TORONTO, ON / ACCESSWIRE / March 13, 2019 / Easton Pharmaceuticals Inc. (OTC PINK: EAPH) Provides Update on Its $2,600,000 CDN framing contract to build approximately 150 homes just outside of Toronto, Ontario, including an update on its development project to construct upto 42 new homes on an approximately 2.7 acres property it recently acquired in Cobourg, Ontario.
Easton recently announced that it has entered into a $2,600,000 CDN framing contract and has commenced work on the framing of approximately 150 homes with a well-known prominent regional builder.
Easton received approximately $275,000 CDN during its last quarter (October to December 2018) in payments from its framing contract of 150 homes and has received a further $300,000 CDN in payments for the months of January and February 2019 so far. The project is well underway and the framing contract is on schedule.
In the meanwhile, Easton has been working with its architects on the site plan for its recently acquired property in Cobourg, Ontario, which consists of a 10,000 square foot heritage mansion on approximately 2.7 acres. The development proposes the construction of up to 42 residential units in 3 phases, with the first phase approved and ready for 6 units in the existing mansion. The Company expects profits of over $2,000,000 CDN from the first phase.
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 has entered additional lucrative market segments and has created a Food & Beverage Division, a Construction & Development Division, a Gaming Diving and a Cannabis Division.
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 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 or changes to proposed laws and other risks and uncertainties further stated in the company's financial reports and filings.
SOURCE: Easton Pharmaceuticals Inc.