Impark Announces Settlement of Eau Claire Market Litigation

    VANCOUVER, British Columbia--July 16, 2003--Imperial Parking Corporation ("Impark") (AMEX: IPK) announced today the settlement of a lawsuit involving its lease of the parking facilities at Eau Claire Market in Calgary, Alberta. The lawsuit has previously been disclosed in the Company's public filings.
    The lawsuit had been scheduled to begin trial proceedings on June 16, 2003. The specific terms of the settlement are confidential but include Impark obtaining a commitment from the landlord to a further ten year lease at the Eau Claire Market beginning January 1, 2004. Impark will also make a one-time payment of $600,000 CDN to the landlord in connection with the extended lease. The settlement does not include an admission of liability by any party to the lawsuit.
    Charles Huntzinger, President and CEO of Impark, stated "We are pleased that this matter has resolved itself into a win-win for both parties. We can now put this lawsuit behind us and forge ahead with focusing on providing excellent parking services for all customers of the Eau Claire Market. Calgary is a very strong city for us, and Eau Claire Market is one of our flagship parking operations."
    Imperial Parking Corporation, headquartered in Vancouver, B.C., Canada is the largest parking operator in Canada and one of the four largest in North America based on number of locations. As of March 31, 2003 Impark owned, leased or managed more than 1,650 parking locations containing over 325,000 parking spaces in Canada and the United States.
    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.