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TORONTO, April 2, 2013 (GLOBE NEWSWIRE) -- GreeneStone Healthcare Corporation (OTCBB:GRST) (the "Company") provider of healthcare services and operator of addiction treatment clinics, today announces fiscal year 2012 financial results. For the twelve months ending Dec. 31, 2012, the Company reported total revenues increase of 230% to $5,540,909, as compared to $1,678,804 for same period in 2011. For the same twelve-month period, the Company reported total net loss of ($1,553,797), or ($0.08) EPS, compared to ($2,462,288), or ($0.34) EPS for the same period ending in 2011.
This increase in revenue was mainly attributable to a steady increase in business volume since the Company began operations. The Company believes that revenue growth will continue to increase steadily and the Company will become more profitable as most of its costs, such as rent and salaries and wages are relatively fixed, and therefore will reduce, as a percentage, as business and bed capacity volume grows. Net Loss
During the year ended December 31, 2012, the net loss decreased to $1,553,797 from $2,462,288 during the year ended December 31, 2011, a decrease of $908,491. This reduction is attributable to the steady increase in revenues and will become more profitable as revenues continue to grow as the company can take advantage of economies of scale as most of its costs rent salaries and wages are relatively fixed. Shawn Leon, president and chief executive officer of GreeneStone Healthcare Corporation, commented, "The Company expected this operational results for the fiscal year 2012, and we anticipate even stronger growth in 2013 where we have all the reasons to believe that by the end of our second quarter the Company will be profitable."
Additional information may be found in the Company's 10-K filing with the U.S. Securities and Exchange Commission.
GREENESTONE HEALTHCARE CORPORATION
CONSOLIDATED STATEMENT OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2012
(Stated in U.S. $)
December 31, 2012
December 31, 2011
COST OF SERVICES PROVIDED
General and administrative
Interest and fees
Management fees (note 10)
Meals and entertainment
Rent (note 10)
Salaries and wages
NET LOSS APPLICABLE TO COMMON SHAREHOLDERS
OTHER COMPREHENSIVE INCOME (LOSS)
Foreign currency translation
TOTAL COMPREHENSIVE LOSS
BASIC AND DILUTED LOSS PER COMMON SHARE
WEIGHTED AVERAGE SHARES OUTSTANDING
About GreeneStone Healthcare Corporation
GreeneStone Healthcare Corporation (OTCBB:GRST) (OTCQB: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 60 employees and is based in Toronto, Ontario.