BRENTWOOD, Tenn., Nov. 9, 2017 /PRNewswire/ -- AAC Holdings,
Inc. (NYSE: AAC) announced that Kirk R.
Manz, the company's Chief Financial Officer, will
resign as Chief Financial Officer effective December 31, 2017.
Mr. Manz has served as the company's Chief Financial Officer since
joining AAC in January 2012, after serving the company as
an independent consultant in 2011. Andrew McWilliams, who currently serves as the
company's Chief Accounting Officer, will be appointed Chief
Financial Officer immediately following Manz's departure.
After over a 15-year career with Ernst & Young LLP, Mr.
McWilliams joined AAC in August 2014 to assist
with the company's initial public offering and to build a
public company accounting and finance department. During his
tenure with Ernst & Young, Mr. McWilliams served multiple
healthcare clients and also gained experience across a variety of
corporate transactions, including debt financings and public equity
offerings, as well as and mergers and acquisitions.
Commenting on the announcement, Michael Cartwright,
Chairman and Chief Executive Officer of AAC Holdings, Inc.,
said, "Over his seven-year involvement, Kirk has been instrumental
in helping AAC grow from $10 million
in revenue to over $300 million in
revenue in the trailing twelve months ended September 30, 2017. Kirk also played a
pivotal role in securing the AdCare acquisition which we currently
anticipate will add an additional $50
million in annual revenue. I am grateful to Kirk for
his significant contributions, and I am proud of all that we have
accomplished together since we started on this journey back in
2011. Kirk's business and financial expertise has been
critical to our strategic initiatives, M&A activity and capital
funding. He has guided us through nine residential and
outpatient real estate projects totaling $125 million, nine acquisitions totaling
$250 million, and over
$700 million in financial
transactions, including our public offering in 2014. AAC has
relied on Kirk's business knowledge, integrity and hard work, and
he will leave AAC well-positioned to build on our accomplishments
in the future. I wish Kirk the very best in his future
endeavors and, on behalf of our Board and everyone at AAC, we
thank him for his outstanding service."
Mr. Cartwright added, "I am very pleased that Andrew
McWilliams will transition into the role of CFO upon Kirk's
departure. Since joining our organization in 2014, Andrew has built
an exceptional accounting and finance department and has played a
critical role in managing the day-to-day financial responsibilities
of AAC. Andrew will continue to work closely with Kirk to
ensure a smooth transition of responsibilities. I am highly
confident in Andrew's ability to help AAC achieve our
strategic and financial objectives going forward. We are off
to a solid start in the fourth quarter of 2017. We also
continue to reiterate our 2017 guidance previously issued on
November 1, 2017."
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; "AAC Holdings" or the "Company") possible or assumed
future results of operations, including descriptions of AAC
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 projects; (vi) uncertainties
regarding the timing of the closing of acquisitions, including the
acquisition of AdCare, Inc. ("AdCare"); (vii) the possibility that
a governmental entity may prohibit, delay or refuse to grant
approval for the consummation of an acquisition, including the
AdCare acquisition; (viii) our failure to achieve anticipated
financial results from contemplated and prior acquisitions; (ix) a
disruption in our ability to perform clinical diagnostic laboratory
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 meet our covenants in the loan
documents; (xiii) our inability to integrate newly acquired
facilities; and (xiv) 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.