Community Medical Signs Letter of Intent to Acquire Ambulette Business As Add-On to Hudson Valley Ambulance.YONKERS, N.Y.--(BUSINESS WIRE)--Dec. 5, 1996--Community Medical Transport, Inc. (Nasdaq National Market:CMTI CMTI Clean Manufacturing Technology Institute CMTI Central Machine Tools Institute (Bangalore, India) ), a leading provider of comprehensive medical transportation services in 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 and New Jersey, today announced that through its wholly-owned subsidiary Century Ambulance (d/b/a Hudson Valley
The Hudson Valley refers to the canyon of the Hudson River and its adjacent communities in New York State, generally from northern Westchester County northward to the cities of Albany and Troy. Ambulance), it has signed a Letter of Intent for the acquisition of the assets of a Rockland County, New York Rockland County is a county located in the U.S. state of New York, 12 miles north-northwest of New York City. As of the 2000 census, the population was 286,753. The county seat is New City. The name comes from "rocky land," an early description of the area given by settlers. ambulette services provider. This Letter of Intent represents the Company's sixth acquisition in progress. The acquisition is anticipated to close in the first quarter of 1997, 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 and various regulatory approvals. The acquisition is expected to made for cash and a note. Dean L. Sloane, President and Chief Executive Officer of Community Medical, commented, "This acquisition exemplifies our 'hub and spoke' strategy whereby we acquire a major regional company and enhance and diversify its capabilities by adding on smaller local companies. The ambulette capabilities we expect to gain through this acquisition will make our Haverstraw, New York- based Hudson Valley Ambulance subsidiary, already the area's leading ambulance company, a truly full-service provider." All forward looking information are estimates by the Company's management and are subject to various risks and uncertainties that may cause results to differ from management's current expectations. Such factors include the Company's ability to close pending acquisitions; changes in healthcare regulations and reimbursement policies; increased competition; and other risks as detailed from time to time in the Company's SEC reports and filings. Community Medical Transport, Inc. currently provides medical (emergency and non-emergency) and other specialized transportation services in New York and New Jersey. The Company is dedicated to administering, managing and servicing the transportation needs of healthcare facilities, managed care providers and municipalities. Whether provided as a single transport or in a managed transportation program, Community Medical's services will be offered at fees that help its customers meet their cost containment cost containment, n the features of a dental benefits program or of the administration of the program designed to reduce or eliminate certain charges to the plan. objectives, with sensitivity to those patients in its care. 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 Investor relations The process by which the corporation communicates with its investors. COUNSEL: The Equity Group Inc. Tamara Ehlin (212) 836-9607 |
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