Ethema Posts Strong 3rd Quarter Results and SEC Qualifies the Regulation A Form 1A Filing

Rhea-AI Summary

Ethema Health Corporation (OTCPINK: GRST) reported a companywide EBITDA of $898,920 for the first nine months of 2022. Its ARIA subsidiary achieved an EBITDA of $712,839, while PB Billing LLC contributed $34,579. The company has qualified for SEC form 1A, enabling it to raise new equity. Ethema is pursuing a potential acquisition valued at approximately $3.8 million and plans to acquire the property leased by its ARIA subsidiary by January 2023. CEO Shawn Leon expressed confidence in reaching an EBITDA goal of $1 million for the year.

Positive

• Achieved companywide EBITDA of $898,920 for the first nine months of 2022.
• ARIA subsidiary's EBITDA reached $712,839 for the same period.
• Potential acquisition valued at approximately $3.8 million underway.
• Secured qualification for SEC form 1A to raise new equity.

Negative

• None.

WEST PALM BEACH, FL, Nov. 29, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire – Ethema Health Corporation (OTCPINK: GRST) (“Ethema”, “GRST” or the “Company”), recently filed the third quarter 2022 10-Q.  The Company’s ARIA subsidiary continued its growth and had a $712,839.00 EBITDA for the first nine months of the year.  The Company’s wholly owned subsidiary, PB Billing LLC, which started operating in May 2022, had an EBITDA of $34,579.00 for the first 9 months of the year. Companywide EBITDA for the first nine months of the year was $898,920.00. Detailed results are available in the SEC filings for the third quarter 10-Q. Additionally, on November 14, 2022, the Company received qualification from the SEC for its form 1A, which enables the company to raise new equity as outlined in the filing.

The Company has begun due diligence on a potential acquisition expected to close in late January.  Due to confidentiality agreements the Company is prohibited from disclosing the name of the potential target. The targeted acquisition cost is approximately $3.8 million. The Company is also set to close on the acquisition of the property leased by its ARIA subsidiary at the end of January 2023.      

Mr. Shawn Leon, Company CEO, reported, “We had set a goal at the beginning of the year for our ARIA subsidiary to produce an EBITDA of $1,000,000 for calendar 2022. It looks like we are on track to make that goal and are very proud of our many associates and team members for helping us get there. We have repeatedly indicated throughout the year that our dual goals were to grow the company and to manage and repay the debt we accumulated in previous years. In the next few months, we expect to make substantial progress on these goals with the new equity raise outlined in the filed form 1A. We expect to substantially grow the EBITDA in 2023 as growth will become our sole objective after repaying the debt.” 

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

FAQ

What is Ethema Health Corporation's EBITDA for the first nine months of 2022?

Ethema Health Corporation reported a companywide EBITDA of $898,920 for the first nine months of 2022.

How much EBITDA did the ARIA subsidiary generate in 2022?

The ARIA subsidiary generated an EBITDA of $712,839 for the first nine months of 2022.

What does the SEC form 1A qualification mean for GRST?

The SEC form 1A qualification allows Ethema Health Corporation to raise new equity.

What is the targeted acquisition cost mentioned in the press release?

The targeted acquisition cost is approximately $3.8 million.

What EBITDA goal did Ethema set for its ARIA subsidiary in 2022?

Ethema set an EBITDA goal of $1 million for its ARIA subsidiary in 2022.