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Press Release Impark Completes Transition of Canada-Wide Spots Parking Portfolio Vancouver, B.C. - February, 2005 - Imperial Parking Canada Corporation ("Impark") - Imperial Parking Canada Corporation ("Impark") announced today the successful transition of the Spots Parking portfolio. The transition was completed over a six-week period commencing December 1, 2004, while maintaining full service for all key stakeholders. On November 15th 2004, Impark was awarded the Oxford Properties parking portfolio - the largest single parking contract in Canadian parking history. The contract involves:
The properties are a mix of owned, co-owned, third party fee management contracts and leases, both in office towers and free-standing parking lots. They operate using a full range of attendant revenue control systems, full automation (pay-on-foot) and pay and display systems. In Eastern Canada, the lots are now operated by the staff and management of Imperial Parking. In Western Canada, the locations are being operated by the staff and management of Advanced Parking, a Vancouver-based subsidiary company of Imperial Parking. The portfolio was previously run by Spots Parking. The four-year-old subsidiary of the Oxford Property Group was dissolved as part of a goal realignment exercise at Oxford. "For Oxford, the benefits of outsourcing our parking contracts to Impark made the best business sense," said Andrew McAllan, Senior VP Real Estate Management, Oxford Properties Group. "Impark's sophisticated infrastructure was able to transition our considerable parking portfolio fluidly, with no service interruption to our tenants. We are very pleased with the results of our relationship with them thus far." "Impark was uniquely positioned to transition the Spots locations," said Impark President Bryan Wallner. "Not only is Impark the only company in Canada with operations in all of the required cities, but we were either operating or had operated over a third of the portfolio. It is very rare in any business that the needs of a client and the abilities of a supplier are this closely aligned. We are all extremely pleased to have secured this account and have no doubt that our new partnership with Oxford will be successful."
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