GreeneStone Signs Definitive Agreement to Acquire Seastone of Delray, a Florida Limited Liability Company
May 23 2016 - 3:45PM
Marketwired
GreeneStone Signs Definitive Agreement to Acquire Seastone of
Delray, a Florida Limited Liability Company
TORONTO, ON-(Marketwired - May 23, 2016) - GreeneStone
Healthcare Corporation (OTCQB: GRST) ("GreeneStone" "GRST" or the
"Company"), a provider of healthcare services including addiction
and mental health, has agreed to acquire all of the assets of
Seastone of Delray, LLC ("Seastone"). Seastone is a 32 bed facility
operating a "Florida Model" addiction treatment program for men.
The facility is Joint Commission Accredited and makes extensive use
of the "Helping Men Recover" program designed by Dan Griffen which
has a focus on trauma. The assets include all of the real estate
used in the operation of the facility, consisting of a ten unit
condominium complex and a two story commercial office building.
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 (OTCQB: GRST) operates an
addiction treatment center in Ontario, Canada. GreeneStone's clinic
adds overflow capacity to an increasingly stretched provincial
healthcare system, and provide private alternatives to publicly
available healthcare services. The Company currently has more than
30 employees and is based in Toronto, Ontario. For more information
you can visit our website at 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.
For information please contact: GreeneStone Healthcare
Corporation 416-222-5501 information@greenestone.net Seastone of
Delray, LLC www.seastoneofdelray.com
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