DELRAY BEACH, FL--(Marketwired - Nov 2, 2017) - Ethema Health Corporation (
Mr. Shawn Leon, president and CEO of the Company, said, "We are very pleased with this agreement to own a first-class treatment center facility in which we can establish ourselves as a pre-eminent treatment center operator. This facility is purpose built to provide residential detox and residential treatment programs and it is a turnkey facility. This next step in our growth will enable us to add the critical mass needed to propel us to a more senior US exchange and in the very near future will initiate the steps to take the company through that process."
Last month the Company filed an 8k announcing an LOI it had signed with the owners of Blue Dog Holdings for the management of the treatment center that ran on the property that the Company has now agreed to purchase. The LOI called for the parties to negotiate settlements with the creditors of Blue Dog Holdings before entering into a management agreement to operate the treatment center. These attempts failed, leading the Company to abandon that objective and to pursue an agreement to purchase the property.
The purchase price of the property is $20,080,000.00 and is conditional on completion of due diligence in the first 60 days and will close in 120 days at the end of February 2018.
The Company had previously entered into a purchase and sale agreement for another facility in Riviera Beach, Florida. The Company decided not to move forward with that purchase in September. Mr. Leon added, "We are very happy that we waited and ended up with a trophy property. 2018 is shaping up to be an enormous breakout year for Ethema. We are so thrilled to be able to have the platform where we will provide the latest in medical technologies using Artificial Intelligence and Machine Learning in treating our patients to truly revolutionize addiction treatment."
About Ethema Health Corporation
Ethema Health Corporation (
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Ethema Health Corporation