MURRIETA, Calif., Jan. 27 /PRNewswire-FirstCall/ -- On January 27, 2010, Forterus, Inc. (Pink Sheets: FTER), announced that it is has executed a management services agreement for a licensed facility in downtown San Diego. The facility is licensed by the State of California and already has a conditional use permit from the county of San Diego for 36 beds. This represents an increase of 35% in Forterus's overall capacity.
Paul Howarth, Forterus's CEO, stated, "This is a historic day for our Company. This agreement represents the beginning of a process of transition into a facility-based organization, which will increase Forterus's overall value. Our executives have worked tirelessly to complete this transaction ahead of schedule in order to meet the increase in demand. Having a facility in the downtown area of a major city represents a significant growth marker for us. This facility represents the first step towards our goal of becoming the largest private drug and alcohol treatment provider in California. This increase in capacity is our largest increase in the history of the Company. The Company is currently operating at 100% capacity with a significant number of people beginning their treatment in the coming days."
The management services agreement will remain in place until the licenses can transferred into Forterus's name. A real estate lease is attached with the management services agreement. Once the Company terminates the management services agreement, Forterus's lease of the property becomes effective. This process is expected to take six to nine months before the licenses will be transferred. The management services agreement takes effect February 1, 2010.
About Forterus, Inc.
Forterus, Inc. and its subsidiaries engage in diverse business activities, including drug and alcohol rehabilitation, and finance. For more information Forterus and A Better Tomorrow, 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.