Business News

American Community Newspapers Appoints David Kosofsky as Chief Financial Officer

Thursday 21. August 2008 - Senior Executive with Over Twenty Years of Experience to Join ACN

American Community Newspapers Inc. (AMEX:ANE) (“ACN”) today announced the appointment of David Kosofsky as Chief Financial Officer, effective August 25, 2008. In this position, he will be responsible for overseeing the day-to-day management of ACN’s financial operations. Mr. Kosofsky will be reporting directly to Gene Carr, Chairman and Chief Executive Officer of ACN.

“David’s impressive track record of leading financial operations and his 21 years of domestic and international experience, including about ten years within the newspaper industry, make him a valuable addition to ACN,” said Gene Carr. “He has demonstrated an ability as a strong financial leader to improve profitability, planning, reporting and control. We look forward to his fresh perspective and seasoned expertise.”

Mr. Kosofsky joins ACN from ASSA ABLOY Hospitality, Inc., an international provider of security solutions for the hotel industry and a subsidiary of a $5 billion publicly traded Swedish corporation, where he led the financial turnaround during a fast-growth phase. As Chief Financial Officer, Mr. Kosofsky was responsible for the finance, accounting, IT and legal functions. During his almost three years with ASSA ABLOY, Mr. Kosofsky implemented an ERP system, financial controls and procedures, including budgetary and inventory controls.

“ACN is a great opportunity for me to return to the publishing sector and leverage my financial experience in an industry that I admire and for a great company,” commented David Kosofsky. “I’m looking forward to embarking on this next phase of my career and working with ACN’s highly regarded management team and employees.”

Earlier in his career, Mr. Kosofsky worked as a director in various financial roles at BancTec, Inc. for seven years including Director of Corporate Finance, Director of Accounting Services and Director of Internal Audit / Corporate Compliance Officer. Prior to BancTec he spent almost ten years as an internal auditor and special projects analyst for Belo Corporation where he had broad exposure to the operational and financial functions of several newspapers.

Mr. Kosofsky is a Certified Public Accountant and holds Master’s and Bachelor’s degrees in Accounting from the University of North Texas.