TORONTO, May 8, 2014 (GLOBE NEWSWIRE) -- GreeneStone Healthcare Corporation (OTCBB:GRST) ("GreeneStone" or the "Company"), a provider of healthcare services including Addiction and Mental Health has completed a transaction as part of a Strategic Financing announced on December 20, 2013 whereby GreeneStone had entered into a non-binding Letter of Intent ("Addiction LOI") to merge the assets of its addiction and mental health business with other addiction and mental health assets for a cash and equity consideration of up to $7.75 million. The completed transaction ("Transaction") was a relatively minor part of the anticipated transaction pursuant to the Addiction LOI. The Transaction involved the takeover of the Company's Toronto outpatient treatment office by the purchaser. The full details of the Transaction will be disclosed in the soon to be released first quarter 10Q filing.
The inpatient and outpatient teams will continue to work closely together to support the treatment of individuals for mental health and addiction problems. There are no personnel changes in either of the operations. Shawn Leon, CEO of the Company said, "This transaction is a step towards increasing the focus of the Company on providing the very best treatment for individuals with mental health and addiction issues and does not lessen our ability to provide a full continuum of care through strategic alliances and partners. We will continue to work with the purchaser on completing the entire transaction as contemplated in the Addiction LOI. We are looking at further partnerships in Canada and the United States with more partners that share the same beliefs and values as we have established at Greenestone."
About GreeneStone Healthcare Corporation
GreeneStone Healthcare Corporation (OTCBB:GRST) operates medical and healthcare clinics in Ontario, Canada. GreeneStone's clinics serve to add overflow capacity to an increasingly stretched provincial healthcare system, and provide 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 more information you can visit our website at www.greenestone.net.
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