SOURCE: American CareSource

October 25, 2007 10:44 ET

Steven J. Armond Joins American CareSource Holdings as Chief Financial Officer

DALLAS, TX--(Marketwire - October 25, 2007) - American CareSource Holdings, Inc. (AMEX: XSI) today announced that Steven J. Armond has joined the Company as Chief Financial Officer, effective immediately. In this position, Mr. Armond, 39, will be responsible for the development and execution of financial strategy, business planning and analysis, accounting and administrative functions of the Company.

Commenting on today's news, David S. Boone, Chief Executive Officer of American CareSource, stated, "We are pleased to welcome Steve to the Company. With over 16 years of experience in financial management, planning and analysis, and corporate administration, Steve will be instrumental in strengthening our internal financial controls. His solid base of expertise will also serve us well as we continue to expand our ancillary health network service capabilities and client base."

"American CareSource is a company that has made significant strides, both in terms of expanding its service offerings as well as attaining greater success with regard to business development. I am honored to be joining the team and look forward to working with them to achieve the Company's growth and profit potential," said Mr. Armond.

Prior to joining American CareSource, from 2003 to 2007, Mr. Armond was Chief Financial Officer of Data Return, LLC, a company providing enterprise-class strategic IT operations services. While there, Mr. Armond was instrumental in helping to lead the company through five consecutive years of growth and profitability, culminating in a successful strategic sale of the business in May 2007.

Before that, Mr. Armond served as a founding executive of divine, Inc's hosting division. In this capacity, Mr. Armond led the growth of the division from technology startup to a $65 million profitable leader in the managed services industry. During his tenure, he led the acquisition and integration activities of three acquired entities and was responsible for management of the division's financial, strategic vendor and key alliance relationships.

Earlier in his career, Mr. Armond was a corporate executive with The Quaker Oats Company, where he led strategic planning initiatives for the high growth segments of the business. Among his responsibilities was the financial management of a $1 billion annual budget for the Gatorade brand, as well as financial leadership on strategic sales and marketing initiatives with Quaker's largest accounts.

Mr. Armond is a Certified Public Accountant. He earned his MBA in finance and economics from the University of Chicago Graduate School of Business, and holds a bachelor's degree in accounting from Purdue University.

About American CareSource Holdings, Inc.

American CareSource Holdings, the first national, publicly traded ancillary care network services company, offers a comprehensive national network of more than 24,000 ancillary provider sites. Through its product offerings, American CareSource helps its clients reduce the cost of ancillary services rendered through its network of providers in more than 30 service categories. The Company's ancillary network and management provides a complete outsourced solution for a wide variety of healthcare payors and plan sponsors including self-insured employers, indemnity insurers, PPOs, HMOs, third party administrators and both federal and local governments.

Any statements that are not historical facts contained in this release are forward-looking statements. It is possible that the assumptions made by American CareSource Holdings, Inc. for purposes of such statements may not materialize. Actual results may differ materially from those projected or implied in any forward-looking statements. Such statements may involve further risks and uncertainties, including but not limited to those relating to product demand, pricing, market acceptance, the effect of economic conditions, and intellectual property rights, and the outcome of competitive products, risks in product development, the results of financing effort, the ability to complete transactions, and other risks identified in this release, and the Securities and Exchange Commission filings of American CareSource Holdings, Inc.

Contact Information

  • Contact:
    David S. Boone
    Chief Executive Officer
    American CareSource Holdings, Inc.
    Tel: 972-308-6830