TORONTO, ON, Dec. 18, 2018 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Easton Pharmaceuticals Inc. (OTC: EAPH) announces that it has closed on an Agreement to acquire a Real Estate Development Project just outside of Toronto, Ontario with 3 year cumulative profits expected to exceed $30,000,000 Canadian.
As part of its plan to enter more lucrative market segments, Easton is pleased to announce that it has now completed its purchase of a development property in Cobourg, Ontario, a growing lakefront community just 1 hour east of Toronto. The property is approximately 2.5 acres and is zoned for a multi-residential development to allow up-to 48 units. There is an existing 10,000 square foot historic mansion on the property, which has approval to be converted into 6 luxury residential condominiums. The historic mansion was a summer home of the Abbotts of Pittsburg where the Carnegies were known to summer at.
The Company intends on building 42 residential units over the next 3 years, with the first phase approved and ready for 6 units in the existing mansion. The mansion retains 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 Canadian. The projected profits of the first phase are expected to be in excess of $2 million Canadian within the first 12 months. The conversion will create 6 luxurious units of varying sizes between 800 sq. ft. to over 2,500 sq. ft. 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’s management has vast experience in real estate and real estate development projects and is excited to launch this as its first real estate development project to coincide with its other business segments. More information about the project will be released once details are finalized.
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
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