TORONTO, ON--(Marketwired - Mar 3, 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 revised its offer to Vodis Innovative Pharmaceuticals in the companies quest to close on an acceptable agreement towards its medical marijuana initiatives. Additionally, Easton has signed a Letter of Intent with a private Ontario Canada based company presently producing organic medical marijuana, as well as executing an additional letter of intent towards a partnership agreement for the purchase of various marijuana producing companies who have all filed applications with health Canada for medical marijuana distribution and growing licenses under the MMPR (Medical Marijuana For Medical Purposes Regulations) which includes a revenue producing acquisition.
In order to keep its shareholders abreast on initiatives, Easton has decided to announce it has been in negotiations with Vodis Innovative pharmaceuticals, a private British Columbia based company who have received pre license approval on medical marijuana from health Canada under MMPR regulations. Vodis is considered to be one of only 8 companies thus far who have received approval, but who now are mandated to meet and pass certification on facilities as per their application prior to receiving a license. Vodis is considered an established producer of marijuana and have received awards for their quality of cannabis and are considered to possess high technology growing equipment including LED lighting. Vodis continues to be in negotiations with Easton pharmaceuticals to work towards what is hoped to be a final agreement. Easton Pharmaceuticals previously forwarded an initial proposal which was revised on Feb. 28 to where Easton Pharmaceuticals has more than doubled its proposal to where it has now agreed to advance an up front cash payment of $500,000 to Vodis plus a commitment for additional funds through cash and / or the Issuance of common stock in Easton pharmaceuticals.
Although the company believes it can come to terms and sign a final definitive agreement with Vodis, concurrent with its continuing negotiations, Easton Pharmaceuticals in its pursuit and intent to enter into the medical marijuana industry are preparing for alternate contingencies in the case that Vodis and Easton are unable to mutually agree. As a result, Easton announces it has signed an agreement with a consortium for the acquisition of up to five companies who have all applied for medical marijuana licenses with health Canada. One of the five companies and the main focus, is a company that has been generating revenues growing marijuana over the last few years. Additionally, Easton Pharmaceuticals has signed a Letter Of Intent with a private Ontario Canada based company who are currently growing organic marijuana plants, have submitted their own application to Health Canada for medical marijuana and are awaiting word on an imminent decision. As a condition to closing for all negotiations, Easton Pharmaceuticals has agreed to put up to $500,000 cash in escrow. Until such time as discussions with Vodis have ceased, the Company is not able to disclose any further details.
About Easton Pharmaceuticals
Easton Pharmaceuticals is a specialty pharmaceutical company that 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 are 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.
For More Information Visit:
http://www.ashleybiomedical.com & http:// www.eastonpharma.com
Safe Harbor
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. 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.
Contact:
Carla Pepe
Easton Pharmaceuticals Inc.
Tel: +1(416) 619-0291
Tel: +1(347) 284-0192
email: info@ashleybiomedical.com
email: info@lamindustries.com
Source: Marketwired (March 3, 2014 - 8:00 AM EST)
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