L&R Group of Companies Continues Aggressive Expansion, Acquiring Network Parking

This acquisition integrates Network into one of the nations largest parking organizations, bringing together five parking companies under one roof, Five Star Parking, System Parking, Inc., WallyPark, Joes Auto Parks and Network Parking. Network brings an additional 90 locations to L&R, creating a company that employs over 5,500 employees in 32 Cities in 20 States from coast to coast. This is the second major acquisition by The L&R Group of Companies this year. Forest City is one of the largest publicly traded real estate development companies in the United States.

This unique acquisition creates a long-term relationship and parking management agreement between two great national companies, as L&R becomes the exclusive parking provider for the majority of the Forest City parking portfolio, creating one stop parking solutions for Forest Citys national parking needs. This twenty (20) year deal allows L&R to partner with Forest City on many future developments, while giving Forest City access to L&Rs national real estate portfolio for future growth opportunities. The addition of Network Parking into the L&R Group of Companies, creates a stronger presence in manycrossover cities where Five Star Parking is already operating. L&R has already invested over $40 million
dollars in some of the best parking properties and development sites in Cleveland, Ohio, and has a strategic expansion plan throughout the Midwest and eastern regions of the United States, says David Damus, Chief Executive Officer of L&R. He adds, partnering with Forest City is part of our strategic plan to further develop our national presence in the parking industry and will undoubtedly create greater synergistic opportunities for growth and expansion.

L&Rs business model differentiates itself from other national parking operators, as L&R not only operates parking facilities under its five brand names, but owns a significant parking real estate portfolio in 12 states. In addition to airport, off-airport, and government contracts, L&R also has a construction division NEWS which builds state of the art parking facilities. L&R will maintain the Network Parking brand name and founder, Joel Cole, will continue in his oversight of Network Parking, integrating his management team to expand operations into new parking markets and divisions for L&R for many years to come.

About The L&R Group of Companies

L&R, headquartered in Los Angeles, California, is a privately held, well-capitalized organization that operates four distinct parking divisions: Five Star Parking, WallyPark and Joes Auto Parks and System Parking, Inc. Five Star Parking is one of the largest and most successful parking operators in the United States with a proven track record of success and experience across the whole spectrum of parking operations. From surface lots to commercial parking structures to major international airports including the single largest parking contract in the United States, where it is responsible for approximately $225 million in annual revenue for the Port of New York and New Jersey. Five Star Parking takes an"ownership" approach to operations designed to maximize revenue, lower overhead and achieve enhanced customer loyalty.

WallyPark is one of the largest national off-airport parking companies located in five states and provides travelers with a unique level of customer service. Travelers are pampered with a higher level of airport parking services which extends beyond secure, convenient facilities and 24-hour shuttles to include free amenities, special member programs and exclusive car care services in select locations. Since 1920, System Parking has specialized in providing customers and clients with tailored parking solutions, and is one of the premiere parking companies in the United States, with approximately 244 locations in 7 states and 14 cities. System Parking Inc. designs customized, cost-effective parking solutions and specializes in a number of different parking venues consisting of hotels, hospitals, surface lots, condominium and residential properties, office buildings, and parking enforcement services.

For over 50 years, Joes Auto Parks has been one of the largest parking operators in Los Angeles, with more than 85 downtown locations, each strategically located in and around some of Los Angeles most well known high density attractions and destinations.

About Network Parking

Network Parking, headquartered in Cleveland, Ohio is a nationwide parking company with experience in the management and operation of office building, mixed-use, retail, residential, airport and hotel parking facilities. The company was founded by Joel Cole in 1994, a true parking pioneer who has made countless contributions to the parking industry and its business practices. Network Parking provides clients with an array of consulting services including layout, equipment and operations for valet, shuttles, validation programs, cashier services and car wash services. Network Parkings experience provides a unique understanding of clients goals, with the ability to provide added-value to their real estate portfolios.