parkcity8knov22_2008.htm
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
DC 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the
Securities
Exchange Act of 1934
Date of
report (Date of earliest event reported) November 22, 2008
Commission
File Number 000-03718
PARK
CITY GROUP, INC.
(Exact
name of small business issuer as specified in its charter)
|
Nevada
|
37-1454128
|
|
(State
or other jurisdiction of incorporation or organization)
|
(IRS
Employer Identification No.)
|
3160
Pinebrook Road; Park City, Utah 84098
(Address
of principal executive offices)
(435)
645-2000
(Registrant's
telephone number)
-------------------------------------------------------------
(Former
Name or Former Address, if Changed Since Last Report)
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see General Instruction A.2. below):
[ ]
Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
[ ]
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[ ]
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
(17 CFR 240.14d-2(b))
[ ]
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR 240.13e-4(c))
Section
1 – Registrant’s Business and Operations
Item
1.01 Entry into a Material Definitive Agreement;
Park City
Group, Inc. (“PCG”) has secured a $3.0 million line of credit facility with US
Bank as part of the previously announced acquisition of Prescient Applied
Intelligence. It is a revolving line of credit bearing interest at
the rate of 7.26% per annum and is secured by PCG’s accounts receivable, a
guarantee by PCG’s president, Randall K. Fields and a pledge of certain deposit
accounts owned or controlled by Mr. Fields. The purchase transaction
and the merger transaction are described in a Form 8-K filed by the Registrant
on September 3, 2008 and a Schedule 13D filed by the Registrant on September 15,
2008.
Copies of
the Revolving Credit Agreement, Promissory Note and Security Agreement are
attached.
Item
9.01 Financial Statement and Exhibits
| |
Exhibits |
Description |
| |
10.1 |
Revolving
Credit Agreement |
| |
10.2 |
Promissory
Note |
| |
10.3 |
Security
Agreement |
| |
|
|
SIGNATURES
Pursuant
to the requirements of the Securities Act of 1934, the Registrant has duly
caused this report to be signed on its behalf by the undersigned thereunto duly
authorized.
Dated: December
2, 2008 PARK CITY GROUP,
INC.
By: /s/ John Merrill
CFO