AAC HOLDINGS, INC. (NYSE:AAC)
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1 Month : From May 2017 to Jun 2017
BRENTWOOD, Tenn., June 19, 2017 /PRNewswire/ -- AAC Holdings, Inc. (NYSE: AAC) reached an agreement with 120 local workers represented by their union, Health Professionals & Allied Employees, AFT/AFL-CIO (HPAE), at the Company's Sunrise House treatment facility in Lafayette, New Jersey. Once the facility is relicensed, which is expected to occur in the next 30 days, AAC expects to begin admitting clients for treatment. Sunrise House had been closed since May 23, 2017, as a result of a labor dispute and AAC's decision to transfer as many clients as possible to other treatment facilities in order to continue uninterrupted care necessary to ensure their health and safety.
"AAC's priorities remain focused on delivering exceptional clinical quality to our clients and their families and fighting the national epidemic of substance abuse that is wrecking our nation," noted Michael Cartwright, Chairman and Chief Executive Officer of AAC Holdings. "Many of us have spent our entire careers addressing this crisis, are in recovery ourselves or have made this industry our life's passion. It is unfortunate that negotiations such as the one with HPAE take the course that they do, but we are pleased to resolve it and be able to get clients back in treatment at Sunrise House as soon as possible."
About American Addiction Centers
American Addiction Centers is a leading provider of inpatient and outpatient substance abuse treatment services. We treat clients who are struggling with drug addiction, alcohol addiction, and co-occurring mental/behavioral health issues. We currently operate substance abuse treatment facilities located throughout the United States. These facilities are focused on delivering effective clinical care and treatment solutions. For more information, please find us at AmericanAddictionCenters.org or follow us on Twitter @AAC_Tweet.
Forward Looking Statements
This release contains forward-looking statements within the meaning of the federal securities laws. These forward-looking statements are made only as of the date of this release. In some cases, you can identify forward-looking statements by terms such as "anticipates," "believes," "could," "estimates," "expects," "may," "potential," "predicts," "projects," "should," "will," "would," and similar expressions intended to identify forward-looking statements, although not all forward-looking statements contain these words. Forward-looking statements may include information concerning AAC Holdings, Inc.'s (collectively with its subsidiaries; "Holdings" or the "Company") possible or assumed future results of operations, including descriptions of Holdings' revenues, profitability, outlook and overall business strategy. These statements involve known and unknown risks, uncertainties and other factors that may cause our actual results and performance to be materially different from the information contained in the forward-looking statements. These risks, uncertainties and other factors include, without limitation: (i) our inability to operate our facilities; (ii) our reliance on our sales and marketing program to continuously attract and enroll clients; (iii) a reduction in reimbursement rates by certain third-party payors for inpatient and outpatient services and point of care and definitive lab testing; (iv) an increase in our provision for doubtful accounts based on the aging of receivables; (v) our failure to successfully achieve growth through acquisitions and de novo expansions; (vi) uncertainties regarding the timing of the closing of acquisitions; (vii) the possibility that a governmental entity may prohibit, delay or refuse to grant approval for the consummation of an acquisition; (viii) our failure to achieve anticipated financial results from prior acquisitions; (ix) a disruption in our ability to perform definitive drug testing services; (x) maintaining compliance with applicable regulatory authorities, licensure and permits to operate our facilities and lab; (xi) a disruption in our business and reputation and potential economic consequences with the civil securities claims brought by shareholders; (xii) our inability to agree on conversion and other terms for the balance of convertible debt; (xiii) our inability to meet our covenants in the loan documents; (xiv) our inability to obtain senior lender consent to exceed the current $50 million limit in unsecured subordinated debt; (xv) our inability to integrate newly acquired facilities; and (xvi) general economic conditions, as well as other risks discussed in the "Risk Factors" section of the Company's Annual Report on Form 10-K, and other filings with the Securities and Exchange Commission. As a result of these factors, we cannot assure you that the forward-looking statements in this release will prove to be accurate. Investors should not place undue reliance upon forward looking statements.
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SOURCE AAC Holdings, Inc.