- Agreement will allow Boomerang to reduce operational costs and deliver superior products to customers -
FLORHAM PARK, N.J.--Boomerang Systems, Inc. (OTCQB: BMER), a leading provider of automated parking solutions, and John Bean Technologies Corporation (NYSE: JBT), a leading global technology solutions provider, today announced an exclusive four-year manufacturing and software licensing agreement.
Under the agreement, JBT will manufacture the automated guided vehicles ("AGV") and license its SGV3000 software for incorporation into Boomerang's innovative RoboticValet® automated parking system. In addition, the agreement includes Boomerang providing JBT input to engineer a next generation AGV for Boomerang's exclusive use in the automated parking and consumer self-storage markets. This next version of RoboticValet is expected to deliver improved performance and reliability, while also being more cost effective to manufacture.
"JBT has a 25-year track record of developing and delivering innovative robotics technology for industry leaders across sectors, and we are thrilled to be entering into this partnership," said Mark Patterson, chief executive officer of Boomerang Systems. "This arrangement will allow us to reduce our cost structure while improving our ability to deliver a superior product in significant volumes and in expedited fashion. This is a transformative moment for Boomerang that we are confident will drive significant value for our customers, shareholders, and our company."
JBT is recognized as one of the premier providers of AGV technology, currently operating in the automotive, hospital, manufacturing, and warehouse and distribution industries, among others. As a result the company will be able to dedicate resources to the development and manufacturing of Boomerang's RoboticValet technology.
"As a leading provider of sophisticated AGV solutions, we are pleased to collaborate with Boomerang in putting our imprint on the parking market," said Barry Douglas, General Manager of JBT's AGV business. "We look forward to working with Boomerang to more efficiently satisfy the robotic parking demand they have generated to date, while also developing a next generation RoboticValet. Together, we believe this is a unique opportunity to reinvent the way people think about robotic parking."
Boomerang's RoboticValet Parking System is a revolutionary parking solution powered by robots that drive on concrete slab floors to transport vehicles to and from parking spaces. The technology eliminates the need for building ramps and reduces the number of drive aisles allowing the cars to fit in roughly half the space required by a conventional garage. Because cars are shut off before being parked in the garage, carbon emissions are reduced and less electricity is used for ventilation and lighting.
About Boomerang Systems, Inc.
Headquartered in Florham Park, NJ, with research, design, testing and production facilities in Logan, UT, Boomerang Systems, Inc. (www.boomerangsystems.com) is in the business of selling, designing, engineering, manufacturing, installing and supporting its own line of fully automated parking systems and fully automated self-storage systems. The Company is the developer and sole provider of the Boomerang RoboticValet™ automated parking system which differs from legacy automated parking systems in that it transports vehicles on a flat solid concrete slab without the use of a rail or track. Prior to starting Boomerang in 2006, the Company's founding principals started S&S Worldwide, which has grown to become the largest manufacturer of thrill rides in the USA with installations in 31 countries worldwide.
About JBT Corporation
JBT Corporation (NYSE: JBT) is a leading global technology solutions provider to the food processing and air transportation industries. JBT Corporation designs, manufactures, tests and services technologically sophisticated systems and products for regional and multi-national industrial food processing customers through its JBT FoodTech segment and for domestic and international air transportation customers through its JBT AeroTech segment. JBT Corporation employs approximately 3,200 people worldwide and operates sales, service, manufacturing and sourcing operations located in over 25 countries. For more information please visit www.jbtcorporation.com or www.jbtc-agv.com.