FLORHAM PARK, N.J., Feb. 17, 2012 / -- 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 249 parking spaces utilizing its innovative RoboticValet™ Parking System in the Metropolitan Project, located on Boardwalk Avenue in Atlantic City, New Jersey. The developer, Cherry Hill, NJ based Lazocean, LLC, assembled the parcels that make up this highly coveted 1 acre site located directly on the Boardwalk between Rhode Island and Metropolitan Avenues, in 2009.
The Metropolitan is a state of the art residential tower that will rise to nearly 400 feet with spectacular panoramic views of the Atlantic Ocean. The project contains 124 residential units and approximately 5,000 square feet of retail space opening directly onto the Boardwalk, next to the new Revel Casino. The developer is planning to break ground in early 2013 and to open the project 2014.
Chip Pressman, head of development for Lazocean, along with his highly effective and experienced project team presented plans for The Metropolitan on February 2, 2012 to the Casino Reinvestment Development Authority, the Atlantic City municipal agency having authority to approve real estate development in the Tourism District. Final project approvals are anticipated to be awarded in March. Mr. Pressman was recently quoted in a January 31st Atlantic City Press article as stating he chose the Boomerang RoboticValet™ System due to its simplicity and reliability. He stated, "When you initially think of robotic parking you think of complicated and strange things. But when you see Boomerang's System operate you realize it is really very simple." He also stated he was impressed with the reliability of their system, "with Boomerang's Parking System if one robot has an issue it can easily be moved aside and serviced while the other robots continue to function without interrupting service or stranding cars in the garage."
Rich Cline, who serves as the Director of Business Development for Boomerang Systems, Inc. and who has worked closely with Lazocean and their project team stated, "We at Boomerang are thrilled to be a part of an exciting and cutting edge project like The Metropolitan."
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.