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