Ethema Receives License for its Boca Raton facility

News provided by

Aug 07, 2024, 10:48 ET

WEST PALM BEACH, Fla., Aug. 7, 2024 /PRNewswire/ -- Ethema Health Corporation's (OTCPINK: GRST) ("Ethema" "GRST" or the "Company"), wholly owned subsidiary ARIA, received its license from the Department of Children and Family Services for its new facility at 899 Meadows Avenue, Boca Raton, Florida. The two floor facility will be licensed for 16 beds of Inpatient Detoxification and 16 Beds of Residential Level 1 after its probationary license period. The licenses were issued on Saturday August 3, 2024. During the licensing process, a number of unexpected delays caused an almost seventeen day delay beyond the date the Company expected to get the licenses. The Boca Raton facility opened on Tuesday August 6, 2024. The total bed count in Florida will now be 94 with 56 for Detox/Residential and 38 for PHP/IOP.

The Company has been managing Edgewater Recovery Center ("ERC") in Kentucky since July 15, 2024 and has been very successful in stabilizing the ERC operations. The Company is negotiating with the Owner of the Paducah, Kentucky facility to purchase that facility along with two other facilities under development in Paducah. These additional facilities would add another 60 beds to the ERC operations.

With the large amount of real estate involved in the Kentucky locations, and given the Company's various real estate ownership in the past, the Company is now considering setting up a separate Real Estate Fund which would be financed outside of the Company while still allowing the Company to share in the upside of the appreciating value and development potential of the real estate. The real estate would not be carried on the Company balance sheet and no investment would be made by the Company in the real estate. The Company would still manage the real estate and have a 50% interest in the appreciating value of the real estate over and above its acquisition cost.

The Company will be presenting at the 1640 Society annual gathering in Southampton, New York on Monday August 12, 2024. The Company expects to be able to announce the new Real Estate Fund structure and a new Preferred Stock offering for raising new equity for the Company.

Mr. Shawn Leon, Company CEO reported, "We are very fortunate to be able to present at the prestigious 1640 Society gathering in Southampton next week. The recent company developments should motivate the investment community to get involved and share in the fantastic growth we are going to see. Since the Kentucky deal blew away our growth target of 500 beds by the end of 2025 we have now reset our growth target to 3,000 beds by the end of 2027."

On August 6, 2024, Mr. Leon was interviewed by the Director of Research for www.savechangeworld.com, a website that specializes in recommending private and publicly traded medical and technology microcap companies. During the interview Mr. Leon discussed projections for Ethema's 2025 revenue and EBITDA. Also discussed, were the up-listing, the terms and conditions for a contemplated convertible preferred stock offering, and the institution of a cash dividend after up-listing.

Ethema Health Corporation (OTCPINK: GRST) operates in the behavioral healthcare space specifically 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 .

Notice Regarding Forward-Looking Statements

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.

For information please contact:

Ethema Health Corporation
[email protected]
Text to 416-500-0020
Twitter @healthethema

SOURCE Ethema Health Corporation