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

Boomerang Systems, Inc.,  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
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