MURRIETA, Calif., June 7 /PRNewswire-FirstCall/ -- Forterus, Inc. (Pink Sheets: FTER) today announced financial guidance for its second quarter 2010.
The Company expects net revenue will be approximately $1,750,000 to $1,850,000. This compares to revenue of $1,234,361 for the same period in 2009. Its current revenue through May 31, 2010 is estimated at $1,182,000.
The company also announced that it has obtained a conditional use permit for its planned facility in Ventura County, which will begin operations as a sober living and outpatient treatment services provider beginning June 21st.
"Now that we have our CUP in hand, we can begin generating revenue from sober living and outpatient treatment services in our 22-bed Ventura County facility," said Forterus CEO Paul Howarth.
Forterus has also filed paperwork with the State of California to license its Ventura County facility for in-patient residential drug and alcohol treatment services. "We expect to receive our state license for the Ventura County facility in a few months. But the timing will depend on staffing and budget levels within the state Department of Alcohol and Drug Programs," Howarth said.
Additionally, the Company raised $55,000 through the issuance of 628,572 shares of its common stock. "This transaction will support of the expansion of our core business at our new Ventura County location," Howarth said, adding, "We are pleased to have completed this round of financing and we'd like to thank our new and existing investors. The fact that we were able to again secure funding in today's challenging financial environment reflects our investors' belief in Forterus and the exciting sales growth prospects for the Company."
About Forterus, Inc.
Forterus Inc. and its subsidiaries engage in diverse business activities, including drug and alcohol rehabilitation and finance. For more information about Forterus and its A Better Tomorrow Treatment Center subsidiary, please visit their respective websites at http://www.forterushealthcare.com and http://www.abttc.com.
Forward Looking Statements
Application of the Safe Harbor of the Private Securities Litigation Reform Act of 1995: This press release contains, and Forterus may from time to time make, written or oral 'forward-looking statements' within the meaning of the U.S. federal securities laws, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of uncertainties and other factors, many of which are outside Forterus's and/or its subsidiaries control that could cause actual results to differ materially from such statements. In particular, statements using words such as 'may,' 'should,' 'estimate,' 'expect,' 'anticipate,' 'intend,' 'believe,' 'predict,' 'potential,' or words of similar import generally involve forward-looking statements.
Paul Howarth, CEO, Forterus, Inc.
SOURCE Forterus, Inc.