TORONTO, ON--(Marketwired - Apr 20, 2017) - Easton Pharmaceuticals, Inc. (OTC PINK: EAPH) is pleased to announce the execution of final agreement completing the 100% acquisition of revenue generating vaporizer and e-liquids manufacturer, iBliss Inc. and its holding company.
Easton Pharmaceuticals and iBliss, Inc. executed the closing final agreement, officially concluding the 100% acquisition of iBliss from its holding company. Terms of the acquisition included installment cash payments to be paid over a 90 day period with the first payment submitted on closing and up to 200 Million restricted Rule 144 shares in Easton's common stock, to be released in tranches based on sales target milestones. iBliss at its peak two years ago maintained healthy sales of $15,000,000 with 40% profit margins, but are once again on the rise and projected to again reach $15,000,000 due to recently executed new international distribution agreements.
Easton and iBliss intend on launching consumer health products in liquid form to be used through vaporizers. In addition to its e-liquids and vaporizer business, Easton and iBliss are developing a strategy to submit an application to Health Canada to obtain a medical marijuana license (LP) for the country Canada and anticipate a rapid approval given iBliss' successful revenue positive business and the marijuana experience of iBliss principles who currently possess older medical marijuana licenses. The LP MMJ license is to co-incide with the recent announcement by the federal liberal government in Canada to legalize recreational medical marijuana throughout Canada to be launched in June of 2018.
The completion of the iBliss acquisition and its sales has resulted in Easton looking to retain auditors for its intent on filing a Form 10 or S1 registration statement towards becoming a fully reporting issuer with the Securities and Exchange Commission.
Evan Karras, CEO of Easton, stated, "We are excited to have completed this strategic acquisition of iBliss and we look forward to working with the iBliss management team to increase our local distribution, expand our international sales and launch innovative consumer health products. Easton has some very exciting plans and this is expected to be the first of many to follow."
Easton has retained the services of new social media and SEO consultants who will assist with a new website design, branding, SEO and Investor Relations.
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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 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 SA de C.V. and together, own the exclusive distribution rights in Mexico and Latin America for patented women's diagnostic and preventative care products from CommonSense Of Israel, along with two generic cancer drugs, Paclitaxel and Docetaxel from BioLyse Pharma of St. Catherine's Ontario, Canada.
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