TORONTO, ON, March 05, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Easton Pharmaceuticals Inc. (OTC: EAPH) announces that it has signed an agreement to acquire a commercial bakery with existing revenues and projected to reach over $20,000,000 within 12 months.
In its ongoing efforts to diversify and enter other lucrative sectors and add value-added businesses to achieve consistent growing sales to coincide with its revenue-generating framing contract and its pharmaceutical / diagnostic division, Easton is pleased to have signed an agreement to acquire a Toronto based commercial bakery and food preparation company which manufactures white labeled food products for third party food companies and its own line of niche food product lines, sold in major grocery chains, as well as specialty coffee chains. The company has an R&D division with product development and has begun discussions with licensed producers of cannabis, as well as food chains in order to develop and supply cannabis edible products.
Easton Pharmaceuticals and its management saw an opportunity to acquire a company with not only a proven track record, but also major expansion opportunities that can potentially grow its sales to over an estimated $50,000,000 per year. Easton’s management will be implementing some changes that will increase the revenues to approximately $20,000,000 over the next 12 months.
Easton’s CEO Evan Karras stated, “We are extremely pleased to have signed a definitive agreement to acquire what we believe to be a successful commercial bakery and food preparation company, that together with their market knowledge and market share, and our expertise and infrastructure, we will be able to increase the sales fairly quickly.”
Easton expects the transaction to be completed in the next 2 weeks as it is already with legal counsel for closing, but has already commenced a strategic transition plan. More information will be announced and disclosed once the transaction is completed.
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 Development and Hospitality and Food and Beverage, among others.
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Evan Karras / CEO / President
Tel: +1 (647) 362-5700