DENVER, Oct. 1 /PRNewswire-FirstCall/ -- Air Methods Corporation (Nasdaq: AIRM), the largest air medical transportation company in the world, announced today that the Company has completed its acquisition of 100% of the outstanding common stock of FSS Airholdings, Inc. (parent company of CJ Systems Aviation Group, Inc., or "CJ") based in Pittsburgh, PA. The transfer of ownership was effective today at 12:01 a.m.
The final cash purchase price was $25 million and was primarily financed through a new five-year, $50 million term loan and a new five-year, $50 million line of credit with a commercial bank group. The term loan and line of credit bear floating interest rates at Prime, which is currently 7.75%. The existing Air Methods term loan and CJ indebtedness were paid off with the proceeds from these new lending facilities as well.
Mr. Aaron Todd, Chief Executive Officer of Air Methods, stated, "We are extremely pleased to have completed this acquisition on the original anticipated closing date. Initial feedback regarding this business combination from customers and communities served by both Air Methods and CJ has been very favorable overall. We now look forward to realizing the many benefits this acquisition will create for our customers, employees, and investors."
Air Methods Corporation (http://www.airmethods.com) is a leader in emergency aeromedical transportation and medical services. The Hospital Based Services Division is the largest provider of air medical transport services for hospitals. The Community Based Services Division is the largest community-based providers of air medical services. The Products Division specializes in the design and manufacture of aeromedical and aerospace technology. The Company's fleet of owned, leased or maintained aircraft features over 300 helicopters and fixed wing aircraft.
Forward Looking Statements: This news release includes certain forward-looking statements, which are subject to various risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors, including but not limited to the size, structure and growth of the Company's air medical services and products markets; the collection rates for patient transports; the continuation and/or renewal of air medical service contracts; the acquisition of profitable Products Division contracts and other flight service operations; the successful expansion of the community-based operations; and other matters set forth in the Company's public filings.
CONTACTS: Aaron D. Todd, Chief Executive Officer, (303) 792-7413 or Joe Dorame at Lytham Partners, LLC at (602) 889-9700. Please contact Christine Clarke at (303) 792-7579 to be included on the Company's fax and/or mailing list.
|SOURCE Air Methods Corporation|
Copyright©2007 PR Newswire.
All rights reserved