BRENTWOOD, Tenn., Dec. 13, 2016 /PRNewswire/ -- AAC Holdings, Inc.
(NYSE: AAC), through one of its subsidiaries, has leased one floor
from New Orleans East Hospital to operate 36 in-network beds that
will provide detoxification and residential treatment services. The
beds are expected to be operational in the first half of 2017,
subject to receiving licensure, and will be operated by American
Addiction Centers' Townsend
clinical staff. Terms of the five-year lease were not
disclosed.
Built in 2014, the 80-bed New Orleans East Hospital is situated
on the site of the former Pendleton Memorial Methodist Hospital
that was devastated by Hurricane Katrina in 2005. The hospital is
operated by Louisiana Children's Medical Center.
"New Orleans East Hospital has filled a critical role in the
eastern New Orleans community
since its opening, and we're proud to work with them to meet the
addiction treatment needs in the greater New Orleans area," said Michael Cartwright, Chairman and Chief Executive
Officer of AAC Holdings. "This agreement is a new structure for us,
and one that we believe can be replicated in other communities
across the country. This additional inpatient detoxification and
residential capacity enables us to support Townsend's inpatient and outpatient centers as
well as other treatment providers in Louisiana."
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) our failure to
successfully achieve growth through acquisitions and de novo
expansions; (v) uncertainties regarding the timing of the closing
of acquisitions; (vi) the possibility that a governmental entity
may prohibit, delay or refuse to grant approval for the
consummation of an acquisition; (vii) our failure to achieve
anticipated financial results from prior acquisitions; (viii) a
disruption in our ability to perform definitive drug testing
services; (ix) maintaining compliance with applicable regulatory
authorities, licensure and permits to operate our facilities and
lab; (x) a disruption in our business and reputation and potential
economic consequences with the civil securities claims brought by
shareholders; (xi) our inability to agree on conversion and other
terms for the balance of convertible debt; (xii) our inability to
meet our covenants in the loan documents; (xiii) our inability to
obtain senior lender consent to exceed the current $50 million limit in unsecured subordinated debt;
(xiv) our inability to integrate newly acquired facilities;; and
(xv) 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-adds-in-network-detoxification-and-residential-treatment-capacity-through-agreement-with-new-orleans-east-hospital-300376916.html
SOURCE AAC Holdings, Inc.