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Ethema Releases Third Quarter Results

West Palm Beach, Florida – (NewMediaWire) – November 22, 2021 – Ethema

Health Corporation (OTCPINK: GRST) (“Ethema” “GRST” or the

“Company”), filed the third quarter financial results today including the

results of operations for the ARIA treatment facility which was acquired on

July 1, 2021.  The results reported for July 1 to September 30, 2021 were

the ninth to eleventh months of operation for the new facility.  The

facility became profitable in the seventh month of operation and has been

profitable every month since.  The segmented information for the ARIA

treatment center was an EBITDA of $47,359 for the quarter.  Revenue is

recorded based on the adjusted gross billing for the period.  The facility

has been averaging a net collection of gross billings at a rate of approximately

13%.  The net collection amount has been increasing slightly each month

due to refinements to the billing and collection process.  Blue Cross has

been billed for approximately 96% of the total revenue in the quarter.

  The fourth quarter to date has been very good with higher occupancy

and increased revenue compared to the same period in the third quarter.

Profitability is increasing due to a drop in marketing expense which will

continue for the quarter.  The last half of December is traditionally slow

in the industry and this may have an impact on overall fourth quarter

results.   The build out on the first floor is well underway and

expected to be completed in December allowing the facility to increase the

number of beds by 10.  The facility was able to add 2 beds to the existing

count of 42 in November.  The total number of beds will be 54 when the

first floor is completed.  All of the Beds are permitted under the

existing license.   

The Company has continued to

eliminate debt, mostly through conversion to equity, during the quarter and

subsequent to the quarter end.  These conversions are beneficial to the

Company as the elimination of debt will ultimately shore up the Company balance

sheet. 

The Company has also made the

decision to move forward with the purchase of the property at 950 Evernia

Street, West Palm Beach, Florida.  The purchase will be an off-balance

sheet structure whereby the Company will be the General Partner in a limited

partnership which will use debt and equity from Limited partners as the

structure to own the property.  This will eliminate the need to raise

equity in Ethema directly and as the General Partner, Ethema will still benefit

from the ownership of the property.  Ethema also plans to implement the

same structure for its Canadian property which will also improve the Balance

sheet.    The U.S. limited partnership will be raising

$1,500,000 in equity and the Canadian limited partnership will be raising

CDN$1,500,000 in equity.  Investors interested in participating in the

offering may contact the Company CEO for investment disclosure documents. 

The Company will also be making these disclosures available on its

website.   

Mr. Shawn Leon, Company CEO,

reported, “We just passed the one-year anniversary of the opening of the ARIA

treatment center and are extremely pleased with the progress to date.  We

are often running into capacity limits and look forward to getting the

additional beds.  We hope to get the property purchase completed by

year-end and work on further expansion once that is done.  I want to

extend best wishes and happy holidays to all of our shareholders for this

Holiday weekend.  We are truly blessed and grateful for all that we

have.”   

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 decade 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

shawn@ethemahealth.com     

Text to 416-500-0020

Twitter @healthethema

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The post Ethema Releases Third Quarter Results first appeared on Smallcaps Daily.

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