boomerang systems inc (BMER) Key Developments
Boomerang Systems to Install 577-Space RoboticValet® System at HERE Lawrence, Kansas Student Housing Project
Apr 27 15
Boomerang Systems, Inc. has signed an agreement to manufacture and install a RoboticValet system for a student housing project adjacent to the University of Kansas campus in Lawrence, Kansas. The 577-space RoboticValet system will serve the 592-bedroom complex being developed by HERE Lawrence Property
Owner LLC, a joint venture between Chicago-based developers HERE Enterprises LLC and CA Student Living, a division of CA Ventures (formerly Campus Acquisitions). The project is presently under construction and is
scheduled for completion in 2016. This is the second RoboticValet system that Boomerang has been contracted to provide for HERE and CA Ventures.
Arbitrator Issues an Interim Arbitration Award to Boomerang Systems, Inc. in Court Complaint Filed by Crescent Heights
Jan 30 15
In October 2009 Boomerang Systems entered into a Contract with Crescent Heights R&D, LLC to provide a rack and rail-type automated parking system for Crescent Heights. In March 2013, Crescent Heights filed a state court Complaint against Boomerang in the State of Florida alleging Fraud in the Inducement, Equitable Rescission based on Fraud, Mutual Mistake, and Breach of Contract related to the automated parking system, and seeking the remedies of specific performance, rescission of the Contract, and a Declaratory Judgment regarding a limitation of liability clause, as well an unspecified amount of monetary damages in excess of the Contract's purchase price. Boomerang and Crescent Heights agreed to arbitrate the matter in Miami, Florida with the American Arbitration Association. In arbitration, Crescent Heights alleged an initial claim of $10,000,000, and later specified damages in a greater amount of $17,769,755.
Boomerang Systems Appoints James Gelly as Chief Executive Officer and Director and George Gelly as Executive Vice President and Chief Operating Officer
Jan 22 15
Boomerang Systems has appointed two new members to its senior leadership team. James Gelly has been appointed as Chief Executive Officer and Director, succeeding Mark Patterson, who will retain his current role as Chairman of the Board of Directors. Gelly has over 25 years' experience in global industrial and technology companies. George Gelly has been appointed as Executive Vice President and Chief Operating Officer. George Gelly has over 35 years' leadership experience across a broad spectrum of information technologies, including robotics, software and integration of complex systems.
Boomerang Systems, Inc. Announces Executive Changes
Jan 14 15
Boomerang Systems, Inc. announced the appointment of two new members to its senior leadership team. James Gelly has been appointed Chief Executive Officer and Director, succeeding Mark Patterson, who will retain his current role as Chairman of the Board of Directors. Gelly has over 25 years' experience in global industrial and technology companies. He previously served as Chief Financial Officer at Constellium, Misys plc, Rockwell Automation, and Ingersoll-Rand. George Gelly has been appointed Executive Vice President and Chief Operating Officer. George Gelly has over 35 years' leadership experience across a broad spectrum of information technologies, including robotics, software and integration of complex systems. He was previously SVP & Chief Product Officer at ID Analytics, a division of LifeLock, Inc.
Boomerang Systems, Inc., Boomerang Sub, Inc., Boomerang USA Corp. and Boomerang MP Holdings Enters into Third Amendment to Loan and Security Agreement Dated as of June 6, 2013
Dec 30 14
On December 24, 2014, Boomerang Systems, Inc., and its wholly-owned subsidiaries Boomerang Sub, Inc., Boomerang USA Corp. and Boomerang MP Holdings Inc. entered into the Third Amendment to Loan and Security Agreement dated as of June 6, 2013, with existing lenders and lenders who became a lender party thereto and the Agent. Pursuant to the Amendment, Lenders committed an additional $7,075,000 of loans to the Borrowers, increasing the total amount of Lenders commitments to $14,925,000. In addition, the Amendment increased the maximum amount of commitments the Borrowers could obtain under the Loan and Security Agreement to $15 million.