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Broadview Capital Management Inc. Urges PAR Technology Corp. to Form Strategic Review Committee

TORONTO, ONTARIO -- (Marketwired) -- 05/15/14 -- Broadview Capital Management sent the following letter to the Board of Directors of PAR Technology Corporation yesterday requesting direct shareholder input into filling the soon to be vacant board seats and the expeditious formation of a strategic review committee.

Below is the full text of Broadview Capital Management's letter to the Company:




May 14, 2014

Dr. John Sammon
Mr. Ron Casciano
Board of Directors
PAR Technology Corp.

As long-term shareholders of PAR Technology Corporation ("PAR"), Broadview
Capital Management is deeply frustrated with the Company's lack of progress
in monetizing its massive research & development spending or justifying its
conglomerate-like structure. It is Broadview's belief that these two factors
are most responsible for a stock price that languishes far below any
reasonable estimate of PAR's true intrinsic value. We simply can no longer
blame this poor performance on an inefficient or indifferent market.

Years of heightened spending have yielded far too little in the way of
tangible returns. Promising technologies such as SureCheck® and ATRIO®
from years past remain just that - promising, yet not yielding anything
meaningful for shareholders. Furthermore, PAR has taken no further steps
since its divestment of the LMS business in June of 2012 to simplify the
company's conglomerate structure.

At a time when comparable businesses in hospitality technology are
commanding aggressive multiples to revenue and EBITDA, PAR's share price is
struggling barely above book value. We have lost faith that this situation
will improve under the current direction. Long-suffering shareholders
deserve a board of directors that is willing to take dramatic steps to close
the gap between the share price and the company's private market value. The
time has come for PAR to be managed as a true public company for the benefit
of all shareholders.

The announced departure of the three independent board members provides the
opportunity for true and substantive change. We encourage the company to re-
constitute its board of directors with three new members mutually agreed
upon by the company and concerned shareholders. Furthermore, we would ask
that once this new board is formed it commence immediately with the creation
of a committee to review PAR's strategic alternatives. In our view, such a
review should begin with a fulsome analysis of the merits of a sale of all
or parts of the Company.

From our recent conversations, we believe an appropriate board capable of
carrying out a strategic review process can be constructed in short order
without undue animosity or more aggressive shareholder activism.

We thank you for your attention to this letter and look forward to your
response.

With respect,

Lee Matheson                          Anthony Hammill
Portfolio Manager                     Portfolio Manager

Broadview Capital Management Inc. as portfolio manager of the Broadview Dark
Horse L.P., and its principals control roughly 333,500 shares of PAR
Technology Corp. representing 2.2% of the current shares outstanding.

Contacts:
Lee Matheson
(416) 406-4800

Anthony Hammill
(416) 406-4808

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