Boomerang Systems Secures Strategic Partnership With Stokes Industries to Offer Mechanical Parking Solutions
Boomerang Now Offers a Full Spectrum of Parking Density Solutions
FLORHAM PARK, N.J., Feb. 28, 2012 /PRNewswire/ -- Boomerang Systems, Inc., (OTCQB: BMER) a leading designer and manufacturer of fully automated robotic parking and self-storage systems, today announces the formation of a strategic partnership with Stokes Industries, a veteran parking industry provider with over 25 years experience engineering innovative mechanical parking solutions throughout the world.
The two companies have formed a joint venture that will provide the North American market with a full line of mechanical parking products and services, including design, engineering, installation and maintenance. Mechanical parking systems such as "stackers," "lift-slide" or "puzzle park" are not fully automated, however, they provide many of the same space saving benefits of fully automated robotic parking systems. By partnering with Stokes to provide mechanical parking systems, Boomerang can now provide developers, architects and parking operators with a full suite of parking density solutions.
"The ability to offer our customers a line of mechanical parking systems rounds Boomerang out as a one-stop shop provider to the industry," said Boomerang President, Chris Mulvihill. "We believe we already offer the best fully automated robotic system on the market, but we recognize there are plenty of cases where stackers, lift-slide or puzzle park systems may be a more suitable solution. Our sense has been that prospective buyers of these mechanical parking systems have had reservations about the quality of product and reliability of some of the suppliers, so we saw a gap in the market that we believe we can fill. After investigating a number of options, selecting Stokes as a partner was an easy choice. Van Stokes Sr. was winning patents on mechanical parking systems before I had my first car, and there are few things in the industry he has not seen or been a part of. We are thrilled to be teaming up with such an accomplished and experienced group."
Van Stokes Sr., founder of Stokes Industries commented, "We have seen many people come and go in this business, but we have been fully impressed with Boomerang's momentum and commitment to the industry. We believe that our proven quality offerings coupled with Boomerang's strong position in the US, proven engineering abilities and expertise in the real estate market will take our North American business to a whole new level."
The name of the newly formed partnership is Boomerang-Stokes Mechanical Parking, LLC, doing business as Boomerang MPS, with day to day operations managed by the JV's President, Peter Anderes. The company will operate out of Boomerang's Florham Park offices at 30B Vreeland Road in Florham Park, New Jersey.
About Stokes Industries
In 1985, Van Stokes patented his design for a multilevel, hydraulically operated, mechanical parking lift. During the 1990s, he updated his original version using a wire rope instead of a chain for faster, smoother operation and designed 2-High, 3-High, 4-High and 5-High versions of these hydraulically operated car lifts. These designs have been successfully installed with thousands of spaces implemented in dozens of countries around the world. Additional patents and patents pending include an anti-fall system for parking lifts in 2001, a mechanical tower parking system in 2005, and refined platform and hydraulic cylinder design for parking systems in 2011. The company is known for breaking new technology ground in the custom-designed parking equipment industry with a flexible-design philosophy and a world class engineering team specializing in mechanical parking design.
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.
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