Rural/Metro Finalizes New Contract to Continue Exclusive Emergency Ambulance Services to City of San Diego
20 6월 2011 - 8:00PM
Marketwired
Rural/Metro Corporation (NASDAQ: RURL), a leading national provider
of ambulance and private fire protection services, announced today
that it has finalized a new contract to continue as the City of San
Diego's exclusive provider of emergency ambulance services through
June 2013.
Michael DiMino, President and Chief Executive Officer, said, "We
are very pleased that the City of San Diego has once again selected
Rural/Metro as its trusted, exclusive provider of emergency medical
ambulance services in this growing, high-performance 911
system.
"We are tremendously proud of the excellent services we have
provided in 14 years as the City's EMS partner, and our dedicated
work force of emergency professionals will continue to deliver the
highest quality services as we move forward under the new
agreement."
The two-year agreement begins July 1, 2011 and is expected to
generate annualized net revenue of approximately $55 million.
The contract reflects the City's new service delivery model,
which involves the City no longer being an equity partner in a
joint venture with Rural/Metro. Instead, the Company has entered
into a definitive agreement to acquire the City's interest in San
Diego Medical Services Enterprise L.L.C. (SDMSE) for $5.5 million,
following a vote last week by the San Diego City Council
authorizing the sale. Upon completion of the purchase, which is
scheduled to occur on June 30, 2011, Rural/Metro will own 100% of
the interest in the former joint venture and will retain all
operating assets and contracts currently served by SDMSE.
Rural/Metro and the City continue to work toward a resolution of
matters raised in a City Auditor's report issued on April 25, 2011
regarding Rural/Metro's role in SDMSE. To facilitate a timely
process, Rural/Metro and the City are working with the assistance
of a neutral mediator and third-party auditor.
About Rural/Metro
Rural/Metro Corporation provides emergency and non-emergency
ambulance services and private fire protection services in 20
states and approximately 440 communities throughout the United
States. For more information, visit the Company's web site at
www.ruralmetro.com.
SAFE HARBOR PROVISIONS FOR FORWARD-LOOKING STATEMENTS The
foregoing reflects the Company's views about its future financial
condition, performance and other matters that constitute
"forward-looking" statements as such term is defined by the federal
securities laws. Many of these statements can be found by looking
for words such as "believe," "anticipate," "expect," "plan,"
"intend," "may," "should," "will likely result," "continue,"
"estimate," "project," "goals," or similar words used herein in
connection with any discussions of future operating or financial
performance or business prospects. We may also make forward-looking
statements in our financial reports filed with the Securities and
Exchange Commission (SEC), investor calls and other investor
communications. These forward-looking statements are subject to the
safe harbor protection provided by federal securities laws. These
forward-looking statements are subject to numerous risks,
uncertainties and assumptions, including those relating to the
Company's future business prospects, uncompensated care, working
capital, accounts receivable collection, liquidity, cash flow,
EBITDA, adjusted EBITDA, capital expenditures, insurance coverage
and claim reserves, capital needs, key operating metrics, future
growth plans, future operating results, and future compliance with
covenants in our debt facilities or instruments. In addition, the
Company may face risks and uncertainties related to other factors
that are listed in its periodic reports filed under the Securities
Exchange Act. Although the Company believes the expectations
reflected in its forward-looking statements are based upon
reasonable assumptions, because the statements are subject to risks
and uncertainties, the Company can give no assurance that its
expectations will be attained or that actual developments and
results will not materially differ from those expressed or implied
by the forward-looking statements. Readers are cautioned not to
place undue reliance on the statements, which speak only as of the
date hereof. The Company undertakes no obligation to publicly
update or revise any forward-looking statement, whether as a result
of new information, future events or otherwise, except as may be
required by law.
(RURL/G)
CONTACT: Liz Merritt Rural/Metro Corporation (480)
606-3337 Sharrifah Al-Salem, FD (415) 293-4414
Rural/Metro Corp. (MM) (NASDAQ:RURL)
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