CENTRAL PARKING CORPORATION ANNOUNCES ACQUISITION OF DIPLOMAT PARKING CORPORATION.NASHVILLE, Tenn.--(BUSINESS WIRE)--Sept. 3, 1997-- ACQUIRED OPERATIONS EXPECTED TO CONTRIBUTE TO CONTINUED GROWTH IN FISCAL 1998 Central Parking Corporation (NYSE NYSE See: New York Stock Exchange :PK) today announced it has acquired the outstanding shares of Diplomat Parking Corporation, a privately held parking services company with offices in Washington, D.C. and Baltimore, Maryland "Baltimore" redirects here. For the surrounding county, see Baltimore County, Maryland. For other uses, see Baltimore (disambiguation). Baltimore is an independent city located in the state of Maryland in the United States. . Diplomat Parking Corporation is one of the largest private providers of parking services in the mid-Atlantic region with 165 locations encompassing approximately 45,000 spaces. Terms of the acquisition were not announced. Monroe J. Carell, Jr., Chairman and Chief Executive Officer of Central Parking Corporation, remarked, "This acquisition significantly expands our operations in the metropolitan area that includes Washington, D.C. and Baltimore. The 45,000 spaces operated by Diplomat Parking Corporation also represent a meaningful addition to our corporate total, and we expect these operations to contribute positively to our continued growth in fiscal 1998. We are gaining proven managerial expertise through this transaction. Robert Edenbaum, Chairman of the Board and founder of Diplomat Parking Corporation, will serve as a consultant; and Paul Edenbaum, currently President of that company, will be President of a wholly-owned subsidiary, Central Parking System of Virginia. Paul has achieved a solid record of expansion, and we are confident that his proven skills and knowledge of this market for our services equip e·quip tr.v. e·quipped, e·quip·ping, e·quips 1. a. To supply with necessities such as tools or provisions. b. him to be an important part of Central Parking System's senior management." Central Parking Corporation, headquartered in Nashville, Tennessee “Nashville” redirects here. For other uses, see Nashville (disambiguation). Nashville is the capital and the second most populous city of the U.S. state of Tennessee, after Memphis. , is a leading provider of parking services in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . At June 30, 1997, the Company was operating more than 1,612 parking facilities containing over 680,000 spaces at locations in 34 states, the District of Columbia District of Columbia, federal district (2000 pop. 572,059, a 5.7% decrease in population since the 1990 census), 69 sq mi (179 sq km), on the east bank of the Potomac River, coextensive with the city of Washington, D.C. (the capital of the United States). , Canada, Puerto Rico Puerto Rico (pwār`tō rē`kō), island (2005 est. pop. 3,917,000), 3,508 sq mi (9,086 sq km), West Indies, c.1,000 mi (1,610 km) SE of Miami, Fla. , the United Kingdom, Mexico, Germany, Malaysia, Chile and Spain. The Company has a business development office in Amsterdam. CONTACT: Central Parking Corp., Nashville Stephen Tisdell, 615/297-4255 X265 stisdell@parking.com |
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