded by Randy Fields, chief executive officer of Park City Group. Industry-leading customers such as The Home Depot, Victoria’s Secret, The Limited, Anheuser Busch Entertainment and Tesco Lotus benefit from Park City Group software. To find out more about Park City Group, visit www.parkcitygroup.com.
Statements in this press release that relate to Park City Group’s future plans, objectives, expectations, performance, events and the like are forward-looking statements. Future events, risks and uncertainties, individually or in the aggregate, could cause actual results to differ materially from those expressed or implied in these statements. Those factors could include changes in economic conditions that may change demand for the Company’s products and services and other factors discussed in the “forward-looking information” section and the “risk factor” section of the management's discussion and analysis included in the Company’s report on Form 10-KSB/A for the year ended June 30, 2005 filed with the Securities and Exchange Commission. This release is comprised of interrelated information that must be interpreted in the context of all of the information provided and care should be exercised not to consider portions of this release out of context. Park City Group uses paid services of investor relations organizations to promote the Company to the investment community. Investments in any company should be considered speculative and prior to acquisition, should be thoroughly researched. Park City Group does not intend to update these forward-looking statements prior to announcement of quarterly or annual results.
Media:
Split Rock Communications for Park City Group
Jeffrey Scott, 408-884-4017
jeff@splitrockpr.com
AI
