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As of 8:10 PM 07/24/14 All times are local (Market data is delayed by at least 15 minutes).

boomerang systems inc (BMER) Key Developments

Boomerang Systems, Inc. Announces Resignation of Stanley J. Checketts as Director

On March 6, 2014, Stanley J. Checketts resigned from the Board of Directors of Boomerang Systems, Inc.

Boomerang Systems, Inc.'s RoboticValet Chosen for Student Housing Project at University of Illinois

Boomerang Systems, Inc. announced that it has executed an agreement to provide 240 parking spaces using the RoboticValet Parking System, to be incorporated into a student housing project on East Green Street in Champaign, Illinois. Boomerang's RoboticValet system is a automated parking solution incorporating robotics, software and hardware. This patent-pending technology eliminates ramps and sharply reduces the number of drive aisles, allowing up to twice the density of parked cars and requiring as little as half the space required by a conventional garage. RoboticValet(R) robots drive on concrete slab floors and use a proprietary automated guidance system to transport vehicles to and from parking spaces. Cars' ignition systems are shut off before being parked, slashing carbon emissions and electricity consumption for ventilation and lighting. Boomerang's technology allows the East Green Street developer to reduce the parking garage footprint and to increase the amount of resident living space. The 16 story project is adjacent to the University of Illinois campus and is being developed as a joint venture between Chicago based developers HERE Enterprises, LLC and Campus Acquisitions. Construction has already started and is anticipated to be completed in 2015.

Boomerang Systems, Inc. Appoints David Koffman to the Board of Directors and Member of Audit Committee

Boomerang Systems, Inc. announced that on November 21, 2013, David Koffman was appointed to the company’s Board of Directors. Mr. Koffman will also serve as a member of the company’s Audit Committee. He has worked for HSK Industries, Inc., for over 30 years in various capacities, including finance, operations and strategic planning.

Boomerang Systems, Inc. Announces the Resignation of Stephen C. Rockefeller, Jr. as Director

On October 10, 2013, Stephen C. Rockefeller, Jr. resigned from the Boomerang Systems, Inc.'s Board of Directors. Mr. Rockefeller served as a member of the Company's Compensation Committee and Audit Committee. His resignation was not the result of any disagreement on any matter, practice or policy.

Boomerang Systems, Inc. and Its Wholly-Owned Subsidiaries Enters into Amendment No. 1 to the Loan Agreement with 49 Incremental Lenders

On July 12, 2013, Boomerang Systems, Inc. and its wholly-owned subsidiaries Boomerang Sub Inc, Boomerang, Inc. and Boomerang Mp Holdings, Inc. entered into Amendment No. 1 to the Loan Agreement with 49 incremental Lenders. Pursuant to the Amendment, the additional Lenders committed to fund an additional $3,025,000 principal amount of loans to the Borrowers, bringing aggregate commitments under the Loan Agreement to $7,775,000. On June 11, 2013 (the Initial Closing Date), the Borrowers entered into a Loan and Security Agreement dated as of June 6, 2013 with lenders who became a lender party thereto and the Agent. Pursuant to the Loan Agreement, Lenders committed to fund $4,750,000 amount of loans to the Borrowers. The Loan Agreement contemplates that the aggregate principal amount of borrowings may be increased to $10,000,000 through commitments from additional Lenders who subsequently become a party to the Loan Agreement. A Lender which is not an affiliate of the Company, committed to fund $3,000,000 principal amount of loans, and 11 Lenders, each of which is an affiliate of the Company or designated as an affiliate of the Company for purposes of the Loan Agreement, committed to fund $1,750,000 principal amount of loans. On the Initial Closing Date, the Non-Affiliate Lender advanced $1,000,000 to the Company, for which it received $1,000,000 principal amount of notes and the Affiliate Lenders advanced $1,000,000 to the Company for which they received $1,000,000 principal amount of notes. The Company, as Borrowing Agreement for the Borrowers, may request additional advances from the Lenders (in a minimum amount of $200,000 per request) by specifying the amount of the requested advance and the use of proceeds thereof.

 

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