October 1, 2007

Air Methods completes acquisition of CJ Systems

Air Methods Corp. Press Release
 

DENVER, Colorado — Air Methods Corporation, the largest air medical transportation company in the world, announced Monday that the Company has completed its acquisition of 100% of the outstanding common stock of FSS Airholdings, Inc., the parent company of CJ Systems Aviation Group, Inc., based in Pittsburgh, PA.  The transfer of ownership was effective Oct. 1 at 12:01 a.m. 

Air Methods Corp. operates LifeNet Air Medical in Kentucky. CJ Systems operated Medflight of East Kentucky and STATCARE in Kentucky.

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.   

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 (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.