Ethema Health Agrees to Purchase Real Estate for 174-Bed Treatment Facility in West Palm Beach, Florida
DELRAY BEACH, FL–(Marketwired – Nov 2, 2017) – Ethema Health Corporation (OTCQB: GRST) (“Ethema” “GRST” or the “Company”), a provider of healthcare services including addiction and mental health, has signed a purchase and sale agreement for the acquisition of land and buildings that operate as a substance abuse treatment center in West Palm Beach, Florida. The land is approximately 8 acres and is improved with just under 80,000 square feet of buildings. With this property the Company expects to take a major step in its efforts to replicate its success in Canada, where it built a first-class addiction treatment center, which employed modern techniques and philosophies to successfully treat hundreds of clients. The Company had previously announced that it sought to expand into the US, where it could revolutionize treatment with the skills it acquired in Canada. This property adds to the property it acquired in Delray Beach, Florida earlier this year where the Company has moved its principal office and where it operates a licensed treatment facility with 32 beds of community housing.
Mr. Shawn Leon, president and CEO of the Company, said, “We are very pleased with this agreement to own a first-class treatment center facility in which we can establish ourselves as a pre-eminent treatment center operator. This facility is purpose built to provide residential detox and residential treatment programs and it is a turnkey facility. This next step in our growth will enable us to add the critical mass needed to propel us to a more senior US exchange and in the very near future will initiate the steps to take the company through that process.”
Last month the Company filed an 8k announcing an LOI it had signed with the owners of Blue Dog Holdings for the management of the treatment center that ran on the property that the Company has now agreed to purchase. The LOI called for the parties to negotiate settlements with the creditors of Blue Dog Holdings before entering into a management agreement to operate the treatment center. These attempts failed, leading the Company to abandon that objective and to pursue an agreement to purchase the property.
The purchase price of the property is $20,080,000.00 and is conditional on completion of due diligence in the first 60 days and will close in 120 days at the end of February 2018.
The Company had previously entered into a purchase and sale agreement for another facility in Riviera Beach, Florida. The Company decided not to move forward with that purchase in September. Mr. Leon added, “We are very happy that we waited and ended up with a trophy property. 2018 is shaping up to be an enormous breakout year for Ethema. We are so thrilled to be able to have the platform where we will provide the latest in medical technologies using Artificial Intelligence and Machine Learning in treating our patients to truly revolutionize addiction treatment.”
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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Ethema Health Corporation