Hinds County Board of Supervisors Approves Financing For The Region's First Fully Automated Robotic Garage
FLORHAM PARK, N.J., March 20, 2012 / -- Boomerang Systems, Inc., (OTCQB: BMER) a leading designer and manufacturer of fully automated robotic parking and self-storage systems, today announces that they have been chosen to provide a 480-space automated parking garage as part of the initial phase of the Old Capitol Green redevelopment project located in Jackson, MS.
Old Capitol Green is a 14-block downtown mixed-use, mixed-income redevelopment project. It is the largest green community in the state of Mississippi and will be the first to meet LEED for Neighborhood Development (ND) standards. Full Spectrum has been designated as Master Developer for the downtown site adjacent to the Old State Capitol. Entergy and the State of Mississippi currently own the site and share a collective vision to bring a new urbanism to the under-invested area while demonstrating best practices in environmental sustainability.
The Boomerang RoboticValet™ was chosen as a parking solution for the project because it offers significant space efficiency versus conventional parking systems and decreases the carbon footprint of the parking garage to support achievement of the high sustainability benchmarks required for the project. The fully automated parking and retrieval system utilizes robots to move cars on pallets throughout the structure. The technology eliminates the need for building ramps and reduces the number of drive aisles allowing the cars to fit in roughly half the space required by a conventional garage. Because cars are shut off before being parked in the garage, carbon emissions are reduced and less electricity is used for ventilation and lighting. In addition, substantially less materials are used in construction, and excavation is reduced. The garage will also feature innovative alternative fueling stations for recharging multiple plug-in electric vehicles.
Boomerang's automated robotic parking garage will be built in the initial phase with office and residential buildings sitting atop of the garage structure. The podium that the garage creates will allow for additional plaza space needed and square footage for installation of a Central Cooling Plant. Boomerang signed the initial contract to supply RoboticValet in 2011, and the recent approval to release $13mm of the $25mm investment from the State of Mississippi for Phase I of the project is an important milestone in bringing this project to fruition.
"We are excited to be working with Full Spectrum and the City of Jackson, Mississippi on the Old Capitol Green new urban community," said Chris Mulvihill, President of Boomerang Systems. "Together with Full Spectrum, we share a philosophy to create sustainable solutions for communities. We believe this recent funding milestone is a giant step closer to bringing residents of and visitors to Old Capitol Green a parking experience that is safer, more convenient and environmentally responsible."
Carlton Brown, who is a founding partner and Chief Operating Officer of Full Spectrum and sits on the board of the U.S. Green Building Council (a non-profit organization dedicated to sustainable building design) commented, "Boomerang's technology enhances the value of the Old Capitol Green project by delivering an environmentally clean parking facility that can hold more cars in less space. Boomerang's automated parking solution is an integral component of the project, helping us meet stringent environmental standards while furthering our mission to create communities that are not just buildings, but increase quality of life, preserve safety and conserve resources for future generations."
Full Spectrum of NY, LLC is the national market leader in the development of mixed-use and mixed-income green buildings in emerging urban markets. Full Spectrum believes that development and investment in emerging urban communities must do more than create shelter. The firm believes that investment in emerging urban communities must be structured to contribute to economic, social, cultural and environmental sustainability of today's community without compromise to future generations.
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.