FRESH MEADOWS, N.Y., Nov. 4, 2016 /PRNewswire/ -- Medical Arts Sanitarium, Inc. d/b/a Cornerstone Treatment Facilities Network (CTFN), the leading provider of substance abuse disorder treatment, today announced it has completed the transaction to become an Employee Stock Ownership Plan (ESOP). This change of control is designed to help CTFN promote long term employment and commitment of its employees to the company's success. This transaction has been formally approved by its licensing agency The Office of Alcoholism and Substance Abuse Services (O.A.S.A.S.).
In designing the program, CTFN aligned the interests of its employees with the objectives of both O.A.S.A.S. and CTFN to have an efficient company. CTFN will continue to operate a premier facility improving the lives of all New Yorkers by providing comprehensive programs of addiction services for prevention, treatment and recovery. In doing so, CTFN becomes the first O.A.S.A.S. licensed program in the State of New York to be an employee owned company through an ESOP.
"We believe that our program creates a wonderful opportunity for our employees as it allows them to acquire indirect ownership of the company's stock which is held for the benefit of the employees in an ESOP Trust. The Plan will provide a vehicle for employees to participate in equity appreciation," said Jeffrey Onifather, CTFN's Chief Financial Officer and Executive Vice President of Finance.
About Cornerstone Treatment Facilities NetworkCTFN is the leading provider of medically supervised inpatient withdrawal and stabilization services as well as medically supervised inpatient rehabilitation services with locations in Fresh Meadows, N.Y. and Rhinebeck, N.Y. Our programs are O.A.S.A.S. licensed and CARF accredited utilizing motivational enhancement practices to promote, and support recovery for an enhanced quality of life. www.cornerstoneny.com
Contact:
Paul CrearyV.P. Business [email protected]
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In designing the program, CTFN aligned the interests of its employees with the objectives of both O.A.S.A.S. and CTFN to have an efficient company. CTFN will continue to operate a premier facility improving the lives of all New Yorkers by providing comprehensive programs of addiction services for prevention, treatment and recovery. In doing so, CTFN becomes the first O.A.S.A.S. licensed program in the State of New York to be an employee owned company through an ESOP.
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"We believe that our program creates a wonderful opportunity for our employees as it allows them to acquire indirect ownership of the company's stock which is held for the benefit of the employees in an ESOP Trust. The Plan will provide a vehicle for employees to participate in equity appreciation," said Jeffrey Onifather, CTFN's Chief Financial Officer and Executive Vice President of Finance.
About Cornerstone Treatment Facilities NetworkCTFN is the leading provider of medically supervised inpatient withdrawal and stabilization services as well as medically supervised inpatient rehabilitation services with locations in Fresh Meadows, N.Y. and Rhinebeck, N.Y. Our programs are O.A.S.A.S. licensed and CARF accredited utilizing motivational enhancement practices to promote, and support recovery for an enhanced quality of life. www.cornerstoneny.com
Contact:
Paul CrearyV.P. Business [email protected]
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SOURCE Cornerstone Treatment Facilities Network
