AIR METHODS CHANGES NASDAQ TRADING SYMBOL FROM CELL' TO AIRM'
TOMORROW, REFLECTING SUCCESSFUL MERGER AND NEW CORPORATE NAME
DENVER, Nov. 21 /PRNewswire/ -- Air Methods Corporation (NASDAQ: CELL) announced today that effective tomorrow, Nov. 22, 1991, its NASDAQ National Market System trading symbol will change to "AIRM," reflecting the recently completed acquisition of Air Methods Corporation by Cell Technology, Inc. As announced on Nov. 13, 1991, Air Methods Corporation became a publicly traded company through its acquisition by Cell, formerly a biotechnology research and development corporation. Air Methods Corporation, headquartered in Denver, is the largest, exclusive emergency air medical transportation firm in the United States.
Founded in 1980, Air Methods is the known quality provider of state- of-the-art airborne emergency medical care and transportation services throughout North America. The company's annualized revenue growth rate during the past three years has exceeded 25 percent. The company maintains 15 comprehensive long term agreements serving 37 hospitals in 10 states, employing over 200 persons throughout America. Air Methods' audited revenues for the year ended June 30, 1991 were $15.4 million.
In addition, Air Methods also announced that the trading symbols relating to its publicly held common stock purchase warrants issued in connection with the company's 1987 initial public offering, will be changed to "AIRMW" (from "CELLW") and the publicly held equity units (common stock and warrants), also issued through its 1987 IPO, will be changed to "AIRMU" (from "CELLU"), effective tomorrow, Nov. 22, 1991.
Also, beginning Monday, Nov. 25, 1991, all market information regarding Air Methods Corporation historical stock trading activity will be available to the public by referring to the firm's newly adopted corporate name, "Air Methods Corporation," in all major financial publications which reprint the previous trading day's market activity for NASDAQ listed, publicly traded corporations. This change in the trading reference from Cell Technology, Inc. to Air Methods Corporation completes the company's adoption of Air Methods' corporate identity and core business.
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 utilizes only FAA-certified IFR aircraft (consisting of 21 helicopters and 5 airplanes) in performing these services, and provides a complete medical system for administering intensive care to patients while flying to either a Level I trauma center or a tertiary care facility, either from outlying hospitals or the scene of an accident.
/CONTACT: W. Terrance Schreier, chairman and CEO, or William H. Critchfield, executive vice president and CFO, 303-443-8155, or Roy L. Morgan, president, or Marty L. Martin, executive vice president- operations and safety assurance, 303-790-0587, all of Air Methods/
(CELL AIRM) CO: Air Methods Corporation ST: Colorado IN: SU: FC-OS -- NY022 -- 5794 11/21/91 10:21 EST