Business
Ethema Health Agrees to Purchase Real Estate for 174-Bed Treatment Facility in West Palm Beach, Florida
Ethema Health Agrees to Purchase Real Estate for 174-Bed Treatment Facility in West Palm Beach, Florida.
About this update from Ethema Health Corporation
[{"type":"text","content":"\n \n \n Ethema Health Agrees to Purchase Real Estate for 174-Bed Treatment Facility in West Palm Beach, Florida\n \n \nEthema Health Agrees to Purchase Real Estate for 174-Bed Treatment Facility in West Palm Beach, Florida\n \n 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. \n 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.\" \n 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 ...