Standard Parking Announces Letter of Intent to Acquire System Parking Operations in Illinois And Wisconsin

System Parking, a privately-owned enterprise based in Chicago, operates a total of approximately 124 locations in Chicago and Springfield, Illinois and in Milwaukee, Wisconsin. Standard Parking's agreement to consummate the transaction is subject to completion of due diligence that currently is underway as well as finalization of definitive legal documentation. Financial terms of the acquisition were not announced, as they also are subject to completion of the due diligence. The transaction is expected to close in the fourth quarter of this year.