GreeneStone Healthcare Corporation (OTCBB: GRST) today announced the
deal to establish an Eating Disorder facility, which will be based in a
recently purchased facility located in Toronto, Canada. Similar to
GreeneStone’s existing practices in Executive Health, Addiction
Treatment, and Addiction Aftercare, the Company’s Eating Disorder clinic
addresses a highly overlooked healthcare need in Ontario, which
management expects to ramp up to full operations very quickly after an
expected launch date in the fall.
The facility will be jointly owned by Greenestone and new financial
partners that are providing 100% of the investment required to open the
facility. As of today a total of CDN$4.3 million in Financing has been
injected into the joint venture and a property has been purchased. The
property purchase closed on June 29, 2012. There is an additional
CDN$1.0 million committed to the joint venture by the financial partners.
Located in Toronto’s North York neighbourhood, the GreeneStone Eating
Disorder clinic will be the first of its kind in Ontario. It will
feature beds for 18 in-patients, as well as capacity for 18 intensive
out-patient spaces and continuing and aftercare services for those that
have already been in treatment elsewhere.
Recent data from the Canadian Mental Health Association, dispels the
common belief that eating disorders are largely the realm of affluent,
Caucasian, adolescent females and suggests eating disorders among young
males (ages 14-24) and elderly women are on the rise. “We know that no
particular age, social class, ethnicity, or gender is immune to
developing an eating disorder,” explained Shawn Leon, GreeneStone Chief
Executive. He added, “GreeneStone anticipates that its Toronto eating
disorder clinic will provide therapy for the broad demographic swath of
sufferers of eating disorders in the highly populated Greater Toronto
Area.”
As evidenced by the rapid take-up of beds at GreeneStone’s Muskoka
Addiction Treatment facility, unaddressed demand for mental health
services in Ontario has reached critical levels. With eating disorders
specifically, Ontario has a crisis of limited OHIP covered bed
availability, as well as a severe scarcity in eating disorder beds, in
general.
This crisis of eating disorder services in Ontario exists in a time when
statistics demonstrate that eating disorders have one of the highest
morbidity rates of all mental disorders – in the long-term, eating
disorders kill approximately 20 percent of suffers. A 2001 Canadian
Medical Association Journal article stated that 27 percent of Ontario
girls, 12-18 years old, were reported to be engaged in severely
problematic food and weight behaviour.
GreeneStone’s expansion into eating disorders is in accordance with the
Company’s stated focus on establishing practices in underserviced areas
of mental healthcare. GreeneStone’s clinics are centred about the
Greater Toronto Area, a large North American city with strong commercial
ties to the nearby US population centres. The ramp up to full-scale
operations is anticipated to be as quick, if not quicker, than what we
experienced with our Muskoka clinic because of how much in demand these
services are for international clients.”
About GreeneStone
Greenestone Healthcare Corporation, operates medical clinics in Ontario,
Canada. Greenestone Clinics serves to add overflow capacity to an
increasingly stretched provincial healthcare system, and provides
private alternatives to publicly available healthcare services. Its four
medical clinics (three in Toronto, along with a facility in Muskoka,
Ontario) offer various medical services, including addiction treatment,
endoscopy, minor cosmetic procedures, and executive health care
services. The company currently has more than 50 employees and is based
in North York, Ontario.
For further information on GreeneStone and to receive future news,
investor newsletters, and other information, please visit www.greenestoneinvestor.com
and subscribe to the distribution list.
Notice Regarding Forward-Looking Statements
This press release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 (the “Securities
Act”) and Section 21E of the Securities Exchange Act of 1934 (the
“Exchange Act”). To the extent that any statements made in this press
release contain information that is not historical, these statements are
essentially forward-looking. Forward-looking statements can be
identified by the use of words such as “expect,” “plan,” “will,” “may,”
“anticipate,” “believe,” “should,” “intend,” “estimate,” and variations
of such words. Forward-looking statements are subject to risks and
uncertainties that cannot be predicted or quantified and, consequently,
actual results may differ materially from those expressed or implied by
such forward-looking statements. Such risks and uncertainties include,
without limitation, those risks and uncertainties contained in this
press release and those identified in the periodic reports that the
company files with the Securities and Exchange Commission (the “SEC”)
pursuant to the Exchange Act.
Investor information and email sign-up:
http://www.greenestoneinvestor.com
