Wednesday July 8, 12:48 pm Eastern Time
Company Press Release
With Acquisition of its third Lear 36, Medical Industries of America Now Operates One of the
World's Largest Air Ambulance Lear Jet Fleets
BOYNTON BEACH, Fla.--(BW HealthWire)--July 8, 1998--Medical Industries of America Inc. (NASDAQ:MIOA - news)
announced Wednesday that on June 30, 1998, the company acquired its third Lear 36 jet for its wholly owned air ambulance
subsidiary, Global Air Charter.
This is the first plane to be added to the company's air ambulance fleet since Medical Industries acquired Global in late 1997.
Financing for the $2,450,000 jet is being provided by a major financial institution.
Chris Doscher, president of Global Air Charter, noted: ''Of the 44 Lear 36's which are in service, Global Air Charter now has
three -- making us one of the largest Lear jet operations in the air ambulance industry when combined with our existing fleet of
four Lears and one King Air. This new jet is expected to generate a minimum of $1 million to $1.5 million in annual revenue with
approximately 20% falling directly to the bottom line, and provide the company with the ability to expand its air ambulance
business and enhance its international presence. With its long distance flying capabilities, the Lear 36 makes Global considerably
more competitive on trans-oceanic flights. Therefore, we have plans to base one of our Lears in Europe to provide more rapid
response to the medical community overseas.''
Medical Industries of America operates medical ancillary services businesses, multi-specialty medical group practices, and is
expanding 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, as well as air ambulance services, pain rehabilitation and sleep
centers, and comprehensive pharmaceutical and high tech infusion services, in addition to physician practice management and
billing. As previously reported, Medical Industries is also in the process of merging its business with privately held Physician
Health Corp., an Atlanta-based, fully integrated, physician ancillary service company which partners with over 170 physicians,
manages networks composed of over 4,000 physicians in PHC's key markets, and operates medical ancillary companies in
partnership with physicians. The merger is subject to final approval by the company's shareholders.
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. |
