GreeneStone Healthcare Corporation Reports Third Quarter 2014 Financial Results

GreeneStone Healthcare Corporation Reports Third Quarter 2014 Financial Results

 November 14, 2014 - 1:30 PM EST
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GreeneStone Healthcare Corporation Reports Third Quarter 2014 Financial Results

TORONTO, Nov. 14, 2014 (GLOBE NEWSWIRE) -- GreeneStone Healthcare Corporation (OTCBB:GRST) ("GreeneStone" "GRST" or the "Company"), a provider of addiction and mental healthcare services, has filed its 10Q for the quarter ended September 30, 2014, and reported its second consecutive quarterly profit.  

Revenue for the third quarter of 2014 was $1,197,122, compared to $1,115,318 in the same period in 2013, which is an increase of $81,804 or 7%. The expenses for the third quarter of 2014 were $989,610, compared to $1,045,010 in the same period of 2013, which is a decrease of $55,400 or 5%. The net income (before foreign currency translation) for the third quarter of 2014 was $210,152 compared to $2,503 in the same period of 2013, which is an increase of $207,649 in net income (before foreign currency translation).

Shawn Leon, President and CEO, commented, "We have continued to grow the revenue of the addiction treatment business while lowering operating costs and shedding some of our underperforming assets. We believe that we have a solid foundation for growth. We expect that our cost cutting efforts will result in further reductions in operating expenses in the fourth quarter of 2014. If our revenues continue to grow as we project, then we expect to see a continuation of our improving profitability."

About GreeneStone Healthcare Corporation

GreeneStone Healthcare Corporation (OTCBB:GRST) operates medical and healthcare clinics in Ontario, Canada. GreeneStone's clinics serve to add overflow capacity to an increasingly stretched provincial healthcare system, and provide private alternatives to publicly available healthcare services.  The Company currently has more than 40 employees and is based in North York, Ontario. For more information you can visit our website at www.greenestoneclinic.com and www.greenestone.net.

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.

CONTACT: GreeneStone Healthcare Corporation
         (416) 222-5501
         information@greenestone.net
         
         Dian Griesel Int'l.
         (212) 825-3210
         Investor Relations:
         Cheryl Schneider
         cschneider@dgicomm.com
         Public Relations:
         Enrique Briz
         ebriz@dgicomm.com

Source: GlobeNewswire (November 14, 2014 - 1:30 PM EST)

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