This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Boomerang Systems, Inc. Announces $11.6 Million Financing Through Private Offering

MORRISTOWN, N.J., Dec. 15, 2011 /PRNewswire/ -- Boomerang Systems, Inc. (OTCQB: BMER),  a leading designer and manufacturer of automated robotic parking and self storage systems, today announced that it has closed an $11.6 million financing, which is expected to help accelerate the Company's growth trajectory. 

"We are very pleased to complete this offering with the investment and support of a diverse group of private investors, many of whom Boomerang expects to be strategically helpful in developing relationships around the world," said Mark Patterson, CEO of Boomerang Systems.  "We believe this capital will allow us to accelerate our sales and implementation plans for our RoboticValet™ parking system which we believe creates tremendous efficiency and security benefits to the owner of a parking garage as well as an enhanced user experience."

The Company conducted the offering pursuant to a transaction exempt from the registration requirements of the Securities Act of 1933, as amended.  The final closing occurred on December 9, 2011.  The offering of securities included approximately $6.6 million of indebtedness, which was converted into the offering securities, and additional cash of approximately $5 million received from new investors. 

In the offering, the Company sold 6% convertible promissory notes due in 2016 in the aggregate principal amount of $11,624,522 and warrants to purchase an aggregate of 2,735,192 shares of common stock. 

Gilford Securities Incorporated acted as the exclusive placement agent for the offering.

About Boomerang Systems, Inc.

Headquartered in Morristown, 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 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.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,979.13 +59.54 0.35%
S&P 500 1,986.51 +4.91 0.25%
NASDAQ 4,526.4820 -1.0320 -0.02%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs