|
FOR IMMEDIATE RELEASE
ST. LOUIS, MISSOURI
DECEMBER 20, 2005
Angelica Completes Sale of Long Beach
Operations
ST. LOUIS, Missouri (December 20, 2005) — Angelica Corporation
(NYSE:AGL), today announced that it has sold substantially all of the assets
including real estate of its Long Beach, CA operations to American Textile
Maintenance Company d/b/a Republic Master Chefs. The sale, which was completed
on December 19, 2005, includes assets associated with servicing only
non-healthcare related customers. The divested operations represent a small
portion of the Los Angeles market served by Angelica. Terms of the transaction
were not disclosed. It is expected that the buyer will be offering employment
to a substantial portion of the employees at the facility.
Commenting on
the transaction, Steve O’Hara, Angelica’s CEO said, “Long Beach was Angelica’s
last plant which was 100 percent non-healthcare and, as such, did not fit with
our long term strategy of being the leader in healthcare services. We’re
delighted that we could find a home for this plant’s customers and most of its
employees with a quality hospitality provider like Republic Master Chefs. We
will work with Republic to insure a smooth transition for customers and
employees.”
Angelica Corporation, traded on the New York Stock Exchange
under the symbol AGL, is a leading provider of textile rental and linen
management services to the U.S. healthcare market. More information about
Angelica is available on its website, www.angelica.com
Forward-Looking Statements
Any forward-looking statements made in this document
reflect the Company's current views with respect to future events and financial
performance and are made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Such statements are subject to
certain risks and uncertainties that may cause actual results to differ
materially from those set forth in these statements. These potential risks and
uncertainties include, but are not limited to, competitive and general economic
conditions, the ability to retain current customers and to add new customers in
competitive market environments, competitive pricing in the marketplace, delays
in the shipment of orders, availability of labor at appropriate rates,
availability and cost of energy and water supplies, the cost of workers'
compensation and healthcare benefits, the ability to attract and retain key
personnel, the ability of the Company to recover its seller note and avoid
future lease obligations as part of its sale of Life Uniform, the ability of the
Company to accomplish its strategy of redirecting its resources to its
healthcare linen management business in a timely and financially advantageous
manner, unusual or unexpected cash needs for operations or capital transactions,
the effectiveness the Company’s initiatives to reduce key operating costs as a
percentage of revenues, the ability to obtain financing in required amounts and
at appropriate rates and terms, the ability to identify, negotiate, fund,
consummate and integrate acquisitions, and other factors which may be identified
in the Company's filings with the Securities and Exchange Commission.
For additional information contact:
JIM SHAFFER
CHIEF FINANCIAL OFFICER or
COLLEEN
HEGARTY
DIRECTOR OF INVESTOR RELATIONS
ANGELICA CORPORATION
(314)
854-3800 |
JOHN MILLS
INTEGRATED CORPORATE RELATIONS, INC.
(310) 395-2215
|
|