DELRAY BEACH, FL, June 07, 2018 (GLOBE NEWSWIRE) -- Ethema Health Corporation (OTCQB: GRST) (“Ethema” “GRST” or the “Company”), a provider of healthcare services, has recently taken possession of the premises at 5400 East Avenue, West Palm Beach Florida (the “Property”) through a long-term lease. The Company previously announced in November 2017 that it had entered into a purchase and sale agreement for the Property. The Company released an 8k on May 31, 2018 with the details of the lease, which contains an option to purchase the property on the exact same terms and conditions contained in the Purchase and Sale agreement. It is the intention of the company to complete the purchase prior to August 31, 2018. The lease allows the Company to take possession of the Property so that it can license the facility and begin to treat clients prior to closing. The term of the lease provides for long-term possession of the property if for any reason the Company is unable to complete the purchase of the property.
Mr. Shawn Leon, president and CEO of the Company, said, "It has taken us longer than we anticipated to be able to move forward with this jewel of a property, but we are now well underway with our licensing to be able to offer a full continuum of care to our clients in one location. This has been our U.S. expansion goal for several years and after exploring dozens of expansion opportunities, this is by far the best opportunity that we have seen to date. This opportunity will allow us to create a “center of excellence” in the addiction treatment industry and we look forward to collaborating with scientists, doctors and researchers to develop better assessment and treatment modalities for the industry.”
The Property is large but unique, in that it has four separate self-contained treatment buildings with overnight beds, creating four separate smaller treatment centers in one location. This offers the Company tremendous flexibility with programming specialties in different buildings. The Company will build on its experience in the concurrent treatment of substance abuse and PTSD that it developed in Canada. The creation of a track specifically for “first responders” will be offered and the Company is in discussions with two groups of first responders that wish to develop an exclusive relationship with the Company. These will be additional relationships to those that the Company has already established with two different care managers that look after large employee groups that are seeking better treatment than what has been available elsewhere. These relationships will enable the Company to provide these groups with quality care that is trackable through third party outcome studies and more data availability due to a higher concentration of care in one center.
The Company will concentrate its operations at the new property and stay focused on fully developing the potential of the Property. The potential is significant enough that it will support the previously announced intention of up-listing the Company to a more senior exchange and completing a sponsored underwriting in conjunction with the up-listing. Mr. Leon added, “We have completed a number of smaller financings in the last 6 months to finance the purchase contract and the lease. We will look to restructure these short-term notes with more permanent financing and restore a strong equity position on our balance sheet. Owning our real estate with reasonable mortgage financing and strong equity positions ensures long-term stability, maximum flexibility and lower property costs. This Property will be the catalyst to growth and prosperity for many years to come and we look forward to establishing ourselves as leaders in the treatment industry.”
About Ethema Health Corporation
Ethema Health Corporation (OTCQB: 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 six years and has had much success with in-patient treatment for adults. Ethema will continue to develop world-class programs and techniques with its expansion in the United States. The Company currently has under twenty employees and operates in Delray Beach, Florida. For more information you can visit our website at www.ethemahealth.com and seastoneofdelray.com
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