TORONTO, June 13, 2019 (GLOBE NEWSWIRE) -- via NetworkWire -- Easton Pharmaceuticals Inc. (OTC: EAPH) (“Easton” or “the Company”) announces it has filed its quarterly report for the three months ended March 31, 2019, and provides several key updates on its business initiatives.
In the first quarter of 2019, Easton Pharmaceuticals recorded revenues of $612,689 and turned from a loss to post net income of $7,878. Revenues were generated from the Company’s contract with a prominent developer to frame 150 new homes in Whitby, Ontario, Canada, under its newly created real estate development division. This is the first of several revenue-generating contracts underway, demonstrating the Company’s continued efforts to build a solid foundation and add shareholder value.
As part of its broader growth strategy, Easton Pharmaceuticals has created four new divisions while maintaining its pharmaceutical division and distribution agreement with Bayer.
The new real estate development division will manage ownership of the Company’s properties in Georgina, Ontario, and Cobourg, Ontario. Easton Pharmaceuticals is considering additional usage options for the Georgina property that are currently permitted under its zoning, such as self-storage units or a possible residential development. Meanwhile, the Company is preparing to submit a new site plan application for its proposed residential development of multiple units on the Cobourg property, with projected profits to exceed $30 million over the next three years.
The real estate division will also provide construction services to builders and other clients. The aforenoted revenue-generating contract is ongoing, with expectations that more homes will be added and the contract extended.
Easton’s recently created gaming division is expected to launch its games in a casino in the United States by Q3 2019. The Company also recently completed its acquisition of Supreme Sweets, a food processing company in Toronto, Ontario, which marks Easton’s entry into the food and beverage industry and the creation of its food and beverage division. Easton has taken over the management of Supreme Sweets and is continuing to sell products to its DSD (direct sales delivery), co-packing and corporate clients. Supreme Sweets has recently hired two seasoned sales professionals and has also engaged an agency to rebrand the company and its products.
Easton Pharmaceuticals has additionally formed a cannabis division and is in discussions with several licensed producers of medicinal marijuana in Canada to potentially complete a strategic partnership for the launch of its cannabis-infused edibles.
About Easton Pharmaceuticals Inc.
Easton Pharmaceuticals is a diversified specialty pharmaceutical company with a strategic growth plan. The Company recently acquired a food processing company with the intent of growing the traditional business while entering the cannabis-infused edibles market. It has also added real estate development, food and beverage, gaming and cannabis divisions to extend its marketability.
Easton Pharmaceuticals previously developed and owned an FDA-approved wound-healing medical drug and currently owns topically delivered drugs to treat cancer and other therapeutic products in various stages of development and approval. Easton, together with BMV Medica S.A., owns 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. For more information, visit www.EastonPharmaceuticalsInc.com.
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.