Today before the opening bell, GreeneStone Healthcare announced that it will begin the application process to list on the NYSE-Amex exchange. Following the company’s recent performance, GreeneStone has met, or nearly met, the listing requirements for the NYSE-Amex under its Standard 3 definitions.
The NYSE-Amex listing is believed to best serve GreeneStone’s needs as management pursues capital to support the recently announced ‘build and buy’ expansion strategy. This strategy is designed to take advantage of the numerous opportunities within the underserviced mental healthcare sector in Canada and the US. The expansion strategy’s first projected milestone is to reach the 300 bed level in its in-patient addiction treatment business in the next twenty-four months.
The huge demand for mental healthcare services identified by the company early on has been confirmed by a recently released report. The report was released last week by the Institute for Clinical Evaluation Sciences (ICES) and Public Health Ontario. The report demonstrates that “the burden of mental illness and addictions in Ontario is more than 1.5 times that of all cancers and more than seven times that of all infectious diseases.” The report goes on to say “five conditions have the highest impact on the life and health of Ontarians: depression, bipolar disorder, alcohol use disorders, social phobia and schizophrenia.”
Research has shown that mental disorders and addictions are very prevalent. In fact, one in five Canadians are estimated to experience a mental disorder at least once a year. Mental conditions and addictions cost Canada an estimated forty to fifty billion dollars annually. Last week’s study confirms that the burden of mental disorders and addictions is very high and outstrips the burden of many physical illnesses.
“This report does not surprise me, the numbers are staggering,” commented Shawn Leon CEO of GreeneStone. “The awareness of mental health is growing and we are set to carve out a niche in this sector.”
ICES is an independent, non-profit organization that produces knowledge to enhance the effectiveness of healthcare for Ontarians. To access the 6-page summary and full report, visit the ICES Web site at http://www.ices.on.ca/webpage.cfm?site_id=1&org_id=31&morg_id=0&gsec_id=0&item_id=7718
For more information on GreeneStone Healthcare, visit www.GreeneStoneInvestor.com
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