TORONTO, ON--(Marketwired - Jun 18, 2015) - Galileo Life Sciences, Inc. ('the Company") (
Contrary to press releases on June 1, 2015 and June 17, 2015 by Easton Pharmaceuticals, there have been no discussions or negotiations to resurrect the option agreement signed by the companies in June of 2014. Easton has seriously misrepresented the facts and had been previously notified of specific breaches of their agreement with MDRM GROUP (Canada) Ltd. that have led to the termination of the option. There is no litigation pending between the owners of the referred to farm and Galileo Life Sciences, which through its wholly owned Canadian subsidiary has executed a definitive agreement to acquire 100% of the shares of the Eastern Ontario property that is currently awaiting final inspection.
Subsequent to the June 17 press release, MDRM challenged Easton as to the flagrant abuse of the facts in the matter and insinuations against management of the company. Our approach has been conciliatory and remedial at all times. We offered to jointly communicate the truth of the matter in a press release today. Easton agreed to issue a retraction and apology for the unprofessional and damaging distortion of facts in the matter but as off this morning have refused to cooperate and set the record straight for their shareholders and ours. Any further action in the matter will be with counsel for the companies.
Over and above this matter, Galileo Life Sciences management will communicate to shareholders on a regular basis. There is a lot going on. Regulations regarding reporting are stringent, and onerous. While every effort will be made to report on a much more regular basis, much of the information is at a stage that is protected by non-disclosure agreements. We will endeavor to keep our loyal shareholders up to date and current to the point we are able to do so, and appreciate your ongoing loyalty and support throughout this process.
There will be some additional updates regarding the management team and board in the days ahead.
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 discussion, the words "pleased," "believe," "expects," "reflects," "aligned," "anticipates," "planned" 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. There are no guarantees or assurances that any initiatives will result in what the Company had originally intended. Any investment made into Galileo Life Sciences, Inc., would be classified as speculative and risky. 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.
Galileo Life Sciences, Inc.
Preston J. Shea
President, Treasurer and Secretary