Standard Parking Corporation Acquires Gameday Management Group, U.S.
CHICAGO, July 6, 2009 (GLOBE NEWSWIRE) -- Standard Parking Corporation
(Nasdaq:STAN) today announced that it has completed the acquisition of the
assets of Gameday Management Group, U.S., an Orlando-based company that plans
and operates transportation and parking systems for major stadium and sporting
events. Gameday has managed transportation and parking services for high-profile
events including the Salt Lake City Winter Olympic Games, Super Bowls XXX-XLIV,
the Daytona 500 and the Presidential Inauguration, and will be providing its
services at the upcoming Vancouver Winter Olympic Games.
Among the assets acquired is Gameday's Click and Park(sm) online parking and
traffic management system, which enables parking customers to purchase reserved
parking online in advance of an event. In addition, the Company entered into
long-term employment contracts with Tony Vitrano, Gameday's founder, and five
other members of the Gameday management team.
James A. Wilhelm, President and Chief Executive Officer of Standard Parking
said, "We are excited about this acquisition, which will enable us to provide
our stadium and special event clients with transportation and parking planning
expertise that can meet their most complex needs. We expect to leverage
Gameday's stadium and special event traffic engineering services and front-end
consulting expertise into other parking and transportation opportunities in the
future.
"We're also very pleased to add the Click and Park(sm) online parking system to
our product line. Our ability to enable special event attendees to purchase
reserved parking over the Internet in advance of the event is a powerful example
of how technology can be integrated within an ever-advancing parking industry.
"Finally, I'm delighted to welcome Tony Vitrano and his Gameday colleagues to
our management team. They are seasoned professionals who bring an outstanding
track record at event venues that require efficient high-volume traffic flow to
meet the needs of spectators, media, teams, stadium staff and event sponsors
alike. The Gameday team's commitment to excellence fits well with our core
values."
In commenting on the transaction, Vitrano noted, "The effective integration of
parking operations into an event venue's overall logistics plan is always
demanding. The ability to combine our event expertise with Standard Parking's
extensive base of parking experience will allow us to continue to deliver the
best operational plans for our clients and their customers."
Wilhelm concluded by noting that, "We expect to be able to integrate this
acquisition with little or no incremental G&A, which makes the transaction
especially attractive to us. Our expectation is that this acquisition will be
accretive on an on-going basis, pending the completion of a purchase price
allocation analysis."
Standard Parking is a leading national provider of parking facility management,
ground transportation and other ancillary services. The Company, with more than
12,000 employees, manages approximately 2,200 parking facilities, containing
over one million parking spaces in more than 330 cities across the United States
and Canada, including parking-related and shuttle bus operations serving
approximately 60 airports.
More information about Standard Parking is available at www.standardparking.com.
You should not construe the information on this website to be a part of this
report. Standard Parking's annual reports filed on Form 10-K, its periodic
reports on Form 10-Q and 8-K and its Registration Statement on Form S-1
(333-112652) are available on the Internet at www.sec.gov and can also be
accessed through the Investor Relations section of the Company's website.
DISCLOSURE NOTICE: The information contained in this document is as of July 6,
2009. The Company assumes no obligation to update any forward-looking statements
contained in this document as a result of new information or future events or
developments.
This document contains forward-looking information about the Company's financial
results that involve substantial risks and uncertainties. You can identify these
statements by the fact that they use words such as "anticipate," "believe,"
"could," "estimate," "expect," "intend," "may," "plan," "predict," "project,"
"will" and similar terms and phrases in connection with any discussion of future
operating or financial performance. These forward-looking statements are made
based on management's expectations and beliefs concerning future events
affecting the Company and are subject to uncertainties and factors relating to
the operations and business environment, all of which are difficult to predict
and many of which are beyond management's control. These uncertainties and
factors could cause actual results to differ materially from those matters
expressed in or implied by these forward-looking statements. The following
factors are among those that may cause actual results to differ materially from
forward-looking statements: the financial difficulties or bankruptcy of our
major clients, including its impact on our ability to collect receivables;
availability, terms and deployment of capital; potential impact on the market
price of our common stock from the sale or offer of a substantial amount of our
common stock by our majority shareholder and the ability of our majority
shareholder to control our major corporate decisions; potential for change of
control default under our credit agreement if an unaffiliated person obtains a
majority of our common stock; the loss, or renewal on less favorable terms, of
management contracts and leases; our ability to renew our insurance policies on
acceptable terms, the extent to which our clients choose to obtain insurance
coverage through us and our ability to successfully manage self-insured losses;
the impact of public and private regulations; our ability to form and maintain
relationships with large real estate owners, managers and developers;
integration of future acquisitions in light of challenges in retaining key
employees, synchronizing business processes and efficiently integrating
facilities, marketing and operations; the ability to obtain performance bonds on
acceptable terms to guarantee our performance under certain contracts;
extraordinary events affecting parking at facilities that we manage, including
emergency safety measures, military or terrorist attacks and natural disasters;
changes in federal and state regulations including those affecting airports,
parking lots at airports or automobile use; the loss of key employees; and
development of new, competitive parking-related services; changes in general
economic and business conditions or demographic trends. A further list and
description of these risks, uncertainties, and other matters can be found in the
Company's Annual Reports on Form 10-K and in its periodic reports on Forms 10-Q
and 8-K.
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CONTACT: Standard Parking Corporation
G. Marc Baumann, Executive Vice President and
Chief Financial Officer
(312) 274-2199
mbaumann@standardparking.com
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