LoJack acquiring Boomerang
 

FOR: BOOMERANG TRACKING INC.

TSX SYMBOL: BMG

SEPTEMBER 10, 2004 - 08:00 ET

Boomerang Tracking Reports First Quarter 2005 Results

MONTREAL, QUEBEC--(CCNMatthews - Sept. 10, 2004) - Boomerang
Tracking Inc. (TSX:BMG) -




FIRST QUARTER HIGHLIGHTS:
- REVENUES UP 11% TO $7.36 MILLION
- SERVICE CONTRACT REVENUES OF $4.97 MILLION
- NET EARNINGS AT $0.94 MILLION



Boomerang Tracking Inc. (TSX:BMG), the Canadian leader in stolen
asset recovery, announced today its results for the first quarter
ended July 31, 2004.

For this period, net earnings were at $0.94 million ($0.04 per
share), compared with net earnings of $0.69 million ($0.03 per
share) for the same period last year. Net earnings were at 12.8%
of revenues, compared to 10.5% for the same period last year. In
the present quarter, the Company achieved revenues of $7.36
million, an increase of 11% compared with revenues of $6.61
million for the same period last year.

Revenues from service contracts jumped by 28% to a record $4.97
million during the first quarter of fiscal 2005, from $3.88
million for the same period last year. New activations of
Boomerang units were 9,066 units in the first quarter, compared
to 11,516 units for the same quarter of the previous fiscal year.
The amount of units sold was 9,316 in the first quarter, compared
to 12,277 for the same quarter of the previous fiscal year.
During the same period, the sale of high-end vehicles experienced
a similar drop across Canada. In addition, 2,900 Boomerang
devices were transferred to new vehicles during this period,
compared to over 3,900 for the same period last year. The
Company continued its progression in Ontario with close to 1,100
new activations this past quarter.

Stock Market Activity

As announced on August 17, 2004, LoJack Corporation (NASDAQ:
LOJN), the premier global marketer of wireless security and
location products entered into a definitive agreement to acquire
Boomerang Tracking Inc. for CAD $2.95 per share payable, at the
option of the shareholder, in cash or in a combination of cash,
LoJack stock or securities exchangeable into LoJack stock.

The proposed acquisition is expected to close in the fall of 2004
and is subject to customary closing conditions, as well as
approvals by two-thirds of the Boomerang Tracking shareholders
and the Superior Court of Quebec, appropriate regulatory and
other authorities, and compliance with the Canadian Business
Corporations Act.

Numbers That Speak Volumes

As of July 31, 2004, the Boomerang Tracking System has been
instrumental in the recovery of approximately 3,600 vehicles and
other valuable assets, including incidental recoveries,
representing a total value of over $188 million. These impressive
results have earned the Company the support of national insurers
and the law enforcement community, who recognize the benefits of
the Company's tracking devices.

source