Imperial Parking Corporation Announces Increased Share Repurchase Limit

    VANCOUVER, British Columbia--Jan. 24, 2001-- Imperial Parking Corporation ("Impark") (AMEX:IPK) today announced that its Board of Directors has increased the authorization limit for the repurchase of the Company's outstanding common stock from $1,000,000 to $1,250,000.
    Under the repurchase program originally launched in October 2000, Impark may purchase shares from time to time, on the open market or in privately negotiated transactions, depending upon market and other considerations.
    Impark also today announced the repurchase of 30,835 shares in a single transaction for an aggregate cost of approximately $543,500. Under the repurchase program, Impark has in total repurchased 62,205 shares for an aggregate cost of approximately $1,052,500.
    Charles Huntzinger, Impark's President and Chief Executive Officer, stated, "The Board's increase of the authorization level for the repurchase program reflects its continued confidence that the program is a good investment for the Company. We have a strong balance sheet, no bank debt and a solid cash position. We believe that the Company's common shares continue to be undervalued at current levels and following this most recent repurchase, we still have the financial flexibility to implement our growth plans."
    Impark closed at a price of $18.00 per share on January 23, 2000. As of today, Impark has approximately 1.81 million shares outstanding.
    Imperial Parking Corporation (AMEX:IPK) is a leading provider of parking services in North America. Based in Vancouver, British Columbia, as of September 30, 2000 Impark owned, leased or managed over 1,400 parking facilities and lots in Canada and the United States, containing more than 250,000 parking spaces.

    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 filings with the Securities and Exchange Commission.