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AIR METHODS TO CONVENE SPECIAL SHAREHOLDERS' MEETING TO BE HELD APRIL 6; 1-FOR-6 REVERSE SPLIT, $10M PREFERRED PRIVATE PLACEMENT TO BE AUTHORIZED

AIR METHODS TO CONVENE SPECIAL SHAREHOLDERS' MEETING TO BE HELD APRIL 6; 1-FOR-6 REVERSE SPLIT, $10M PREFERRED PRIVATE PLACEMENT TO BE AUTHORIZED
 DENVER, March 6 /PRNewswire/ -- Air Methods Corporation (NASDAQ: AIRM), the nation's largest exclusive provider of air medical transportation systems and services, today commenced a proxy solicitation in connection with the convening of a special meeting of its shareholders to be held April 6, 1992. The purpose of the meeting will be to gain shareholder approval for a one-for-six reverse stock split involving all of its approximate 12.2 million common shares. In addition, shareholders will be asked to approve an amendment to the company's articles of incorporation, consistent with the anticipated reverse stock split, reducing the authorized number of shares from 50 million to 16 million and increasing the par value of each such share from 1 cent to 6 cents per share.
 Consistent with the NASD-National Market System listing requirements, the company is also seeking shareholder approval for the consummation of a private offering, to be managed by Robertson, Stephens & Company, involving the sale of approximately $10 million of convertible preferred shares to accredited investors. The proceeds of this financing will be used to retire the company's long-term debt of approximately $10 million which should significantly enhance its cash flow and earnings potential.
 W. Terrance Schreier, chairman and CEO of the company, commented, "The completion of this financing is very important to the continued strengthening of the company's financial position. This action should enhance the company's ability to generate meaningful earnings and positive cash flow in the near term. Furthermore, at the current trading levels for the company's common stock, this reverse split should facilitate the completion of this private placement and allow broader distribution of our securities, a greater number of research analysts providing public coverage of the company and participation by a greater number of securities firms in the ongoing daily market making activities supporting our common stock."
 Air Methods Corporation is the largest exclusive provider of state- of-the-art emergency air medical transportation systems and services to hospitals throughout America. The company utilizes only instrument flight rules (IFR)-certified pilots and aircraft, including 23 helicopters and five 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 Level I trauma center or a tertiary care facility, either from outlying hospitals or the scene of an accident.
 -0- 3/6/92
 /CONTACT: W. Terrance Schreier, chairman and CEO, or William H. Critchfield, executive vice president and CFO of Air Methods, 303-790-0587/
 (AIRM) CO: Air Methods Corporation ST: Colorado IN: HEA SU:


GK-TS -- NY004 -- 5736 03/06/92 08:58 EST
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Publication:PR Newswire
Date:Mar 6, 1992
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