FLORHAM PARK, N.J., April 27, 2015 /PRNewswire/ -- Boomerang Systems, Inc., (OTCQB: BMER) the innovative U.S. designer and manufacturer of RoboticValet® automated parking systems, announced today that it has signed an agreement to manufacture and install a RoboticValet system for a student housing project adjacent to the University of Kansas campus in Lawrence, Kansas.
The 577-space RoboticValet system will serve the 592-bedroom complex being developed by HERE Lawrence Property Owner LLC, a joint venture between Chicago-based developers HERE Enterprises LLC and CA Student Living, a division of CA Ventures (formerly Campus Acquisitions). The project is presently under construction and is scheduled for completion in 2016.
"We are pleased to be able to provide residents of our apartments with a state of the art parking solution that is not only space efficient, but also safer for cars and for students since there is no occupancy inside the garage. Rather than walking into a large underground garage to find their car, our student residents will have the convenience of retrieving their car to a central lobby at the push of a button," said JJ Smith, COO of CA Ventures. "Boomerang's RoboticValet also compliments our LEED certified project since it greatly reduces vehicle carbon emissions, electricity needed for ventilation and lighting as well as the amount of materials needed for construction."
"Integrating Boomerang's robotic parking system into our project allows us to offer our users the most advanced environmentally sound parking solution available, while providing a heightened level of design flexibly for the entire project," said James Letchinger, CEO of HERE Enterprises LLC. "The system's efficiency allowed us to reduce the mass typically associated with a parking structure, increasing the amount of area dedicated to higher revenue generating uses."
This is the second RoboticValet system that Boomerang has been contracted to provide for HERE and CA Ventures. "We are honored to serve HERE and CA Ventures and to be entrusted again to provide our RoboticValet automated parking solution," said Boomerang's CEO James Gelly. "Parking is in short supply on most college campuses, and Boomerang is excited to work with innovative developers and provide a high-value parking solution in this important market." Presently Boomerang is completing installation of a 240 space RoboticValet system for these same customers in another student housing project scheduled to open this summer in Champaign, IL, adjacent to the University of Illinois.
With 577 spaces, the Kansas facility will be larger than the 480-space Boomerang RoboticValet facility in the BrickellHouse, Miami luxury high-rise condominium, currently the largest operating automated robotic parking installation in North America.
About CA Ventures
Originally founded as Campus Acquisitions in 2004, CA Ventures serves as the parent company to CA Student Living, CA Office, CA Residential, CA Retail & Hospitality, CA Senior Living, CA International and CA Asset Services. In aggregate, CA manages nearly $6B in property across all asset lines and has become a premiere developer and manager of high-end, core-infill, mixed-use student apartment complexes across the U.S.
About HERE Enterprises LLC.
Founded in 2011, HERE Enterprises, LLC is a game changing union of off-campus housing, student communities, content generation and concept creation focused on fostering connections within and among the residents of the building, the cities in which they exist, and the HERE branded portfolio. The company is the brain-child of two seasoned real estate development executives – Jim Heffernan and Jim Letchinger – with more than 40 years of combined experience in residential real estate.
About Boomerang Systems, Inc.
Headquartered in Florham Park, New Jersey, with offices in Logan, Utah and design research, design, testing and production facilities in Fort Pierce, Florida, Boomerang Systems (www.boomerangsystems.com) is in the business of marketing, designing, engineering, manufacturing, installing and servicing its RoboticValet automated parking systems.
The Company is the inventor, developer and sole provider of the patented Boomerang RoboticValet automated parking system, which differs from all other automated parking systems in that it offers a fully-integrated solution based upon omni-directional, battery-powered robots, and a proprietary software and robotics guidance system, to carry vehicles to and from storage spaces by driving directly on a concrete slab surface, without the use of a rail or track.
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.