COMMUNITY MEDICAL TRANSPORT SIGNS AGREEMENT TO ACQUIRE BR AMBULANCE SERVICE, INC.YONKERS, N.Y.--(BUSINESS WIRE)--March 15, 1995--Community Medical Transport, Inc. (Nasdaq:CMTI CMTI Clean Manufacturing Technology Institute CMTI Central Machine Tools Institute (Bangalore, India) ), a provider of medical transportation services in the New York metropolitan area New York–Northern New Jersey–Long Island is the most populous metropolitan area in the United States and the third most populous in the world, after Tokyo and Mexico City. , today announced that it has entered into an agreement for the acquisition of BR Ambulance Service, Inc. (d/b/a American Ambulance and Oxygen Services, Inc.) BR Ambulance Service is a licensed provider of emergency medical transportation services in metropolitan New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of . Community Medical believes BR Ambulance's revenues in 1994 exceeded $4 million. The closing of the transaction is expected in the quarter ending June 30, 1995, subject to receipt of regulatory approvals, further due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. and the receipt by Community Medical of BR Ambulance's audited 1994 financial statements. The acquisition will be made for a combination of cash and notes; specific terms of the acquisition were not disclosed. Dean L. Sloane, Chairman, President and Chief Executive Officer of Community Medical, "We are very pleased to take this next step toward completing our first acquisition since our late 1994 IPO (Initial Public Offering) The first time a company offers shares of stock to the public. While not a computer term per se, many founders, employees and insiders of computer companies have found this acronym more exciting than any tech term they ever heard. . In addition to the revenue and profit contribution we expect from the acquisition of BR Ambulance Service, we will expand our geographic reach within our New York target market, and add a skilled industry executive to our management team." Community Medical Transport, Inc. provides medical (emergency and non-emergency) and other specialized transportation services in the New York metropolitan area through two subsidiaries, Community Ambulette Service Inc. and First Help Ambulance and Ambulette Service Inc. (d/b/a Freedom Ambulance). CONTACT: Community Medical Transport, Inc. Dean L. Sloane, President & CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. (914) 963-6666 -or- CMTI'S INVESTOR RELATIONS COUNSEL: The Equity Group Inc. Tamara Ehlin (212) 836-9607 |
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