Shareholders confirm purchase of parking company

Media Release
For Immediate use
23 December 2011

Shareholders confirm purchase of parking company

A special meeting of Car Parking Technologies (CPT) shareholders held in Melbourne yesterday has confirmed the purchase of the UK’s largest retail parking company.

The purchase will give Cambridge based CPT, who listed on the Australian Securities Exchange in February this year, a huge growth opportunity for its car parking management and sensor technology.

The final purchase price will depend on the profitability of the British company in its first year under new ownership, but it is expected to around £10 million.

Town & City manages more than 1100 car parks with in excess of half a million parking bays.

CPT will take over its new business on 1 January 2012.

CPT is already a major success story with its parking sensor technology widely used in Australia, South Africa, the United Kingdom as well as New Zealand. Other international sales are pending.

CPT’s Managing Director, Paul Collins, says ratification of the purchase of Town & City is a great way to end a fantastic year of growth for the Waikato company.

“We’ve achieved everything we set out to this year and now with this very significant purchase we can begin 2012 confident we are well on the way to building a globally successful business,” says Mr Collins.

CPT listed on the Australian stock exchange in February this year.

ENDS

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