COMMUNITY MEDICAL TRANSPORT SIGNS LETTER OF INTENT TO ACQUIRE NEW YORK AMBULANCE COMPANY; Proposed Purchase To Be Company's Third Acquisition in 1995.YONKERS, N.Y.--(BUSINESS WIRE)--April 18, 1995--Community Medical Transport, Inc. (Nasdaq:CMTI CMTI Clean Manufacturing Technology Institute CMTI Central Machine Tools Institute (Bangalore, India) ), a provider 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 a letter of intent to acquire the outstanding stock of a 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 provider of basic and advanced life support ambulance services with revenues believed by Community to be approximately $2 million. The closing of the transaction is subject to, among other things, the completion of 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. by Community Medical, various regulatory approvals and the signing of a definitive purchase agreement. The acquisition is expected to be made for a combination of cash and Community Medical common stock. Specific terms of the proposed acquisition were not disclosed. Dean L. Sloane, Chairman, President and Chief Executive Officer of Community Medical, "We are very pleased to announce our third proposed acquisition since the start of the year. This transaction is particularly significant for Community because the acquisition candidate is licensed in several important geographic areas north of New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. where we are not currently providing medical transportation services. When completed, we expect this acquisition to provide an immediate positive contribution to the Company through the addition of its ongoing service contracts and the ability to market our services in new regions." The Company also announced that it revised its previously announced agreement to acquire the assets of BR Ambulance Service, Inc. The revised agreement modifies payment terms, including a reduced purchase price, to reflect a reduction in BR Ambulance's projected revenues for 1995 to approximately $2,100,000. The Company now expects this transaction to close late in the second quarter or early in third quarter of 1995. Community Medical Transport, Inc. provides medical (emergency and non-emergency) and other specialized spe·cial·ize v. spe·cial·ized, spe·cial·iz·ing, spe·cial·iz·es v.intr. 1. To pursue a special activity, occupation, or field of study. 2. 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. or The Equity Group 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. Tamara Ehlin (914) 963-6666 (212) 836-9607 |
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