Community Medical wins exclusive contracts with major NY hospitals valued in excess of $1,750,000 annually.YONKERS Yonkers (yŏn`kərz), city (1990 pop. 188,082), Westchester co., SE N.Y., on the east bank of the Hudson, in a hilly region just N of the Bronx (New York City); inc. 1855. Its elevator works date from 1852. , N.Y.--(BUSINESS WIRE)--March 24, 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 that it has competed successfully for two major renewable medical transportation contracts with leading New York health care institutions which it believes are valued in excess of $1.75 million annually. In a competitive bid, The 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. Veteran's Administration ("VA") Hospitals has awarded to Community Medical its first-ever multi-center ambulance service contract to a single provider. Under this contract, which is for one year renewable for four successive one-year periods, Community Medical will provide ambulance services to all four New York area VA Hospitals, which are located in Manhattan, the Bronx, Brooklyn and Queens. The Company believes this contract will generate more than $1 million in annual revenues. Community Medical was also awarded a two-year renewable contract with The Cabrini Medical Center valued in excess of $750,000 annually. Community Medical will service all of Cabrini Medical Center's medical transportation needs at its main East 19th Street hospital and at five satellite locations located throughout the borough. Dean Sloane, President and Chief Executive Officer of Community Medical, commented, "As evidenced by these agreements and our recently announced contract with Professional Service Centers for the Handicapped, Inc., major networked and multi-site hospitals are increasingly choosing a single provider to service all their needs. With our full service capabilities and innovative transportation management program, Community Medical is proving to be the provider of choice to regional medical institutions. It is important to note that large-scale contracts such as these allow us to maximize our efficiency and fleet utilization. Further, they provide a revenue base to support our aggressive efforts to further penetrate the New York market, where we see significant opportunities for additional contracts." 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 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 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 e-mail: tehlin@equity.com |
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