Financial News
Boomerang Tracking Inc. announces its intention to renew its normal course issuer bid

Boomerang Tracking Inc.
Press Release
Sylvain Dunn, Genevieve Foster
5/2/2003
Boomerang Tracking Inc. (the "Company") (TSX: BMG) announced today that it has filed a notice of its intention to renew for an additional twelve-month period the normal course issuer bid made between May 1, 2002 and April 30, 2003 through the facilities of The Toronto Stock Exchange.

Pursuant to this normal course issuer bid, the Company intends to purchase for cancellation up to a maximum of 1,093,155 Class A Shares. This represents approximately 5% of the Company''s 21,863,100 issued and outstanding Class A Shares as at April 30, 2003. The renewed issuer bid will take effect on May 6, 2003 and expire no later than May 5, 2004. The Company believes that its performance and underlying value have not been fully reflected in the trading prices for its Class A Shares.

The Company commenced a normal course issuer bid on May 1, 2002 which expired on April 30, 2003. As at April 30, 2003, the Company had purchased for cancellation 466,900 Class A Shares, through the facilities of The Toronto Stock Exchange, at an average price of $1.43 per Class A Share.
Boomerang Tracking Inc. markets and distributes the Boomerang® tracking devices, proprietary products using technology patented by the Company. The Boomerang, Boomerang2™ and GSM-based units are the central devices in a system that uses the wireless networks of major regional telecommunications companies for tracking stolen assets. The Boomerang Tracking System is capable of locating stolen automobiles, heavy equipment and valuable assets. As a result of its success, the Company has received the endorsement of members of the insurance industry. The Boomerang devices are available and installed through a network of authorized dealers in Quebec and Ontario. The Company's head office, research and development centre and manufacturing facilities are located in Montreal, Quebec, with regional facilities located in Mississauga, Ontario and Orange County, California. Boomerang is a registered trademark and Boomerang2 is a trademark of Boomerang Tracking Inc. The shares of Boomerang Tracking Inc. trade on The Toronto Stock Exchange under the symbol BMG.