Community Medical Transport Completes Acquisition of Elite Ambulance and Medical Coach.YONKERS, N.Y.--(BUSINESS WIRE)--August 26, 1996-- New Jersey Acquisition to Provide Regional Hub and Add $3 Million in Revenue Community Medical Transport, Inc. (Nasdaq National Market:CMTI CMTI Clean Manufacturing Technology Institute CMTI Central Machine Tools Institute (Bangalore, India) ), a provider of comprehensive medical transportation services in the New York/New Jersey metropolitan area, today announced that it completed its first New Jersey-based acquisition with the purchase of Elite Ambulance and Medical Coach, Inc. ("Elite") of Orange, New Jersey. Elite, with annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. revenues of approximately $3 million, is one of largest providers of invalid coach services in New Jersey and is also licensed to provide basic life support ambulance services. The acquisition was made for an undisclosed sum of cash and a note. In a separate transaction nearing completion, Community Medical will acquire the real estate assets utilized in Elite's operations. Dean Sloane, President of Community Medical, stated, "The operations of Elite, a well-known and highly respected provider of invalid coach services, will serve as Community Medical's base in Northern New Jersey. Through this hub, we will augment Elite's product offerings to include a full spectrum of medical transportation services. We believe Community Medical's ability to provide a broad range of services will attract new customers in New Jersey and expand Elite's existing relationships." Mr. Sloane also announced that Community Medical has completed the acquisition of medical transportation vehicles and a customer list from another New Jersey company. He added, "This transaction augments Elite's business and also adds a customer base in northwestern New Jersey. Within the next several weeks we expect to close the acquisition of East Orange, New Jersey-based P-E Medical Transport, Inc., also a provider of invalid coach services, with revenues in excess of $1.5 million. Once P-E is purchased, Community Medical will be one of the largest New Jersey medical transportation providers, a position we expect to capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. as we seek additional regional acquisition and service opportunities. "The acquisition of Elite marks Community Medical's third significant closing this summer, adding more than $13 million in combined revenues to our existing business, bringing our annualized revenues to more than $25 million. As we expand our business both geographically and operationally, we have become a strong competitor for MCO MCO Managed care organization, see there , HMO HMO health maintenance organization. HMO n. A corporation that is financed by insurance premiums and has member physicians and professional staff who provide curative and preventive medicine within certain financial, and other large institutional accounts," concluded Mr. Sloane. 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 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. 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. . 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 Tripp Whetsell, (212) 836-9613 |
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