SOURCE: Easton Pharmaceuticals, Inc.

Easton Pharmaceuticals, Inc.

October 13, 2014 11:13 ET

Easton Pharmaceuticals Secures Financing Commitment Towards Closing of Its Option on Canadian Medical Marijuana Facility and Business

TORONTO, ON--(Marketwired - Oct 13, 2014) - Easton Pharmaceuticals Inc. (OTC: EAPH) announces it has sourced out and secured financing commitment for the full amount owed on its option to purchase its entire ownership interest on its Canadian medical marijuana Initiative.

The financing commitment including cash the company currently has in hand is over and above what is required for Easton to close on its exclusive option agreement to purchase up to 49% of its Canadian medical marijuana business and initiative that has received a letter to build from Health Canada under the country's new MMPR system. The financing commitment is from a private Canadian accredited investor. The funding is to be forwarded to the Company upon receiving a Health Canada MMPR license as per the option agreement signed in June of this year. Complete terms to be disclosed at that time. The company is now focusing on reviewing agreements executed in June of this year when it purchased its option as well as receiving a detailed progress report on the status of the licensing process. Unfortunately, Easton is not able at this time to disclose any additional details on the MMJ property including any pictures of the facilities, which was previously stated in error.

Carla Pepe, CEO of Easton Pharmaceuticals commented, "We are pleased to have received the financing commitment which allows us to purchase and close on our entire option once the license has been received. The financing allows us to focus on other initiatives while we await a final license along with its partners. The commitment is solely for the Canadian medical marijuana initiative and is not to be utilized on any other business segments. Easton will continue to pursue other additional financing to further its other initiatives including its OTC products, its 2 drugs where it owns 50% and 10% of 2 drugs respectively, as well as having cash on hand to advance on other possible initiatives within the State of California it hopes to soon finalize and announce. This also includes its current partnership with AMFIL Technologies who have shipped an mPact-GROzone Antimicrobial System to a large grower in the State of Colorado and others."

Although the industry wide licensing process with health Canada is progressing slower than expected due to the large amount of applications and the new security measures that were implemented for all applicants, management believes as do others in the industry, that only companies who currently have a letter to build, will ultimately receive licenses with no more than 50 licenses in total being approved by health Canada. Health Canada projects the Canadian medical marijuana industry will grow in the Billions in the next few years which is approved nationally. The current liberal minority government has made full legalization of Cannabis as its platform.

About Easton Pharmaceuticals

Easton Pharmaceuticals is a specialty pharmaceutical company involved in various pharmaceutical sectors and others industries such as medical marijuana. The Company owns, designs, develops, and markets topically-delivered drugs and therapeutic / cosmetic healthcare products, focused on cancer and other health issues geared towards male and female sexual dysfunction, wound healing, pain, motion sickness, scar and stretch marks, cellulite, varicose veins and other conditions. The company has ventured into the potentially lucrative medical marijuana industry through an investment into AMFIL Technologies and their groZONE anti-bacterial system and the exclusive option to purchase up to 50% in a medical marijuana grow-op business / facility 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.

For More Information Visit:
http://www.eastonpharmaceuticalsinc.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 "hope," "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. Any investment made into Easton Pharmaceuticals would be classified as speculative. 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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