Business
Easton Pharmaceuticals Reaches Agreement to Take Over Hotel and $17,000,000 Real Estate Asset in Heart of Toronto, Canada
Easton Pharmaceuticals Reaches Agreement to Take Over Hotel and $17,000,000 Real Estate Asset in Heart of Toronto, Canada.
About this update from Easton Pharmaceuticals Inc
[{"type":"text","content":"\nTORONTO, ON, Sept. 27, 2018 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Easton Pharmaceuticals Inc. (OTC: EAPH) is pleased to announce that it has reached an agreement on the main terms to take over an operating boutique hotel and real estate asset in the heart of Toronto, Ontario, Canada. \n After several weeks of negotiations, Easton has reached a consensus on the main terms that will form the final agreement whereby Easton will take ownership of an operating Boutique Hotel located on Bay Street in the heart of Toronto’s Financial District and the City’s main tourist attractions. Once the transaction is completed, Easton has plans in place that will increase revenues to over $8,000,000 per year, which it intends to implement shortly after closing. The property currently has a value in excess of $17,000,000 CDN and its coveted location makes it a prime re-development opportunity for residential condominiums / office space and hotel at some point in the future. Easton expects to have a final agreement signed by October 16, 2018 or shortly thereafter notwithstanding any unforeseen delays on other minor terms still to be agreed to. Full details on property location and business will be made available shortly or once the transaction is completed and approved. In other news, Easton is in the final stages of negotiations to be the majority partner or participate in another operating Casino in the United States that currently has existing revenues and profits. Easton hopes to finalize and close on both the Toronto Hotel and the operating casino in the near term while it also negotiates on other similar potential transactions in Europe brought forward through Easton CEO, Mr. Evan Karras and his extensive relationships. Updates on both projects will be disclosed as they are made available and approved for release. In other news, a court hearing on the Georgina property permit dispute with the township of Georgina, located in Ontario, Canada was adjourned by the township on September 13th with a new court date to soon be set. Easton and its partner Alliance (o/s 1124123 Ontario Inc.) jointly own a 135-acre property which is currently zoned for aggregate and recycling, but the township stopped its soil operations which started in June of this year, following a court order. Easton / Alliance believe it has a s...