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ATLANTA, March 15, 2016 -- American CareSource Holdings, Inc. (NASDAQ:GNOW), an urgent and primary care company operating under the name GoNow Doctors (“GoNow”), announced today that it has entered into a development arrangement with Birmingham-based commercial real estate firm, Harbert Realty Services (“Harbert”), to build and develop up to 10 de novo GoNow Doctors locations throughout Alabama, Georgia, North Carolina and Florida over the next 12 months.
A letter agreement between GoNow and Harbert provides that Harbert, with limited exceptions, will be the exclusive real estate developer, broker and construction manager for up to 10 new GoNow locations over the upcoming 12 months. Harbert will, among other things, offer “build-to-suit” developments whereby Harbert will finance the upfront costs of acquiring land and constructing a new facility according to GoNow’s plans and specifications in exchange for GoNow’s entry into a long-term lease. GoNow will be Harbert’s preferred urgent care and family medicine tenant, granting it preferential rights regarding new and existing retail developments.
Adam Winger, President and Chief Executive Officer of GoNow, commented, “Our relationship with Harbert Realty Services provides an exciting catalyst for the acceleration of our strategic growth in the urgent care market. With this partnership, we now have the ability to expand our urgent care footprint without incurring the upfront capital costs relating to the development of new centers.” James Proctor, Vice President of Harbert, added, “GoNow Doctors’ community-based, walk-in medical centers are a natural fit for our development projects and we look forward to a long relationship with them.”
The letter agreement establishes a framework for collaboration between GoNow and Harbert. The letter of agreement is non-binding and only expresses the basic terms and conditions that the parties presently intend, subject to mutual agreement of the terms of each development. The letter agreement will expire on March 14, 2017.
Forward-Looking Statements
This press release contains "forward-looking statements." These statements are subject to significant risks and uncertainties, actual results and future events could differ materially from those projected, and GoNow cautions stockholders not to place undue reliance on the forward-looking statements contained in this press release. Risks and uncertainties exist related to GoNow and its business due to a number of factors, including the statements under “Risk Factors” contained in GoNow's reports filed with the SEC. Given these uncertainties, you should not place undue reliance on these forward-looking statements. GoNow intends these forward-looking statements to speak only as of the date of this press release and undertakes no duty or obligation to update any forward-looking statements contained in this press release as a result of new information, future events or changes in GoNow's expectations, except as required by law.
About American CareSource Holdings, Inc.
American CareSource Holdings, Inc. owns and manages a growing chain of 13 urgent and primary care centers operating under the tradenames Medac and GoNow Doctors and an ancillary services network that provides ancillary healthcare services through its nationwide provider network. GoNow's stock trades on the NASDAQ Capital Market under the ticker “GNOW.”
About Harbert Realty Services
Harbert Realty Services (“Harbert”), a Birmingham-based commercial real estate firm offers clients expertise in a full range of commercial real estate services including brokerage, development, management and investment sales. As a majority owned subsidiary of HMC (www.harbert.net), Harbert’s mix of experience, resources and national reach offers clients one of the most comprehensive arrays of customized services in the commercial real estate market. For more information on current commercial real estate opportunities visit their website at www.harbertrealty.com or contact them at 205-323-2020.
For more information, please contact: Adam Winger President and Chief Executive Officer (205) 250-8381 [email protected]
