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.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/aac-holdings-inc-reaches-agreement-with-unionized-workers-at-sunrise-house-in-new-jersey-300475945.html
SOURCE AAC Holdings, Inc.