TORONTO, ON--(Marketwired - Jul 24, 2017) - Easton Pharmaceuticals Inc. (
Easton has closed on its agreement with Alliance Group and has acquired 45 acres of agriculturally zoned land north of Toronto to cultivate, produce and facilitate the sale of its production of medical marijuana on a co-managed basis, which would enable and effectively turn Easton into a legalized grower / cultivator and supplier of medical marijuana and soon recreational marijuana for the country of Canada. Easton will advance up to $1.3 million cdn in tranches, with the first tranche already having been advanced on the closing. Easton has received financing commitments for the total funds required and in addition, Easton's investment is protected by a mortgage registered against the property. The property comprises of 45 acres of agricultural land located in the township of Georgina, situated north of Toronto as well as having the right to retain 50% of Alliances aggregate business. Notices have been filed with the appropriate regulatory bodies with approval expected within the next 60 days. Easton is responding to the overwhelming demand for the production of medical marijuana and soon legalized recreational marijuana for the entire country of Canada, with launch expected by the spring of 2018.
As previously announced, Easton has also closed on its acquisition of revenue producing iBliss Inc., a leading proprietary vaporizer and e-liquids manufacturer based in Toronto Canada possessing a growing list of International sales and clients. Since its closing, the Company has been working diligently negotiating new distribution agreements and strategic relationships. iBliss is on track to deliver revenues which it believes will match its record high of $15,000,000 per year due to new market launches and expansion on new and existing products.
In other developments, Easton / BMV has signed an LOI with a major international German based Pharmaceutical company for the sub-licensing of its VS-Sense product starting with the country of Mexico. A final contract is near completion with all terms having been agreed to, which includes an upfront cash payment and royalty payments on each sale. This coincides with the execution of a final agreement for the sub-licensing of its AL-Sense product, again starting with the country of Mexico with other territories being negotiated. The AL-Sense sub-licensing agreement is again with a major international pharmaceutical company. Easton has received payment on an initial order and expects to deliver this order at the end of August, beginning of September 2017. Much more news and updates on all agreements mentioned are pending approval.
Easton will soon be announcing new board members and consultants as well as moving forward with the retaining of an auditor towards becoming an SEC filer.
Products Portfolio Overview
VagiSense (VS-Sense): is the current brand name of the BV (Bacterial Vaginosis) patented diagnostic test, and is the same product Bayer Pharmaceuticals had licensed and launched in late 2015 in Europe under its brand, Canestest. Prestige Distribution is currently selling in the US under its brand, Monistat, with multi-million dollars in sales and growing.
Gynofit: European-Union approved natural treatment for Bacterial Vaginosis (BV), potentially eliminating the use of antibiotics in women with BV and promoting optimal vaginal health. BV is expected to affect the vast majority of women at some point in their lives.
AmnioSense (Al-Sense): patented amniotic fluid leak test will be marketed in two presentations to capture maximum market, and is a unique Point-of-Care diagnostic panty liner for women in late-stage pregnancy able to distinguish between urine and amniotic fluid (breaking of water).
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 has partnered with BMV Medica and together own the exclusive distribution in Mexico and Latin America for patented women's diagnostic products and two generic cancer drugs. Easton has made additional investments into AMFIL Technologies, a company involved in the medical marijuana and other industries as well as advancing funds towards another Canadian medical marijuana initiative. 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 and Cannabidiol extracts.
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 would be classified as speculative and 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, both domestic and foreign, or changes to proposed laws and other risks and uncertainties further stated in the company's financial reports and filings.