Student Transportation (STA) Awarded New Contract
CARNEGIE, PA, June 3, 2009 /PRNewswire-FirstCall via COMTEX News Network/ — Student Transportation of America Ltd. (STA) (TSX: STB) announced it has been awarded a contract to provide transportation services for the Williamsport Area School District (WASD) in Pennsylvania. The new seven year contract will generate more than US $2 million in annual revenue beginning with the 2009-2010 school year and adds to the company’s regional operations in Pennsylvania.
“We are very pleased the district chose us to provide their transportation services. This is another excellent customer we are partnering with and a positive step in our efforts to increase our organic growth through conversions,” said STA Regional Chief Operating Officer Pete Pearson. “School districts throughout the U.S. are realizing that education is their core business. We are providing cost effective solutions to their transportation needs in budget friendly operations while providing the necessary capital investments for vehicles. We are pleased to welcome these great drivers and staff members to our company in connection with this conversion. Our core mission of commitment to the local community and safety in our operations will remain our focus.”
Student Transportation said it plans to implement a new computerized routing and planning system along with a state of the art digital video system in each bus.
WASD encompasses 98 square miles with a student population of 5,600 students and Williamsport is home of the Little League World Series.
About Student Transportation
Founded in 1997, Student Transportation is the fourth-largest provider of school bus transportation services in North America, conducting operations through local operating subsidiaries. Student Transportation has become a leading school bus transportation company by aggregating operations through the consolidation of existing providers and conversion of in-house operations and currently operates more than 5,600 school vehicles in North America. For more information, please visit www.rideSTA.com
This news release contains “forward-looking statements” within the meaning of applicable securities laws, which reflects the expectations of management regarding STA’s results of operations, expense levels, cost of capital, financial leverage, seasonality, cash flows, performance, liquidity, borrowing availability, financial ratios, ability to execute STA’s growth strategy and cash distributions. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “may”, “will”, “expect”, “intend”, “track”, “targeted”, “estimate”, “anticipate”, “believe”, “should”, “plans” or “continue” or similar expressions suggesting future outcomes or events. These forward looking statements reflect STA’s current expectations regarding anticipated future events, results, circumstances, performance or expectations, which are not historical facts. Forward
looking statements involve significant risks and uncertainties, and should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not or the times at which or by the performance or results will be achieved. A number of factors could cause our actual results to differ materially from the results discussed, expressed or implied in any forward-looking statement made by us or on our behalf, including, but not limited to the factors discussed under “Risk Factors” in our Annual Information Form. These forward looking statements are made as of the date of this news release and, except as required by applicable law, we undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
SOURCE Student Transportation of America Ltd.
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