Company Signs Purchase and Sale Agreement to Acquire Property and Ends Third Quarter Strong
West Palm Beach, FL, Oct. 05, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire -- Ethema Health Corporation (OTCPINK: GRST) (“Ethema” “GRST” or the “Company”) previously announced that it had entered into an option to purchase the building at 950 Evernia Street, West Palm Beach. This building is leased by the ARIA subsidiary for its addiction treatment operations. On October 3, 2022, Ethema signed a purchase and sale agreement (“Agreement”) to purchase the building and paid a $350,000.00 deposit as part of the Agreement, bringing the total deposit to $400,000 after getting credit for the $50,000.00 option payment. The Agreement has a closing date of January 31, 2023. The Agreement also provides for a seller’s note which will provide the majority of the balance of funds necessary to close the deal. The company plans to raise additional equity for the purchase through a Regulation A financing.
On September 30, 2022 the Company’s ARIA subsidiary obtained occupancy of its newly built first floor space and is now in the process of moving offices and staff out of space on the second and third floors, making room to add additional beds on the upper floors. These beds will come on stream early this month. The first-floor space will also provide additional capacity for outpatient services. This is the last step required to reach the full capacity of the property.
Mr. Shawn Leon, Company CEO, reported, “We are pleased with the Company’s ability to have reached these steps towards providing full capacity and securing long term control over the ARIA property. Our third quarter revenues set a new record and we had an approximately 25% revenue increase over the second quarter in spite of the usual summer soft period in our industry. Full results will be posted with our quarterly filing. We have also attempted to secure additional growth and expansion outside of the ARIA property, but neither of the opportunities the Company was working on in the third quarter were won by the Company and went to other bidders. We will continue to pursue similar opportunities to expand. We continue to work on eliminating debt, especially convertible debt, and with stronger cash flow each month and the potential to raise new equity with a Regulation A offering at much higher prices than the current market, we believe we will be able to make significant strides on that front in the fourth quarter.”
About Ethema Health Corporation
Ethema Health Corporation (OTCPINK: GRST) operates in the behavioral healthcare space specifically in the treatment of substance use disorders. Ethema developed a unique style of treatment over the last decade and has had much success with in-patient treatment for adults. Ethema will continue to develop world class programs and techniques for North America. For more information you can visit our website at www.ethemahealth.com.
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The information contained herein includes forward-looking statements. These statements relate to future events or to our future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects our current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. We assume no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.
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Ethema Health Corporation
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