West Palm Beach, FL, June 26, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Ethema Health Corporation (OTCPINK: GRST) (“Ethema” “GRST” or the “Company”) is reporting to shareholders on the status of its financial reports and certain initiatives previously reported in press releases and filings.
In an 8-K/A filed on April 9, 2020, the Company reported that it would be late in filing its 10-K annual report and its 10-Q quarterly report, and reported that it expected to report these on May 14, 2020 and June 26, 2020 respectively. The 10-K was not filed by May 14, 2020 due to both the Company key employees and members of the Auditing firm being affected by travel and work restrictions stemming from the COVID-19 pandemic. The Company further reported in its press release dated June 16, 2020 that it expected to file the 10-K in 7-10 days. The Company further reports that the 10-K is further delayed and is expected to be filed on or before July 1, 2020. The 8-K/A also reported that it expected to file the 10-Q for the period ended March 31, 2020 on or before June 26, 2020. The Company further reports that the 10-Q is expected to be filed on or before July 6, 2020.
The Company previously reported that it was completing a financing and an acquisition of a company that would give Ethema a new treatment center location in West Palm Beach, Florida. The documentation involved in completing the financing and the acquisition has taken much longer than expected, however the Company has been making progress. The Company has received an initial tranche of the financing and certain funds have been advanced to the target company for opening preparations to the target company’s leased facility. The Company is doing everything it can to complete the financing and the acquisition in a timely manner. There continues to be strong demand for addiction and mental health services in the market.
The Company focus on its filings and its financing and acquisition has delayed its anticipated closing date for the acquisition of an initial 25% ownership stake in Biohazard Health Services LLC (“BHS”). The Company announced on June 16, 2020 that it expected to close this deal by the end of the June. The Company expects that to be delayed. The Company has to complete its periodic filings and the financing and acquisition before being able to advance the BHS deal. The Company expects that its new operations will operate at the highest level of safety and care for its clients and staff and BHS products and services will be part of the health and safety protocols.
The Company continues to discuss potential acquisitions with other addiction treatment companies and has previously reported that there have not been any concrete developments in those discussions. The Company moved its administrative offices in late January after leaving its former facility in West Palm Beach. The Company rents space from another addiction treatment company called Royal Life Centers (“Royal”). There have been certain transaction discussions with Royal but as stated above there are no concrete developments on those discussions.
The Company is making every effort to ensure that meaningful developments in the affairs of the Company are communicated in a timely manner to shareholders.
About Ethema Health Corporation
Ethema Health Corporation (OTC PINK: 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.
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Ethema Health Corporation
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