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BOYNTON BEACH, Fla.--(BUSINESS WIRE)--Jan. 15, 1998--
Revenues for Worldwide Air Ambulance Transport Company
Expected to Exceed $8 Million in 1998
Medical Industries of America Inc. (NASDAQ:MIOA) announced today it has successfully closed on the acquisitions of Global Air Charter Inc., a worldwide air ambulance transport company, Global Air Rescue Inc., an aviation leasing company, and Clearwater Jet Center Inc., a fixed-based fueling facility servicing air traffic through the St. Petersburg/Clearwater International Airport.
Each of these newly acquired, privately held companies will become wholly owned subsidiaries of Medical Industries effective Dec. 31, 1997. The terms of the acquisitions provide for issuance of Restricted Common Stock of Medical Industries of America.
Founded in 1992 and operating out of Clearwater, Fla., Global Air Charter Inc. provides the aeromedical industry a $200 million and growing market, with worldwide air ambulance transport services typically for critically ill, injured or other incapacitated patients which may require emergency medical care while in flight.
Global's fleet includes two extended range Model 36 Learjets, one Model 35 Learjet, one Model 25 Learjet and one Beechcraft Kingair C-90 Turboprop. Each aircraft is fully equipped with state-of-the-art critical care medical equipment and supplies, staffed by FAA Air Transport Certified pilots and flight crews, and manned with licensed paramedics, physicians and/or nursing specialists, as required. Further, Global has the competitive advantage of having long range dedicated aircraft with the ability to operate intercontinental transports. This worldwide response capability has enabled Global to log medical transports to over 92 countries worldwide since inception.
According to Michael Morrell, chairman and CEO of Medical Industries of America, "Global's annual revenues for 1997 totalled $6,045,000; revenues for 1998 are expected to exceed $8,200,000 with net income of $800,000. This assumption is based solely on our internal growth expectations and existing market trends. However, recognizing that the aeromedical industry is highly fragmented and enjoys no clear industry leader, Medical Industries intends to pursue an aggressive growth through acquisition strategy in 1998 with the intent of distinguishing Global as the leading and premier air ambulance operation in the world."
By purchasing controlling interest in Clearwater Jet Center Inc. and through the acquisition of Global Air Rescue Inc., Medical Industries has strategically integrated critical and typically costly support entities to the organizational flow chart. The addition of these two companies should enhance overall financial performance of Global Air Charter Inc. while significantly enhancing the consolidated balance sheet of Medical Industries of America.
Medical Industries of America Inc. operates medical ancillary services businesses, several multi-specialty medical group practices, and is rapidly expanding in the areas of physician practice management and in the delivery of diversified medical technologies, products and services. The company also provides diagnostic and therapeutic healthcare services to the surgical and medical community through its mobile cardiac catheterization services to hospitals and physician practices primarily in the state of Florida.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements which are not historical facts contained in this press release are forward-looking statements that involve certain risks and uncertainties including but not limited to risks associated with the uncertainty of future financial results, additional financing requirements, development of new products, regulatory approval processes, the impact of competitive products or pricing, technological changes, the effect of economic conditions and other uncertainties detailed in the company's filings with the Securities and Exchange Commission.
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