TORONTO, ON, Aug. 20, 2018 (GLOBE NEWSWIRE) -- Easton Pharmaceuticals Inc. (OTC: EAPH) announces that it has entered into an Agreement to acquire an interest in a Real Estate Development Project just outside of Toronto, with 3 year cumulative profits expected to exceed $30,000,000 CAN.
As part of its plan to enter more lucrative market segments, Easton has signed an agreement with 2315446 Ontario Inc. to acquire an interest in a development property in Cobourg, Ontario, a growing lakefront community east of Toronto. The property is approximately 2.5 acres and is zoned for a multi-residential development to allow up to 48 units. The Company intends on building 42 residential condominium units over the next 3 years, with the first phase approved and ready for 6 units in the existing building. The cumulative profits are expected to be in excess of $30 million Canadian, of which Easton will retain approximately 50%. The profits of the first phase are expected to be in excess of $2 million. The units are 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.
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. More information about the project will be released once details are finalized in the coming days.
The Company is also completing other agreements, which are expected to be announced in the next few days.
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 and Cannabidiol extracts.
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.
For More Information on Easton and Affiliated and Partner Company's Visit:
http://www.eastonpharmaceuticalsinc.com
http://finance.yahoo.com/q?s=eaph
https://twitter.com/eastonpharma
Safe Harbor
This news release may contain forward-°©looking statements or expressions within the meaning of the Private Securities LitigationReform 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 areintended 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 anyof the forward-°©looking statements. Any investment made into Easton Pharmaceuticals may contain risks. Such risks anduncertainties 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 toproposed laws and other risks and uncertainties further stated in the company's financial reports and filings.