Easton Pharmaceuticals Announces $1,000,000 Cdn In Payments Toward Alliance Group JV / Partnership Agreement; Announces $8,000,000 Cdn Aggregate LOI Contract
Published: Sep 07, 2017
TORONTO, ON--(Marketwired - September 05, 2017) - Easton Pharmaceuticals, Inc. (OTC PINK: EAPH), is pleased to announce, pursuant to its previously announced Closing Agreement with Canadian based 124123 Ontario Inc. (O/A - Alliance Group), Easton has advanced $1,000,000 cdn in payments to Alliance Group. Alliance executes $8,000,000 cdn aggregate LOI contract on its 90 acres of zoned industrial land.
Easton Pharmaceuticals has thus far paid $1,000,000 cdn in cash out of $1.3 million cdn to Toronto based 124123 Ontario Inc. (o/a - Alliance Group) to acquire a 50% property ownership interest in 45 acres of agriculturally zoned land north of Toronto, Ontario, Canada and into a business to cultivate, produce and facilitate the sale of its production of medical / recreational marijuana and other revenue producing businesses on a co-managed basis. Alliance has initiated the process to legally grow medical / recreational marijuana with all levels of government in Canada including federal and provincial ministers, municipal governments and law enforcement officials. Alliance anticipates positive news within the next 30 to 45 days regarding its medical / recreational marijuana license exemptions. At Easton option, until such time that approvals and revenues can be legally generated with cultivating and distributing medical / recreational marijuana in Canada, the agreement calls for Easton to receive 50% of all revenues on Alliance's Aggregate businesses, which includes recycling, manufacturing of various industrial products, waste management services, cement, asphalt and other type aggregate products. Alliance Partners announces that it signed a letter of intent for an approximate $8,000,000 cdn contract with a local construction company which will convert to a final closing agreement once environmental and soil analysis samples have completed testing. Alliance is anticipating and planning for a closed contract by September 30th of this year, but delays in samples may extend this time frame.
In other developments, Easton Pharmaceuticals will provide an update in the coming days toward its previous announcement of a possible launch of a third product through the closing of a third sub-distribution agreement with a Switzerland based multi-national drug company.
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 rights in Mexico and Latin America for patented women's diagnostic / treatment products "Gynofit," "AmnioSense," "VS-Sense" and two generic cancer drugs " Docetaxel" Paclitaxel." Easton / BMV have sub-licensed products "Gynofit" and "AmnioSense" with multi-national pharmaceutical company Gedeon Richter Plc of Hungary. 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. Easton has closed on an agreement to acquire 100% of iBliss Inc., a leading e-liquid vapour producer and distributor with international sales and has entered into a 50 / 50 JV Partnership agreement with Alliance Partners to cultivate, grow, harvest, distribute and sell medical / recreational marijuana for Canada.
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