boomerang systems inc (BMER) Key Developments
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.
Boomerang Systems Commences Implementation of 175 Space Automated Parking Facility in Hollywood, Florida
Aug 18 14
Boomerang Systems, Inc. announced that construction has commenced inside the structure that will house an automated robotic parking system that the company has been contracted to install at the new 304-unit Costa Hollywood Condominium Resort on the Atlantic Ocean in Hollywood Beach, Florida. On August 8(th), the developer, Liberty Grande, LLC, released Boomerang to start implementation of a 175-space parking system using Boomerang's patented, low-profile AGV-based RoboticValet(R). Boomerang's RoboticValet system is a fully-integrated automated parking solution incorporating robotics, software and hardware. Boomerang's patented and patent-pending technologies eliminate ramps and sharply reduce the number of drive aisles, allowing up to twice the density of parked cars and requiring as little as half the space taken by a conventional garage. RoboticValet robots drive on concrete slab floors and use a proprietary automated guidance system to transport vehicles to and from parking spaces. Cars' ignition systems are shut off before being parked, slashing carbon emissions and electricity consumption for ventilation and lighting. At the Costa Hollywood Condominium Resort, Boomerang's space saving technology permits the developer to more efficiently, effectively and economically utilize its allowable building area and build residential units in space that what would have otherwise been allocated to parking. In addition it provides a unique luxury amenity that compliments the resort's other array of upscale features. Once completed in 2015, the seven-level Costa Hollywood system will be Boomerang's third automated parking system installed in the State of Florida.