Full Press Release Details
BLADE AIR MOBILITY ANNOUNCES DEFINITIVE AGREEMENT
TO ACQUIRE TRINITY AIR MEDICAL, CREATING A NATIONWIDE, MULTIMODAL ORGAN TRANSPORT PLATFORM
New York, NY and Phoenix, AZ (September 9, 2021) - Blade
Air Mobility, Inc. (Nasdaq:BLDE, "Blade" or the "Company"), a technology-powered global air mobility platform,
today announced that it has entered into a definitive agreement to acquire Trinity Air Medical, Inc. ("Trinity"), a nationwide,
multi-modal organ logistics and transportation company. The transaction is expected to close during the week of September 13, 2021, subject
to customary closing conditions.
"Trinity's long-term relationships with organ procurement
organizations and transplant centers are a testament to their high-touchpoint approach to organ air transportation, providing seamless
solutions for their clients, a perfect fit with Blade's culture of 24/7 availability and mission redundancy," said Rob Wiesenthal,
Blade's Chief Executive Officer. "Trinity's end-to-end services integrate air missions with ground transport. Given
the existence of landing pads at most hospitals today, we have the ability to immediately replace Trinity's ambulances with helicopters
on certain hospital-to-hospital missions, while preparing for a transition to both existing last-mile' cargo drones as well
as Electric Vertical Aircraft, as soon as they become available."
"Recent advances in organ preservation technology have
resulted in consistently increasing demand for point-to-point organ air transport over longer distances," said Seth Bacon, CEO
of Trinity. "Blade's scale in air transport missions coupled with their aerospace manufacturer relationships position us
to continue expanding share in today's growing market, while laying the groundwork to deploy forthcoming drone and Electric
Vertical Aircraft technology, which will reduce transit times and improve patient outcomes."
"Like Blade, Trinity is asset-light and neither owns nor operates
aircraft, thus rapid expansion is not capital intensive. We expect the combination of Trinity's substantial flight volume with Blade's
fast-growing MediMobility business to create the largest dedicated organ air transport company in the United States and enable us to secure
more dedicated aircraft, resulting in better availability and pricing for the hospitals we collectively serve," said Will Heyburn,
Blade's Chief Financial Officer. "Trinity's consistent growth and positive EBITDA contribution will fortify Blade's
financial position while providing additional operating leverage for the broader Blade platform."
"We are already working hand-in-hand with Blade's MediMobility
team on organ air transport missions," said Scott Wunsch, COO of Trinity. "We look forward to implementing best practices
from both organizations, which I am confident will result in faster, more efficient and more cost-effective service for our collective
Transaction Highlights:
About Blade Urban Air Mobility
Blade is a technology-powered, global air mobility platform committed
to reducing travel friction by providing cost-effective air transportation alternatives to some of the most congested ground routes in
the U.S. and abroad. Today, the company predominantly uses helicopters and amphibious aircraft. Its asset-light model, coupled with its
exclusive passenger terminal infrastructure, is designed to facilitate a seamless transition to Electric Vertical Aircraft ("EVA"
or "eVTOL"), enabling lower cost air mobility to the public that is both quiet and emission-free.
For more information, visit www.blade.com.
About Trinity Air Medical
Trinity Air Medical, with headquarters in
Tempe, Arizona, was founded by healthcare professionals who recognized a need for a professional and reliable organ logistics and
transportation service. Trinity's mission is to partner with organ procurement organizations and organ transplant centers
around the United States to maximize organs available for transplant.
For more information, visit www.trinityairmedical.com.
Forward Looking Statements
This press release contains "forward-looking statements"
within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking
statements include all statements that are not historical facts and may be identified by the use of words such as "anticipate",
"believe", "could", "continue", "expect", "estimate", "may", "plan",
"outlook", "future" and "project" and other similar expressions and the negatives of those terms.
These statements, which involve risks and uncertainties, relate to analyses and other information that are based on forecasts of future
results and estimates of amounts not yet determinable and may also relate to Blade's future prospects, developments and business
strategies. In particular, such forward-looking statements include statements concerning the benefits of the transaction involving Blade
and Trinity, including future financial and operating results, the combined company's plans, objectives, expectations and intentions.
These statements are based on management's current expectations and beliefs, as well as a number of assumptions concerning future
events. Actual results may differ materially from the results predicted, and reported results should not be considered as an indication
of future performance.
Such forward-looking statements are subject to known and unknown
risks, uncertainties, assumptions and other important factors, many of which are outside Blade's control, that could cause
actual results to differ materially from the results discussed in the forward-looking statements. Factors that could cause actual
results to differ materially from those expressed or implied in forward-looking statements include: risks associated with the
ability to consummate the Trinity transaction and the timing of the closing of the transaction; the ability to successfully
integrate Blade and Trinity operations and employees; the ability to realize anticipated benefits and synergies of the Trinity
transaction; the potential impact of the announcement of the Trinity transaction or consummation of the transaction on
relationships, including with employees, customers and competitors; the ability to retain key Trinity personnel; the ability to
achieve performance targets; loss of our customers; decreases in our existing market share; effects of competition; effects of
pricing pressure; the inability of our customers to pay for our services; the loss of our existing relationships with operators; the
loss of key members of our management team; changes in our regulatory environment, including aviation law and FAA regulations; the
inability to implement information systems or expand our workforce; changes in our industry; heightened enforcement activity by
government agencies; interruptions or security breaches of our information technology systems; the expansion of privacy and security
laws; our ability to expand our infrastructure network; our ability to identify, complete and successfully integrate future
acquisitions; our ability to remediate any material weaknesses or maintain effective internal controls over financial reporting; the
ability to continue to meet applicable listing standards; costs related to our business combination; the possibility that we may be
adversely affected by other political, economic, business and/or competitive factors; the impact of COVID-19 and its related effects
on our results of operations, financial performance or other financial metrics; the inability or unavailability to use or take
advantage of the shift, or lack thereof, to EVA technology; pending or potential litigation; and other factors beyond our control.
Additional factors can be found in our Quarterly Report on Form 10-Q filed with the U.S. Securities and Exchange Commission
("SEC"). New risks and uncertainties arise from time to time, and it is impossible for us to predict these events or how
they may affect us. You are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the
date made, and Blade undertakes no obligation to update or revise the forward-looking statements, whether as a result of new
information, changes in expectations, future events or otherwise.
Phil Denning / Nora Flaherty
Mike Callahan / Tom Cook