BRENTWOOD, Tenn., Nov. 1, 2017 /PRNewswire/ -- AAC Holdings, Inc.
(NYSE: AAC) has elected W. Larry
Cash as a member of the Board of Directors, effective
October 30, 2017, and appointed him
to serve on the Company's audit committee. Mr. Cash most recently
served as President of Financial Services, Chief Financial Officer
and member of the board of directors of Community Health Systems,
Inc. until his retirement in May
2017.
Mr. Cash is an experienced finance and operations executive with
a keen understanding of healthcare industry dynamics. For 11
consecutive years, he was recognized as one of the Top 3 CFOs in
the healthcare sector by Institutional Investor magazine.
During his tenure at Community Health Systems, Mr. Cash oversaw the
growth from $700 million in revenue
in 1997 when he joined to over $18
billion upon his retirement. Prior to his 20-year career at
Community Health Systems, Mr. Cash served as Vice President and
Group Chief Financial Officer of Columbia/HCA Healthcare Corporation from 1996
to 1997, Senior Vice President Finance and Operations of Humana,
Inc. from 1973 to 1996 and as an accountant at PwC from 1970 to
1973. He currently serves on the board of Cross Country Healthcare
and privately owned HealthChannels. Mr. Cash is also a member of
the Nashville Health Care Council.
"Larry's experience and reputation within the healthcare
industry and investment community are well known," noted
Michael Cartwright, Chairman and
Chief Executive Officer of AAC Holdings, Inc. "His insight and long
track record in the acute care and managed care sector will
complement the expertise of our board and should prove quite
valuable as we look to replicate the success of Laguna Treatment
Hospital in other states."
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.