Commenting on the new position, Vaughan stated, "The School Transportation Group will build and improve upon our current efforts of developing and recruiting new drivers and maintenance technicians while maintaining our high retention rate of those already here. We need to continue implementing and leveraging the new technologies we have recently developed to reduce costs, all while having a profound strategic focus on improved safety.""I have known and worked closely with Denis for many years and I know his passion for this company he founded, as well as the high safety standards and the family culture he has instilled here at STI all of which has been the secret of our success. We will continue to provide the highest level of safe and reliable student transportation to our customers. My team and their leadership will be a necessary and integral part of the growth of STI as there are numerous opportunities on the core contracted side with many school districts throughout North America that need quality, comprehensive transportation solutions. We will, however, continue to be strategic in our growth and as we've said before; we know where to go and, more importantly, where not to go." Gallagher said he will continue to work very closely with Vaughan and his team on the school transportation business and will also focus on ways to further organically and acquisitively grow the newly created Managed Services Group (MSG) he formed two years ago that extends the Company's core competencies within the school industry as well as outside, too. "We will be looking to leverage the businesses we started and recently acquired in MSG over the past two years to grow our non-asset and asset light businesses that are directly related to our key core competencies of safety and fleet services. It's important to note, school districts contract and outsource their transportation needs to us for a reason. With almost 14,000 vehicles on the road transporting school children, we know how important safety and maintenance are to our business. Over the past 20 years, we have built a nationwide footprint of operations and facilities across the U.S. and Canada in our core business which continues to grow. We have significantly improved our technology and backroom services with our expertise in compliance and controls and will continue to expand the businesses using all these assets more effectively," added Gallagher.
About Student Transportation Inc. Founded in 1997, Student Transportation Inc. (STI) is an industry leader in safety and North America's largest independent provider of school bus transportation services. STI operates the youngest fleet in the business with more than 13,500 vehicles, providing customers with the highest level of safe and reliable student transportation, management, logistics and technology solutions possible. STI's services are delivered by drivers, dispatchers, maintenance technicians, terminal managers, information technology professionals and others who are caring members of their local communities. For more information, please visit www.RideSTBus.com.Forward-Looking Statements 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, 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.
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