Wednesday, October 19, 2022 4:40:04 PM
You know when they are promoting the bed count narrative exactly the same as they did over a year ago, that they are in trouble. Remember the March 2nd ramblings about bed counts that ended with the CEO projecting 68 beds? Now with the offering circular they admit that they have 41 beds and issue nearly the exact same statement as a year ago about the first floor build leading to second and third floor additions. Sound credible?
Globenewswire Ethema Health Press Release History
https://www.globenewswire.com/en/search/organization/Ethema%2520Health%2520Corporation
Ethema's ARIA Treatment Center Adds More Beds
https://www.globenewswire.com/en/news-release/2022/03/03/2396414/0/en/Ethema-s-ARIA-Treatment-Center-Adds-More-Beds.html
March 03, 2022 09:10 ET | Source: Ethema Health Corporation
ARIA was able to add 4 additional beds to the previous count of 42 in the month of February.
ARIA expects to receive the certificate of occupancy in the month of March and this will make way for the addition of 10 more beds on the second and third floor for a total of 58 beds.
Mr. Shawn Leon, Company CEO, reported, “The possibility of getting to 68 beds so soon after opening is empowering.
PRELIMINARY OFFERING CIRCULAR DATED SEPTEMBER 8, 2022, SUBJECT TO COMPLETION
https://sec.report/Document/0001903596-22-000650/
We operate the Addiction Recovery Institute of America, a 41-bed addiction treatment facility located in West Palm Beach, Florida. This facility is a three-story building with unfinished commercial space on the first floor and two floors of mixed commercial and residential space where clients are treated and sleep. The first-floor space is being completed at which time it will allow the center to expand to 52 beds by moving existing treatment space from the 2nd floor to the 1st Floor.
FAQ page July 27th 2021
https://ethema.wpengine.com/?page_id=683
What can the total bed count be?
The ARIA lease includes approximately 4,000 square feet on the first floor of the building which is currently being built out for staff offices and treatment group rooms. This finished space will allow us to free up space on the second and third floor presently being used for offices and treatment and add 2 more detox beds, and 10 more partial hospitalization beds for a total of 54 beds. This is expected to be completed by September so that these extra beds should reflect in the fourth quarter numbers.
Everything that I post is just my informed opinion and is simply an invitation to debate. Trade on your own due diligence please..
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