Mac-Gray Names Donald Baumann as Vice President, Business Development
WALTHAM, Mass., Oct. 12
WALTHAM, Mass., Oct. 12 /PRNewswire-FirstCall/ -- Mac-Gray Corporation (NYSE:
TUC), the nation's premier provider of laundry facilities management services
to multi-unit housing locations, today announced that Donald G. Baumann, Jr.
has joined the company as Vice President, Business Development.
With more than 25 years of diversified experience, Mr. Baumann was recently
Senior Vice President of Apartment Investment and Management Company (AIMCO).
In this position Mr. Baumann was responsible for managing the Income
Development Department, focusing on driving new income sources to the Trust
through various ancillary and energy-related corporate alliances, including
laundry-equipment contractors such as Mac-Gray. Prior to AIMCO, Mr. Bauman
worked for seven years at Camden Property Trust, where he held a similar role.
"Mac-Gray has known and worked with Don Baumann for many years, and we are
excited to have him join our organization," said Neil MacLellan, Executive
Vice-President of Sales. "The multi-family housing market represents
approximately 85% of our revenue base, and national REIT's and multi-state
property owners are a key subset of that market. Don has an extensive
background in multi-family business development, real estate asset management,
banking and telecommunications. He will bring valuable insight to the company
and our efforts to better meet the needs of our clients and grow our business
in the markets we serve. The timing of his recruitment and appointment
coincides with improving market conditions as multiple indicators seem to be
suggesting that the worst of the multi-housing vacancy crisis that has
dominated our markets for the past two years might be behind us."
Mr. Baumann received his B.S. from Texas A&M University. He is a registered
Colorado Real Estate Broker and is an active member of the Construction
Industry Advisory Council at Texas A&M.
About Mac-Gray Corporation
Founded in 1927, Mac-Gray derives its revenue principally through the
contracting of debit-card- and coin-operated laundry facilities in multi-unit
housing facilities such as apartment buildings, college and university
residence halls, condominiums and public housing complexes. Mac-Gray manages
approximately 88,000 laundry rooms located in 43 states and the District of
Columbia. Mac-Gray also sells and services commercial laundry equipment to
retail laundromats and other customers through its product sales division. To
learn more about Mac-Gray, visit the Company's website at www.macgray.com .
Safe Harbor Statement
This news release contains certain forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. The Company intends
such forward-looking statements to be covered by the Safe Harbor provisions
for forward-looking statements contained in the Private Securities Litigation
Reform Act of 1995, and is including this statement for purposes of complying
with these Safe Harbor provisions. Forward-looking statements, which are
based on certain assumptions and describe future plans, strategies and
expectations of the Company, may be identified by use of the words "believe,"
"expect," "intend," "anticipate," "estimate," "project," or similar
expressions. Investors should not rely on forward-looking statements because
they are subject to a variety of risks, uncertainties and other factors that
could cause actual results to differ materially from such forward-looking
statements. Certain factors which could cause actual results to differ
materially from the forward-looking statements include, but are not limited
to, general economic conditions, changes in multi-housing vacancy rates, the
Company's ability to renew long-term customer contracts, and those risks set
forth in the Company's Annual Report on Form 10-K for the year ended December
31, 2009 under "Risk Factors" and in other reports subsequently filed with the
Securities and Exchange Commission.
Michael J. Shea
Chief Financial Officer
Executive Vice President
Sharon Merrill Associates, Inc.
SOURCE Mac-Gray Corporation
Contact: Michael J. Shea, Chief Financial Officer, Mac-Gray Corporation,
+1-781-487-7600, email@example.com; Jim Buckley, Executive Vice President,
Sharon Merrill Associates, Inc., +1-617-542-5300, firstname.lastname@example.org
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