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AIR METHODS ANNOUNCES FURTHER WARRANT ADJUSTMENT; MANAGEMENT TO CONSIDER FURTHER MODIFICATIONS IN LINE WITH AUGUST, 1992 WARRANT EXPIRATION

AIR METHODS ANNOUNCES FURTHER WARRANT ADJUSTMENT; MANAGEMENT TO CONSIDER
   FURTHER MODIFICATIONS IN LINE WITH AUGUST, 1992 WARRANT EXPIRATION
    BOULDER, Colo., Dec. 19 /PRNewswire/ -- Air Methods Corporation (NASDAQ: AIRM), the nations' largest exclusive provider of airborne medical transportation systems and services, today announced the adjustment of the per share exercise price, as well as the number of shares deliverable, in connection with the company's common stock purchase warrants issued in its 1987 initial public offering.  These warrant adjustments are made pursuant to the anti-dilution provisions covering the warrants based upon its recent issuance of approximately 3.6 million restricted shares of common stock in completing its acquisition of Air Methods Corporation.
    The per share exercise price of the company's warrants has now been decreased from $5.57 to $4.15.  The number of shares of the company's common stock issuable upon the exercise of each warrant has been correspondingly increased from 1.435 shares to 1.926 shares.  Although the holder of a warrant will still be required to tender $8.00 per warrant upon the exercise of each warrant, 1.926 shares of registered common stock will now be issued in exchange therefore.
    The company also announced the adjustment of the redemption price regarding these warrants.  If the average daily closing price of the company's common stock remains at least $5.19 (subsequently reduced from $6.97) for 20 consecutive trading days, the company is legally permitted to redeem each outstanding warrant for $.05 (decreased from $.07 prior to today's announcement).
    The company also confirmed today that its management is considering further modifications to the terms and conditions of these publicly- traded warrants.  Although the warrants expire in August, 1992, the company may, prior to the warrants' expiration, recommend further adjustments to these warrants in accordance with the provisions governing their issuance.
    Air Methods Corporation, a Colorado-based company, is the largest exclusive provider of state-of-the-art emergency air medical transportation systems and services to hospitals located throughout the United States.  Air Methods utilize only FAA-certified IFR aircraft (consisting of 22 helicopters and 5 airplanes) in  performing these services.  Air Methods provides complete medical systems for comprehensively administering intensive care to patients while flying to either Level I trauma center or a tertiary care facility from outlying hospitals or from the scene of an accident.
    -0-       12/19/91
    /CONTACT:  W. Terrance Schreier, chairman and CEO, or William H. Critchfield, executive vice president and CFO of Air Methods, 303-443-8155/
    (AIRM) CO:  Air Methods Corporation ST:  Colorado IN: SU: SH-SM -- NY018 -- 3780 12/19/91 10:17 EST
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Copyright 1991 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Dec 19, 1991
Words:425
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