| Press Release Source: Central Parking Corporation
William J. Vareschi, Jr., chief executive officer, commented, "These new contracts represent continuing success in our strategic effort to extend our leadership in providing customer-friendly, cost-effective municipal parking services. Including these three projects, we now manage on-street parking in 31 cities, including 14 in the United States." The Mobile project became operational on December 1, 2002. It is the City's initial privatization of its on-street parking and involves a full turnkey operation encompassing parking meters, issuing and collecting citations and providing customer service. The City has roughly 600-metered spaces that are estimated to generate approximately $1.9 million in revenue over the length of the three-year renewable contract. For the City of Durham, Central Parking Corporation will manage the entire municipal parking program, including both on-street and off-street. The contract includes management of four parking garages and 15 surface parking lots containing 3,114 parking spaces. The on-street program involves a full turnkey management of 500 time-zone spaces and neighborhood parking. The renewable three-year contract is expected to generate $4.1 million. The contract was awarded January 21, 2003, and operations are scheduled to start on March 1, 2003. On February 18, 2003, Central Parking Corporation was notified that it was selected to manage the parking program for the City of Virginia Beach. The program involves managing eight municipal parking lots containing 1,453 parking spaces. The contract also includes managing the on-street program, involving collections and enforcement of 786 meters and a large residential zone in the vicinity of the Beach. This renewable five-year contract will commence on April 1, 2003. Central Parking Corporation, headquartered in Nashville, Tennessee, is a leading provider of parking and transportation services. The Company operates approximately 3,900 parking facilities containing approximately 1.6 million spaces at locations in 39 states, the District of Columbia, Canada, Puerto Rico, the United Kingdom, the Republic of Ireland, Chile, Colombia, Germany, Mexico, Peru, Poland, Spain, Switzerland, Venezuela and Greece. This press release contains projections and other forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934. These projections and statements reflect the Company's current views with respect to future events and financial performance. No assurance can be given, however, that these events will occur or that these projections will be achieved and actual results could differ materially from those projected as a result of certain factors. A discussion of these factors is included in the Company's periodic reports filed with the Securities and Exchange Commission. -------------------------------------------------------------------------------- |