TORONTO, ON--(Marketwired - March 28, 2014) - Easton Pharmaceuticals Inc. (OTC: EAPH), a specialty pharmaceutical company that owns, designs, develops, and markets an array of topically-delivered drugs and therapeutic / cosmetic healthcare products, today announces it has signed a letter of intent for the creation of a possible JV with another US company towards a Private Medical Marijuana company in the state of Colorado.
The Letter Of Intent was signed with another public company listed on the OTCQB exchange. Easton has engaged an attorney who for the past few days and moving forward will perform due diligence on the company and most importantly the licenses this company has claimed it has rights to through a private Colorado grower in the state of Colorado. The LOI calls for a joint venture where both Easton and the other company would either purchase an interest in or finance the operations in the private Colorado grower. Any closing is contingent on the satisfaction of the due diligence by Easton's attorney and its negotiations with the other company's attorney or representatives. Easton Pharmaceuticals, or any other company or principles not having residence in the state of Colorado for more than 2 years, cannot entirely own all the assets in any medical marijuana companies within the state of Colorado. Any negotiations must satisfy these requirements. No time frames have yet been set.
Easton also wishes to clarify the misinformation regarding its Canadian medical marijuana initiatives. Although the company has still not signed a final agreement regarding any of its Canadian medical marijuana initiatives which is as a result of various reasons it is currently unable to disclose, this by no means signifies that it has ended any negotiations with any other companies previously disclosed. No other companies including current growers in B.C. have closed any transactions with any other companies and still maintain discussions with Easton Pharmaceuticals which included a personal meeting with all principals in the past few days. This also includes negotiations with another public company listed on the OTCQB exchange where another joint venture is being contemplated towards medical marijuana assets situated in Ontario Canada.
About Easton Pharmaceuticals
Easton Pharmaceuticals is a specialty pharmaceutical company involved in various industries including medical marijuana that also owns, designs, develops, and markets topically-delivered drugs and therapeutic / cosmetic healthcare products, focused on cancer and other health issues related towards male and female sexual dysfunction, wound healing, pain, motion sickness, scar and stretch marks, cellulite, varicose veins and other conditions. The company's gel formulation is thought to be an innovative and unique transdermal delivery system. Easton Pharmaceuticals' product "VIORRA" is an over-the-counter aid for the treatment to restore and improve vaginal moisture and elasticity which is believed to have a positive effect on women's sexual desire and arousal, FSAD (Female Sexual Arousal Disorder); the world market for these female conditions is conservatively estimated to be in the billions. VIORRA is a topical, daily-use product classified by the FDA as containing Generally Recognized as Safe ingredients.
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This news release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (The "Act"). In particular, when used in the preceding of discussion, the words "anticipate," "pleased," "plan," "confident that," "believe," "expect," "possible" or "intent to" and similar conditional expressions 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. There are no guarantees that any proposals, initiatives or negotiations will result in a deal acceptable to the company. Any investment made into Easton Pharmaceuticals would be classified as a risky investment. 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.