SOURCE: Easton Pharmaceuticals Inc.

Easton Pharmaceuticals Inc.

June 01, 2015 08:30 ET

Easton Pharmaceuticals Announces It Has Provided Notification and Entered Into Discussions to Terminate Its Canadian Medical Marijuana Option Agreement With MDRM Canada

TORONTO, ON--(Marketwired - Jun 1, 2015) - Easton Pharmaceuticals (OTC PINK: EAPH), a specialty pharmaceutical company announces today it has notified MDRM Canada and initiated discussions to cancel its option with MDRM Canada to purchase a 49% ownership interest in Aero Farms.

Easton Pharmaceuticals entered into an option agreement with MDRM Canada in June of 2014. The agreement provided Easton with an option to purchase up to 49% of Aero Farms through rights held by MDRM with Aero Farms, a private Ontario based company who has received a letter to build from health Canada under Canada's new medical marijuana program (MMPR). Easton and MDRM have now entered into discussions to have its option terminated which includes a return of funds paid by Easton.

Canada's medical marijuana industry has been extremely slow to grant new cultivators and growers licenses since the new MMPR system came into effect on April 1st of 2014. Since then there have been various regulatory changes where Health Canada has added new requirements including enhanced security measures and similar. The requirements with the MMPR program are considered more stringent compared to requirements within various states in the United States which have added to the delays. Easton expects to disclose pertinent updates in respect to all of its medical marijuana initiatives upon the termination of its option with MDRM.

About Easton Pharmaceuticals

Easton Pharmaceuticals is a diversified specialty pharmaceutical company involved in various pharmaceutical sectors and other growing industries such as medical marijuana. The Company previously developed and owned an FDA approved wound-healing drug and currently owns topically delivered drugs to treat cancer and other conditions that are all in various stages of development and approval. Easton has entered into a 50 / 50 revenue sharing agreement towards being the exclusive distributor in Mexico for world-patented women's diagnostic products. Easton has completed an acquisition that grants 40% ownership interest in Medicated Markets International LLC; a company holding Medical Marijuana growing rights in California on 20 acres (3 acre growing area). Easton has also made additional investments into AMFIL Technologies, their groZONE anti-microbial airflow system and hold an exclusive option to purchase up to 49% in a (MMPR) medical marijuana grow-op business post granting of license from Health Canada in Ontario, which has received a letter to build from Health Canada. 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 Cannabidiol extracts.

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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 would be classified as speculative and 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.

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