FLORHAM PARK, N.J., April 2, 2012 /PRNewswire/ -- Boomerang Systems, Inc. (OTCQB: BMER) a leading designer and manufacturer of automated robotic parking and self storage systems, announces it has been contracted to supply its innovative RoboticValet™ Parking System in a multifamily residential project located on the U.S. west coast. The owner and developer, New York City based Paramount Group, is one of the largest privately held real estate companies in the United States with vast experience and expertise across all real estate disciplines. Established in 1968, Paramount has assembled approximately 13 million square feet of "Class A" space in multiple major US cities.
The Paramount project will include a 256 space below ground fully automated robotic parking garage using Boomerang's RoboticValet™ system. By fitting the parking in less space than a conventional self-park ramp garage, Boomerang's solution will significantly reduce the amount of excavation required and will accelerate the developer's construction timeline thereby improving the economics of the project.
Mark Patterson, CEO of Boomerang Systems, Inc. stated, "We are thrilled to team up with Paramount as part of this exciting project and to expand our list of contracted projects to include the west coast. Having an accomplished and experienced real estate firm like Paramount Group select Boomerang provides great affirmation of our value proposition of enhancing developer's margins as well as our position in the market as the go to supplier for automated parking solutions."
Prior to joining Boomerang in 2010, Mr. Patterson had a long and accomplished real estate career. Until January of 2009, Mark was a Managing Director and the Head of Real Estate Global Principal Investments at Merrill Lynch, where he oversaw the real estate principal investing and investment banking activities. Prior to Merrill Lynch, Mark was Global Head of Real Estate Investment Banking at Citigroup for 9 years. Mark's savvy and experience in real estate provides great intellectual value to developers who are considering automated parking options. Mark explains, "We feel the space efficiency of our RoboticValet Parking System is a real game changer in terms of being able to improve the economics of real estate development."
About Boomerang Systems, Inc.
Headquartered in Florham Park, NJ, with research, design, testing and production facilities in Logan, UT, Boomerang Systems, Inc. (www.boomerangsystems.com) is in the business of selling, designing, engineering, manufacturing, installing and supporting its own line of fully automated parking systems and fully automated self-storage systems.
The Company is the developer and sole provider of the Boomerang RoboticValet™ automated robotic parking system which differs from legacy automated parking systems in that it transports vehicles on a flat solid concrete slab without the use of a rail or track. The Company believes that this system provides numerous advantages with regard to redundancy, throughput, layout flexibility and fire and life safety in comparison to other legacy rail based automated parking systems.
Prior to starting Boomerang, the Company's founding principals started S&S Worldwide, which has grown to become the largest manufacturer of thrill rides in North America with customers in 31 countries including Disney, MGM, Six Flags & Cedar Fair. Engineering accomplishments include the World's tallest thrill ride (Stratosphere, Las Vegas, NV) and the World's first roller coaster to go over 100 MPH (Guinness World Record in 2002).
Safe Harbor Statements under the Private Securities Litigation Reform Act of 1995: The Material contained in this press release may include statements that are not historical facts and are considered "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect Boomerang Systems, Inc.'s current views about future events, financial performances, and project development. These "forward-looking" statements are identified by the use of terms and phrases such as "will," "believe," "expect," "plan," "anticipate," and similar expressions identifying forward-looking statements. Investors should not rely on forward-looking statements because they are subject to a variety of risks, uncertainties, and other factors that could cause actual results to differ materially from Boomerang's expectations. These risk factors include, but are not limited to, the risks and uncertainties identified by Boomerang Systems, Inc. under the headings "Risk Factors" in its latest Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q. These factors are elaborated upon and other factors may be disclosed from time to time in Boomerang Systems, Inc.'s filings with the Securities and Exchange Commission. Boomerang expressly does not undertake any duty to update forward-looking statements.
SOURCE Boomerang Systems, Inc.