CENTRAL PARKING CORPORATION ANNOUNCES MERGER OF SQUARE INDUSTRIES.NASHVILLE, Tenn.--(BUSINESS WIRE)--Jan. 24, 1997--Central Parking Corporation (NYSE NYSE See: New York Stock Exchange :PK) ("Central Parking") today announced the completion of a short-form merger of Square Industries, Inc. (Nasdaq/NM:SQAI) ("Square Industries") with a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Central Parking, whereby Square Industries was the surviving corporation. As a result of the merger, Square Industries is now an indirect wholly owned subsidiary of Central Parking. Central Parking previously announced its acquisition of approximately 97% of Square Industries common stock. The shares not acquired were converted in the merger into the right to receive $28.50 in cash, with an additional $2.50 per share to be deposited by Central Parking in escrow as contingent consideration for distribution to either the former shareholders of Square Industries or Central Parking, based upon the resolution of two specific matters, subject to adjustment as provided in the escrow agreement. Square Industries will be delisted today from the Nasdaq Stock Market Nasdaq stock market The first electronic stock market listing over 5000 companies. The Nasdaq stock market comprises two separate markets, namely the Nasdaq National Market, which trades large, active securities and the Nasdaq Smallcap Market that trades emerging growth companies. . Square Industries, headquartered in Jersey City, New Jersey, currently operates approximately 117 parking facilities containing over 61,000 spaces located primarily in the Northeast (New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. , 49; Philadelphia, 30; Newark, 17; Pittsburgh, 11; and other cities, 10). Square Industries' facilities include Rockefeller Center and One Penn Plaza One Penn Plaza is a skyscraper near Pennsylvania Station in New York City, west of Seventh Avenue, between 33rd and 34th Streets. It was designed by Kahn & Jacobs and completed in 1972. It reaches 229 meters (750 feet) with 57 floors. , as well as sports complexes such as Shea Stadium, home of the New York Mets
Central Parking reported revenue of $143.3 million for its fiscal year ended September 30, 1996. Headquartered in Nashville, Tennessee, Central Parking is a leading provider of parking services in the United States. The Company currently operates in excess of 1,360 parking facilities containing over 546,000 parking spaces located in 32 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). , the United Kingdom, Mexico, Puerto Rico and Germany. The Company provides parking consulting services in Malaysia and Spain and has a business development office in Amsterdam. CONTACT: Central Parking Corporation, Nashville Stephen Tisdell, 615/297-4255 X265 stisdell@parking.com |
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