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GreeneStone Healthcare Announces Fiscal 2012 Financial Results, Revenues Up 230%

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
REVENUES $5,540,909 $1,678,804
COST OF SERVICES PROVIDED 1,050,002 648,773
GROSS PROFIT 4,490,907 1,030,031
     
OPERATING EXPENSES    
Continuing education 25,739 7,049
Depreciation 223,984 129,766
General and administrative 546,563 510,147
Interest and fees 214,207 26,568
Management fees (note 10) 179,924 461,895
Meals and entertainment 3,385 1,462
Medical supplies 132,253 81,139
Professional fees 128,578 434,804
Rent (note 10) 847,558 465,035
Salaries and wages 3,410,659 1,532,678
Subcontract fees 42,890 9,386
Supplies 181,590 72,076
Travel 37,930 16,093
  5,975,260 3,748,098
     
  (1,484,353) (2,718,067)
OTHER INCOME    
Rental income —  221,206
NET LOSS APPLICABLE TO COMMON SHAREHOLDERS $(1,484,353) $(2,496,861)
     
OTHER COMPREHENSIVE INCOME (LOSS)    
Foreign currency translation (69,444) 34,573
     
TOTAL COMPREHENSIVE LOSS $(1,553,797) $(2,462,288)
     
BASIC AND DILUTED LOSS PER COMMON SHARE $(0.08) $(0.34)
WEIGHTED AVERAGE SHARES OUTSTANDING 19,453,717 7,443,626

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.

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