W. Chester’s Prescient merging with Utah firm

A Utah software company that got its start with Mrs. Fields cookies plans to merge with a West Chester company that uses technology to manage inventory and supply chain for grocers and other retailers.

Park City Group Inc. and Prescient Applied Intelligence Inc., of West Chester, announced today that they plan to merge.

The deal requires Prescient stockholder approval.

No date for the vote or financial details for the merger were announced.

When the agreement to merge was executed, Park City Group acquired more than 43 percent of Prescient's Series E preferred stock from two Prescient stockholders in a private transaction. Randall K. Fields, chairman and chief executive officer of Park City Group, was appointed chief executive officer of Prescient. Fields was a cofounder of Mrs. Fields Cookies.

Park City reported revenues of $2.5 million for the nine months ended March 31, 2008. Prescient reported revenue of $8.6 million for the 12 months ended June 30, 2008.

Park City, which traded in the $2-$3.40 range in the last 52 weeks, were last active in over-the-counter trading last Wednesday, closing at $3.

Prescient company shares, which ranged in price from $0.03 to $0.12, in the last 12 months, closed yesterday at $0.06 in over-the-counter trading.

Later this month, Park City Group will report its results for its fiscal year, which ended June 30.