FLORHAM PARK, N.J., Nov. 10, 2014 /PRNewswire/ -- On October 31, 2014, Boomerang Systems, Inc. ( OTCQB: BMER, the "Company"), completed an offer to exchange outstanding convertible notes and warrants issued under three private placements in 2011 and 2012 for the issuance of common stock at the rate of $2.15 per share. The Company exchanged $20.5M principal amount of the previously outstanding $20.9M of convertible notes and 4,859,409 warrants for 9,583,384 shares of common stock in the exchange offer.
"We are extremely excited at the level of participation we achieved in the exchange offer," said Mark Patterson, Chief Executive Officer of the Company. "Restructuring our balance sheet and eliminating over $20M of outstanding debt was a crucial step in being able to raise additional equity capital to expand our operations and execute our business plan in the future."
About Boomerang Systems, Inc.
Headquartered in Florham Park, New Jersey, with research, design, testing and production facilities in Logan, Utah, Boomerang Systems, Inc. (www.boomerangsystems.com) is in the business of marketing, designing, engineering, manufacturing, installing and servicing its RoboticValet® automated parking systems.
The Company is the developer and sole provider of the patent-pending Boomerang RoboticValet® automated parking system, which differs from legacy mono-path automated parking systems in that it uses omni-directional, battery-powered robots, and a proprietary software and robotics guidance system, to carry vehicles parked on self-supporting steel trays to and from storage spaces by driving directly on a concrete slab surface, without the use of a rail or track.
Safe Harbor Statement
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.