Emergency Medical Services Agrees to Acquire Abbott Ambulance, Inc. in St. Louis; Begins 9-1-1 Service in Las Cruces, New Mexico
10 Luglio 2007 - 3:00PM
Business Wire
Emergency Medical Services Corporation (NYSE: EMS) (the �Company�)
today announced that it has entered into a definitive agreement to
acquire Abbott Ambulance, Inc. (�Abbott�), based in St. Louis,
Missouri. Abbott is the largest private provider of emergency and
non-emergency ambulance services in the greater St. Louis area. As
part of the transaction, the Company also will acquire certain
affiliates of Abbott, including Mission Care of Illinois, LLC, a
provider of emergency and non-emergency ambulance services in
southwest Illinois; the IHM Health Studies Center, an accredited
paramedic training school; and Access2Care, LLC, a growing company
in the managed transportation business. William A. Sanger, EMSC
Chairman and Chief Executive Officer, said, �This acquisition
provides EMS entry into a new market in two business lines. A
strong and well-managed company, Abbott will serve as an excellent
platform for expansion of our ambulance services in the Missouri
and Illinois markets. Abbott�s managed transportation business,
Access2Care, offers us opportunities to expand our managed
transportation services into the commercial market. Abbott�s IHM
Health Studies Center is a strong addition to AMR�s National
College of Technical Instruction (NCTI), the largest paramedic
training school in the nation.� Upon completion of the transaction,
Abbott will become a wholly owned subsidiary of American Medical
Response (AMR) and will continue to operate under the Abbott brand
in all the communities it currently serves. Abbott�s Managing
Member and majority owner, Marvin Wool, said, �Abbott�s strong
local service coupled with AMR�s national presence brings the
business to a new level, integrating excellent caregivers and EMS
leaders with national expertise and resources. We are pleased with
the change in ownership and know that it means great things for the
future of Abbott.� Matt McCormick, President of Abbott, added, �For
more than 30 years, Abbott has been the region�s leading provider
of pre-hospital care and ground ambulance services. This
relationship with AMR will enhance our ability to continually meet
the needs of the communities and institutions we serve and the
patients for whom we care each day.� The agreement to purchase
Abbott was entered into on July 3, 2007. The transaction is
expected to close within 30 days, subject to customary closing
conditions. The Company estimates that the acquisition will
contribute approximately $28 million in annual revenue and 87,000
transports. The Company also announced that on July 1, AMR began
providing 9-1-1 and non-emergency transport service as the
exclusive provider to the city of Las Cruces and Dona Ana County,
New Mexico, under a four-year agreement. The agreement is expected
to contribute approximately $5 million in annual revenue and 13,500
transports. In addition, the Company noted that Standard &
Poor�s has raised its rating on the Company�s senior secured credit
facility to �BB� from �B+.� Standard & Poor�s also raised the
Company�s recovery rating to �1� from �2� in conjunction to its
introduction of a new secured issue rating framework, which now
incorporates recoveries in all secured issue level ratings. About
Emergency Medical Services Corporation Emergency Medical Services
Corporation (EMSC) is a leading provider of emergency medical
services in the United States. EMSC operates two business segments:
American Medical Response, Inc. (AMR), the Company�s healthcare
transportation services segment, and EmCare Holdings, Inc.
(EmCare), the Company�s emergency department and hospital-based
management services segment. AMR is the leading provider of
ambulance services in the United States. EmCare is the nation�s
leading provider of outsourced emergency department staffing and
related management services. In 2006, EMSC provided services to 10
million patients in more than 2,000 communities nationwide. EMSC is
headquartered in Greenwood Village, Colorado. About American
Medical Response American Medical Response Inc. (www.amr.net),
America�s leading provider of medical transportation, is locally
operated in 36 states and the District of Columbia. More than
18,000 AMR paramedics, EMTs and other professionals transport
nearly four million patients nationwide each year in critical,
emergency and non-emergency situations. Operating a fleet of
approximately 4,400 vehicles, AMR is headquartered in Greenwood
Village, CO. Forward-Looking Statements Certain statements and
information herein may be deemed to be "forward-looking statements"
within the meaning of the Federal Private Securities Litigation
Reform Act of 1995. Forward-looking statements may include, but are
not limited to, statements relating to our objectives, plans and
strategies, and all statements (other than statements of historical
facts) that address activities, events or developments that we
intend, expect, project, believe or anticipate will or may occur in
the future. Any forward-looking statements herein are made as of
the date of this press release, and EMSC undertakes no duty to
update or revise any such statements. Forward-looking statements
are not guarantees of future performance and are subject to risks
and uncertainties. Important factors that could cause actual
results, developments and business decisions to differ materially
from forward-looking statements are described in EMSC's filings
with the SEC from time to time, including in the section entitled
"Risk Factors" in the Company's most recent Form 10-K. Among the
factors that could cause future results to differ -MORE- materially
from those provided in this press release are: the impact on our
revenue of changes in transport volume, mix of insured and
uninsured patients, and third party reimbursement rates; potential
penalties or changes to our operations if we fail to comply with
extensive and complex government regulation of our industry; and
the loss of existing contracts and the accuracy of our assessment
of costs under new contracts.
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