Ethema Releases Third Quarter Results




  • In Business
  • 2020-11-16 21:40:00Z
  • By GlobeNewswire
Ethema Releases Third Quarter Results
Ethema Releases Third Quarter Results  

West Palm Beach, FL, Nov. 16, 2020 (GLOBE NEWSWIRE) -- via NewMediaWire -- Ethema Health Corporation (OTCPINK: GRST) ("Ethema" "GRST" or the "Company"), is pleased to have filed today, its third quarter 10-Q within the prescribed time frame allowed for SEC reporting companies. This is a significant accomplishment after the Company missed filing within the prescribed time for SEC reporting companies for the last three reporting periods. The Company has worked hard with its auditors to get caught up. With this latest filing, the Company has filed four periodic reports in just over four months. The Company suffered some major setbacks in 2020 and along with the restrictions imposed by the Covid-19 pandemic and the complexity of much of the Company debt, the financial reporting became extremely difficult and the cause of the late filings earlier in the year.

Included in the quarterly report is a report on subsequent events to the reported period that cover recent financings the company has completed. The Company has raised net proceeds of $305,000.00 after the end of the reported period. There will be an additional report on form 8K on these financings along with much of the restructuring documentation and other recent financing details, all of which have been reported previously in quarterly filings. The Company has raised sufficient funding to support both the Company's commitments to its revised debt payment schedules as well as the cash flow requirements of its investment in its new treatment center location to date.

Additionally, the Company has retained the law firm of Fabian Vancott to file for registration, a form 1-A for a Tier 2 Regulation A+ offering to permit it to raise additional funds over a one year period from the date of acceptance of the filing by the SEC, that will be used for Acquisition purposes and partially for the repayment of the Company's convertible loans as they become due. The Company continues to look at acquisition prospects that require cash to close. There are additional opportunities for organic growth that require much less cash but still require more cash than currently available from the Company.

The Company is pleased with the progress of the new treatment center operated by Evernia Health Center LLC under the trade name of Addiction Recovery Institute of America (ARIA) and operating ahead of expectations at this very early stage. Aria has received a provider number from Blue Cross well ahead of the time expected and continues to get credentialed by other insurers as applications for reimbursements are submitted.

The Company has no new updates at this time on previously announced acquisitions and expects to make further announcements soon. The Company has been giving minor updates on Twitter @healthethema.

About Ethema Health Corporation

Ethema Health Corporation (OTCPINK: 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 eight years 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

Text to 416-500-0020

shawn@ethemahealth.com

Twitter @healthethema


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