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.
SOURCE Mac-Gray Corporation