LAPORTE, Ind., March 28, 2013 (GLOBE NEWSWIRE) -- Timothy Stabosz, the 2nd largest unaffiliated shareholder of American Caresource Holdings, Inc. (Nasdaq:ANCI), today announced the filing of a Form 13D with the Securities and Exchange Commission. The filing can be accessed at the following web link:
http://www.sec.gov/Archives/edgar/data/1162893/000116289313000002/anci13d.txt
In the filing, dated March 25, 2013, Stabosz indicates he is the owner of 5.0% of the company. He further expresses his support for management's publicly announced efforts to expand the company's market reach. However, Stabosz also notes in the filing that the company's common stock is currently trading for roughly the value of the cash on its balance sheet, thereby indicating that the public markets are attributing no value to the franchise of American Caresource itself. Stabosz stated, "While I support management's efforts to create shareholder value by seeking to broaden the base of business, I also believe the fact that American Caresource is accorded no value for its franchise on Wall Street, beyond the cash on its balance sheet, is unacceptable. As such, besides seeking to grow the business, I believe company management should consider other strategic alternatives, at this time, including the potential for a going private transaction, or an outright sale of the company." Stabosz continued, "I believe that American Caresource offers significant potential as a 'platform for growth.' While I, again, welcome internal and external growth as a means of building shareholder value, it is natural to question, with the company's stock trading where it is, whether or not an outside entity's desire to 'achieve scale', on a more rapid basis, might make the company attractive as an acquisition candidate. As the company's 2nd largest unaffiliated shareholder, I would encourage our company's management to explore these possibilities, concomitant with their current diligent efforts to grow the business and scale of the company," Stabosz concluded.