Community Medical To Expand New Jersey Operations; With Acquisition of Medical Transportation Provider.YONKERS, N.Y.--(BUSINESS WIRE)--Jan. 6, 1997--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 the signing of a Letter of Intent for the acquisition of a northern New Jersey provider of ambulance and ambulette services. Community Medical believes the company to be acquired has annual revenues in excess of $1.5 million. 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 transaction, which is expected to be made for cash and a note, is the Company's seventh Letter of Intent currently underway. Dean L. Sloane, President and Chief Executive Officer of Community Medical, commented, "Closing of this acquisition will complement our existing operations in Essex and Morris counties. Combined with our recently announced intent to acquire a central New Jersey ambulance company, with revenues in excess of $1 million, this acquisition positions Community as one of the largest providers of medical transportation in northern and central New Jersey. We will continue to pursue additional acquisitions in the state to expand our ability to serve healthcare institutions and managed care organizations in the tri-state area There are a number of places in the United States known as tri-state areas where three states or holdings meet at one point (a tripoint), or in proximity to each other. The two most well-known are for the New York and Chicago metropolitan areas. ." 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 Reimbursement Payment made to someone for out-of-pocket expenses has incurred. 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 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion