TORONTO, ON--(Marketwired - Jun 17, 2015) - Easton Pharmaceuticals (
As per official notice being received by Galileo Life Sciences (formerly MDRM) on June 16th and public disclosure by Galileo, Easton Pharmaceuticals makes formal response to the erroneous cancellation of Easton's option and purchase agreement executed in June of 2014 and releases the following statement:
As a result of notice received from Galileo Life Sciences (formerly MDRM) that it has erroneously and without just cause canceled Easton's option and purchase agreement executed in June of 2014 which included a cash payment, Easton Pharmaceuticals (the "Company") has formulated an action plan commencing with Easton immediately moving forward with making direct contact to negotiate its own agreement with the private Ontario based medical marijuana grower who has received a letter to build from Health Canada.
Easton Pharmaceuticals (the "Company") is steadfast with its belief that its option and purchase agreement signed in June of 2014 with Galileo Life Sciences (formerly MDRM) remains in full force and will take what actions are necessary to enforce this. Easton believes MDRM's actions may be as a result of the private Canadian Medical Marijuana grower having moved closer and to the next level in its application process to obtain an MMPR growers license with health Canada. Contrary to Galileo's statements, Easton maintains that it's press release of June 8th 2015 and previous press releases regarding its Canadian medical marijuana initiatives involving the private Canadian medical marijuana grower were accurate with all details being a matter of public record, has not broken any terms of the signed option and purchase agreement, has always negotiated in good faith, but believes the same courtesy has not been returned, but was not legally able to contact and negotiate its own agreement until now. Furthermore, Health Canada does not have any stated laws or rules that prohibit the disclosure of names of company's who have applied for MMPR licenses nor has it prohibited any companies from involving themselves with other public company's or they themselves becoming public.
Easton has on several instances displayed its discontent with what was believed to be unethical business practices exhibited by Galileo (formerly MDRM) starting with its executed agreement in June 2014. Easton was never provided a copy of the original agreement between Galileo (formerly MDRM) and the private Canadian medical marijuana grower to view but was provided assurances its agreement exhibited the same terms as executed between Easton and MDRM. Easton was subsequently made aware that misrepresentations existed regarding its agreement signed with Galileo (formerly MDRM) whereby the Easton MDRM agreement had vastly different payment terms compared to the terms MDRM executed with the private Canadian medical marijuana grower. As a result, Easton subsequently attempted to change its agreement terms with MDRM. Over the past several months Easton has it well documented where it has formally requested a copy of the original agreement, which MDRM has refused to provide. In addition, Easton made several well documented requests and attempts over a span of several months to get an update on the status of the application process as well as be given assurances that Galileo (formerly MDRM) was in good standing with the private Canadian medical marijuana grower. Easton never received any response after the many repeated requests. Easton subsequently agreed to cancel its option agreement, which called for a return of funds to Easton. Several agreements and emails were exchanged with no payment being received following many promises by Galileo (formerly MDRM). On June 8th, Easton disclosed it would not cancel its option and would stay involved in the Canadian Medical Marijuana industry due to what are believed to be positive developments that Easton subsequently became aware of.
Easton believes Galileo (formerly MDRM) breached its agreement with Easton by not disclosing prior issues or problems with its agreement with the private medical marijuana company, and by its continued refusal to provide any type of updates or responses including being able to be involved in any negotiations and possible agreements executed between MDRM and the private medical marijuana Canadian grower as is Easton's right.
The stance taken by Galileo (formerly MDRM) now officially clears the way for Easton to directly contact the private medical marijuana grower who has received the letter to build from Health Canada and was one of the first to receive such a letter. Easton will now attempt to contact and make its own agreement with the private Ontario company where Easton believes it has the resources to negotiate a deal. Easton Pharmaceuticals has previously received a financing commitment from a private, accredited investor towards an MMPR grower's license in Canada. Although Easton wishes to resolve any disputes amicably, the Company will take all measures necessary to legally protect its rights starting with the negotiation of its own agreement or conversely to have its existing agreements enforced as well as possibly attempt to recoup any compensatory damages for the loss of other opportunities should the issue not be resolved to Easton's satisfaction.
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 and Latin America for patented women's diagnostic products and two generic cancer 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, a company who own rights to a product called the 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 other drugs and Cannabidiol extracts.
For More Information Visit:
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.
Nunzio Valerie Jr.
Tel: +1(416) 619-0291
Tel: +1(347) 284-0192