Imperial Parking Corporation Announces Share Repurchase

20 October 2000

Imperial Parking Corporation Announces Share Repurchase

    VANCOUVER, British Columbia--Oct. 20, 2000--Imperial Parking Corporation ("Imperial Parking" or the "Company") (AMEX:IPK) today announced that its Board of Directors has authorized $1,000,000 for the repurchase of the Company's outstanding common stock.
    Under the buy-back authorization, the Company may purchase shares from time to time, on the open market or in privately negotiated transactions, depending upon market and other considerations.
    Charles Huntzinger, Imperial Parking's President and Chief Executive Officer, stated, "The Board believes that the Company's common shares are undervalued at the current price and do not reflect the true value of Imperial's future prospects. This stock buy-back program is indicative of the Board's confidence in Imperial's competitive position, their commitment to our strategy, and faith in our management team's ability to execute our plan."
    "We are enthusiastic about our accomplishments since being spun-off from First Union Real Estate in March 2000, and are optimistic about our prospects," Huntzinger continued. "With this stock buy-back program, we can enhance shareholder value without compromising the financial flexibility required to implement our growth plans."
    Imperial Parking closed at a price of $16.25 per share on October 19, 2000. As of September 30, 2000, there were approximately 2.1 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 June 30, 2000 Imperial Parking 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.