TORONTO, ON, Jan. 02, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Easton Pharmaceuticals Inc. (OTC: EAPH) Announces that it has closed on a Construction Agreement and has started operations on a $2,600,000 CDN framing contract to build approximately 150 homes just outside of Toronto, Ontario.
As part of its plan to enter more lucrative market segments and become a more diversified company, Easton through the efforts of its director Vince Demasi, is pleased to announce that it has entered into an agreement to complete the framing of approximately 150 homes over the next four months with a contract value of $2,600,000 CDN. Easton through a subsidiary company has executed a contract with a well-known local home builder to complete the framing of approximately 150 homes just outside of Toronto, Ontario, Canada. The contract value is $2,600,000 and will be carried out over the next four months with 30 full time employees having been hired.
“Easton is pleased to have entered into this lucrative market segment and to have commenced operations on this contract, which is expected to lead to many more similar contracts,” stated Easton’s CEO, Mr. Evan Karras. “Easton intends on entering the home building sector in niche markets where it has identified lucrative opportunities which will coincide with our other business segments creating a more diversified company,” continued Mr. Karras.
This framing contract coincides with its recently announced acquisition of its Cobourg, Ontario Development project to build 42 residential units over the next 3 years, with the first phase approved and ready for 6 units in an existing mansion. The plans are to have the mansion retain much of its original character, which is attractive to many heritage homebuyers. The projected cumulative pre-tax profits are expected to be in excess of $30 million CDN when all phases of this project are built and completed. The projected profits of the first phase are expected to be in excess of $2 million CDN within the first 12 months. The conversion will create 6 luxurious units of varying sizes between 800 sq. to over 2,500 sqft. The market is very strong among professional couples re-locating outside of the City, young families, as well as retirees, all seeking a better quality of life.
The Company has already commenced the application process for its permits to begin the conversion and construction and intends on setting up a sales office/model within the existing mansion to pre-sell the units.
Easton is currently in the process of completing and filing its quarterly financial statements following which, it will initiate an audit through auditors the Company is close to retaining.
About Easton Pharmaceuticals
Easton Pharmaceuticals is a diversified specialty pharmaceutical company involved in various pharmaceutical sectors and other growing industries. The Company previously developed and owned an FDA-approved wound-healing medical drug and currently owns topically delivered drugs to treat cancer and other therapeutic products to treat various conditions that are all in various stages of development and approval. Easton, together with BMV Medica S.A. own the exclusive distribution rights in Mexico and Latin America for two patented women's diagnostic products and a novel natural treatment for Bacterial Vaginosis, which they have sub-licensed to Bayer and Gedeon Richter. In addition, a generic cancer drugs line is being developed for sale in Mexico. The company's gel formulation is thought to be an innovative and unique transdermal delivery system that can in the future be adaptable in the delivery of other drugs. As part of its strategic growth plan, the Company will be entering new lucrative market segments globally, including Gaming, Real Estate and Hospitality, among others.
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This news release may contain forward-looking statements or expressions within the meaning of the Private Securities Litigation Reform Act of 1995 (The "Act"). In particular, when certain words or phrases such as "hope", "positive", "anticipate," "pleased," "plan," "confident that," "believe," "expect," "possible" or "intent to" and similar conditional expressions are expressed, they are intended to identify forward-looking statements within the meaning of the Act and are subject to the safe harbor created by the Act. Such statements are subject to certain risks and uncertainties and actual results could differ materially from those expressed in any of the forward-looking statements. Any investment made into Easton Pharmaceuticals may contain risks. Such risks and uncertainties include, but are not limited to, market conditions, general acceptance of the company's products and technologies, competitive factors, the ability to successfully complete additional or adequate financing, government approvals or changes to proposed laws and other risks and uncertainties further stated in the company's financial reports and filings.
Evan Karras / CEO / President
Tel: +1(416) 619-0291
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