SchoolWheels Direct, a logistics and management services company, was hired after approval by the debtors and bankruptcy court to ensure customers and employees that there would be a smooth transition until such time STA and the various parties involved with Atlantic Express could complete an Asset Purchase Agreement.
"We are pleased to be able to close the transaction sooner than we anticipated," said STI Regional Vice President
STA management has already met with the staff and drivers, as well as every customer to answer questions and identify the goals to accomplish moving forward. The company felt it was important to address any concerns involved with such a quick turnaround, but is confident that it can begin improving operations and implementing programs right away. "The entire process and customer response has gone so well that we were able to move up the closing of the transaction," added Kissell. "We have a tremendous reputation in the State and that certainly helped."
STI previously announced after the completion of a negotiated Asset Purchase Agreement it would acquire 425 vehicles and assume over
Kissell added, "We were able to prove ourselves to many folks who left on holiday and came back to a new provider and no service disruptions. We know this is a local business and our team here in
About SchoolWheels Direct
SchoolWheels Direct is dedicated to providing parents and school districts across
Certain statements in this news release are "forward-looking statements" within the meaning of applicable securities laws, which reflect the expectations of management regarding, among other matters, the ability of STI to satisfy the conditions to completing the Offering, STI"s revenues, expense levels, cost of capital, financial leverage, seasonality, liquidity, profitability of new businesses acquired or secured through bids, borrowing availability, ability to renew or refinance various loan facilities as they become due, ability to execute STI"s growth strategy and cash distributions, as well as their future growth, results of operations, performance and business prospects and opportunities. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may", "will", "expect", "intend", "estimate", "anticipate", "believe", "should", "plans" or "continue" or similar expressions, and the negative forms thereof, suggesting future outcomes or events. The assumptions made in making forward-looking statements are referred to in the public filings of the Company. The assumptions made in making forward-looking statements in this press release include the assumption that STI will be in a position to satisfy the conditions in respect of the Offering and complete the Offering.
CONTACT: INVESTOR CONTACTS:
Student Transportation Inc. Patrick J. WalkerChief Financial Officer & Executive Vice President Keith P. EngelbertDirector of Investor Relations (843) 884-2720 Email: invest@rideSTBus.com Website: www.rideSTBus.com