Boomerang Systems seals $6.2 million private placement of convertibles

6% notes due 2017 sold with warrants for 1.24 million common shares

By Devika Patel

Knoxville, Tenn., July 18- Boomerang Systems, Inc. said it sold $6.2 million of 6% convertible promissory notes due 2017 in a private placement on July 13. Gilford Securities Inc. was the agent.

Investors also received warrants for 1.24 million common shares.

Proceeds will help accelerate the company's growth trajectory.

The Morristown, N.J., company makes automated racking and retrieval systems for automobile parking and self-storage units.

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