Central Parking Corporation Awarded Contract to Manage On-Street Parking in Richmond; Contract Highlights Continued Growth in Privatization of Municipal Parking Programs.NASHVILLE, Tenn.--(BUSINESS WIRE)--July 13, 1998--Central Parking Corporation (NYSE NYSE See: New York Stock Exchange :CPC (1) (Central Processing Complex) An IBM mainframe that has two or more central processors (CPs) that share memory. It is the collection of processors, memory and I/O subsystems manufactured with a single serial number, typically all contained in one cabinet. ) ("Central Parking") today announced that the City of Richmond, Virginia Richmond IPA: [ɹɯʒmɐnɖ] is the capital of the Commonwealth of Virginia, in the United States. , has awarded the Company a contract to manage a new on-street parking program. The contract, for which terms were not announced, specifies that Central Parking will start providing parking enforcement effective July 1, 1998. Central Parking will manage the program through Control Plus, 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. . Monroe Carell, Jr., Chairman and Chief Executive Officer, remarked, "This contract highlights the increasing interest in our services related to the management of municipal parking programs. We are excited about this initial work with Richmond and are confident our involvement will assist the continued growth of this city's core commercial area. We are in the process of working with several other municipalities regarding proposals to manage their on-street parking programs and consider this to be an attractive growth area for our Company." Carell added, "We have been active in establishing leadership in this sector of the transportation management industry. Based on the success in developing similar on-street parking programs in our international operations, we signed a contract with the City of Charlotte, North Carolina “Charlotte” redirects here. For other uses, see Charlotte (disambiguation). Charlotte is the largest city in the state of North Carolina and the 20th largest city in the United States. a year ago. That represented the first major municipal parking program in the United States to be entirely privatized. We have subsequently expanded this part of our business to include relationships with Miami and Ft. Myers, Florida." Central Parking Corporation, headquartered in Nashville, Tennessee, is the leading provider of parking and transportation- related services in the world. The Company operates approximately 2,365 parking facilities containing more than 997,000 spaces throughout the United 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, the United Kingdom, Mexico, Germany, Malaysia, Chile and Spain. The Company's complete range of services includes facility management, development, advisory services advisory services advisory services provided to the public, in their capacity as owners and managers of animals, are an important part of veterinary science. They may be provided by government bureaux, by commercial companies who deal in pharmaceuticals or animals or animal , leasing and on-street enforcement.
CONTACT: Central Parking Corp., Nashville
Stephen Tisdell, 615/297-4255 X265
stisdell@parking.com
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