Boomerang Systems Inc., a manufacturer of automated self-storage systems and robotic parking systems, has closed $6.2 million in financing to help the company accelerate its growth trajectory. In particular, the company aims to expand its RoboticValet parking system, which transports vehicles on a flat, solid concrete slab without the use of a rail or track.
"We are very pleased to complete this offering with the investment and support of a diverse group of private and institutional investors," said CEO Mark Patterson.
The company conducted the offering pursuant to a transaction exempt from the registration requirements of the Securities Act of 1933, as amended. The final closing occurred on July 13.
In the offering, Boomerang sold 6 percent convertible promissory notes due in 2017 with an aggregate principal amount of $6.2 million as well as warrants to purchase 1.24 million shares of common stock. Gilford Securities Inc. acted as the exclusive placement agent for the offering.
Headquartered in Florham Park, N.J., with research, design, testing and production facilities in Logan, Utah, Boomerang sells, designs, engineers, manufactures, installs and supports its own line of automated self-storage and parking systems. The company’s self-storage system delivers up individual storage units to customers at a building’s ground level, allowing operators of multi-level facilities to market drive-up accessibility, climate control and security as facility benefits. Other system advantages touted by the company include efficient land use, faster development, cost efficiency, reduced staffing needs, accelerated tax write-offs and more.