Student Transportation (STA) Reports Insider Purchases
TORONTO — Student Transportation of America Ltd. (STA) (TSX: STB) announced that several senior executive officers and directors of the Company have recently completed purchases of common shares of the Company’s outstanding shares. The recent share purchases were made prior to the current insider trading blackout period, the terms of which are set out in the Company’s insider trading policy, which can be found on the STA website at www.rideSTA.com. A listing of share purchases can be found on the System for Electronic Disclosures by Insiders (“SEDI”) website at www.sedi.ca.
“The common share purchases by me as well as other officers and directors demonstrate the confidence of our current business operations and growth strategy,” said Denis J. Gallagher, chairman and chief executive officer. “We believe the company’s common shares were and are undervalued due to general market conditions and certain investor’s lack of knowledge in the stable, contracted school bus transportation sector. Despite world economic conditions, kids have to go to school and we are fortunate to be in a recession resistant business with infrastructure characteristics.”
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 the 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.
Student Transportation of America Ltd.
Denis J. Gallagher
Chairman and Chief Executive Officer
Patrick J. Walker
Executive Vice President and Chief Financial Officer