AIR METHODS CORP. APPROVES ACQUISITION OF GOLDEN EAGLE AVIATION INC.
Company's Board of Directors Approves Strategic Acquisition Intended to Expand Medical Airplane Capabilities Throughout the U.S. and Internationally DENVER, Aug. 26 /PRNewswire/ -- Air Methods Corp. (NASDAQ-NMS: AIRM), the nation's largest exclusive provider of air medical services and systems, today announced the approval by its board of directors of the acquisition of Golden Eagle Aviation Inc. of Denver. Golden Eagle is one of the largest providers of executive air charter services in the Rocky Mountain region. Air Methods will begin to immediately transition Golden Eagle's corporate charter services into the company's air medical operations. Golden Eagle's fleet of three long distance jet aircraft and one turboprop airplane will be immediately made available to respond to the significantly increased market demand for Air Methods airplane medical services internationally. Air Methods currently operates a fleet of 30 medically dedicated helicopters and four airplanes. Air Methods intends to consummate the acquisition of Golden Eagle Aviation as soon as possible via a tax-free reorganization involving the issuance of less than 100,000 shares of the company's common stock in exchange for all the outstanding common stock of Golden Eagle. Golden Eagle will be merged into Air Methods, complementing Air Methods' expanded medical airplane presence throughout the U.S. and internationally. In addition, the company announced that it is in discussion with various U.S. hospitals desiring to utilize Air Methods' newly expanded, medically dedicated airplane fleet to result from this acquisition. The company expects to announce significantly expanded air medical transport relationships in the near future, demonstrating the company's capability of transitioning Golden Eagle's aircraft fleet into new and expanded hospital customer bases for Air Methods. Founded in 1986 and located at Centennial Airport, adjacent to the company's headquarters, Golden Eagle's annualized growth from 1986 to date has exceeded 45 percent, with revenues in fiscal 1994 expected to approach $4 million. All current Golden Eagle personnel have expressed an intent to continue in their operating capacities with Air Methods including J. Timothy Smith, chief operating officer of Golden Eagle. W. Terrance Schreier, chairman and CEO, further explained, "As large numbers of hospitals increasingly consolidate their trauma and highly specialized care centers into centralized healthcare facilities throughout the 1990s, the demand for integrated intermediate and long distance air medical providers employing helicopters and jet aircraft on an integrated basis will significantly increase. This strategic acquisition allows Air Methods to accelerate its growth in the growing hospital air medical marketplace." Air Methods Corp. is the largest exclusive provider of state-of-the- art emergency air medical transportation systems and services to hospitals throughout the United States. Air Methods now serves 48 hospitals in 13 states under 20 dedicated long-term operating agreements. The company utilizes only IFR-certified pilots and aircraft, including 30 helicopters and eight airplanes, to perform these services. In addition, Air Methods offers completely integrated airborne medical systems for administering intensive care to patients while flying to a trauma center or a tertiary care facility, either from outlying hospitals or the scene of an accident. -0- 8/26/93 R /CONTACT: W. Terrance Schreier, chairman & CEO of Air Methods, 303-790-0587, or Malcolm McGuire of CCRI, 800-828-0406/ (AIRM)
CO: Air Methods Corp.; Golden Eagle Aviation Inc. ST: Colorado IN: AIR HEA SU: TNM
BP-JL -- LA008 -- 6430 08/27/93 00:45 EDT
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|Date:||Aug 27, 1993|
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