TORONTO, ON--(Marketwired - May 23, 2016) - GreeneStone Healthcare Corporation (
The purchase price for the assets is $6,150,000 and is being funded by a Purchase Money First Mortgage of $3,000,000 at 5% interest per annum payable in equal principal and interest payments of $15,000 per month for three years, and $3,150,000 in cash. The purchase agreement is subject to a thirty day due diligence period. Once the Company is satisfied with the due diligence it will enter into a management agreement to operate the vendor company until such time as a transfer of the license and the accreditation is completed. The transaction is anticipated to close on or before September 15, 2016, once the transfer is completed.
Mr. Shawn Leon, President and C.E.O of the Company said, "We are very pleased that the owners of Seastone have chosen GreeneStone to be the guardians of the very special facility and program they have created. We expect to be able to keep the program intact and enhance and expand the program offerings with the skills and knowledge of the GreeneStone team especially in the area of mental health support. Additionally, we will add marketing and management support that will help to grow the Seastone program and the operations of the overall Company.
Mr. Leon added, "We are very pleased we were able to by-pass the traditional LOI process in this case and proceed straight to definitive agreements. We believe our expansion into the United States presents a great opportunity to grow our Company."
About GreeneStone Healthcare Corporation
GreeneStone Healthcare Corporation (
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