Forterus, Inc. to Merge with Performance Revolution, LLC, Completes Series C Conversion
Merger will expand Forterus, Inc.'s service offerings to include residential weight loss and obesity treatment.
TEMECULA, Calif. and BRENTWOOD, Tenn., July 8, 2011 /PRNewswire/ -- Forterus, Inc. and Performance Revolution, LLC announced today that they have signed a definitive merger agreement. Forterus, Inc. will be the surviving entity.
The combination of Forterus, Inc. and Performance Revolution, LLC will provide a comprehensive suite of behavioral healthcare services including residential and intensive outpatient alcohol, drug and gambling treatment and medically supervised weight loss.
"Forterus, Inc. currently provides services to the 12 million Americans who suffer from substance abuse," said Jerrod Menz, Chief Executive Officer of Forterus, Inc. "Our merger with Performance Revolution, LLC, will enable us to provide healthcare services to the 129 million overweight and obese Americans. The merger also provides us with a clinical presence in Middle Tennessee."
Michael Cartwright, Founder and Chief Executive Officer of Performance Revolution, LLC, will become Chairman of the Board for Forterus, Inc. and have an active involvement in the day to day operations. "Michael Cartwright's background as an industry recognized leader in dual diagnosis treatment significantly strengthens our senior management," said Jerrod Menz, Chief Executive Officer of Forterus, Inc. "His experience and industry relationships bring significant value to Forterus." Michael Cartwright is best known as the Founder and former Chief Executive Officer of Foundations Recovery Network, a leading provider of drug and alcohol treatment for dual disorders.
The closing of the merger occurred on July 1, 2011.
In addition, Forterus Inc. has announced the conversion of its Series C Convertible Preferred Stock to 674,204,914 Common Shares. "The conversion of the Series C Preferred to Common Stock greatly simplifies our equity structure and improves our balance sheet," said Jerrod Menz, Chief Executive Officer of Forterus, Inc. The number of authorized Common shares has been increased to 1 billion to accommodate the Series C conversion and Performance Revolution, LLC merger.
About Forterus, Inc.
With the ability to serve over 200 residential addiction patients, Forterus, Inc. is one of the leading providers of substance abuse treatment in Southern California. Forterus, Inc. provides treatment services under the names A Better Tomorrow and Forterus Healthcare Services. The Company is CARF accredited and is a member of Cal Net. More information about Forterus, Inc. is available at www.abttc.net.
About Performance Revolution, LLC
Performance Revolution, LLC provides medically supervised, residential and outpatient weight loss treatment under the name Fit-Rx. More information about Performance Revolution, LLC is available at www.fitrxbrentwood.com.
Contact:
Jerrod Menz
800-517-4849
SOURCE Forterus, Inc.
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