Business
Easton Pharmaceuticals Turns to Profit in Q1, Provides Business Update
Easton Pharmaceuticals Turns to Profit in Q1, Provides Business Update.
About this update from Easton Pharmaceuticals Inc
[{"type":"text","content":"\nTORONTO, June 13, 2019 (GLOBE NEWSWIRE) -- via NetworkWire -- Easton Pharmaceuticals Inc. (OTC: EAPH) (“Easton” or “the Company”) announces it has filed its quarterly report for the three months ended March 31, 2019, and provides several key updates on its business initiatives.\n Q1 Filing In the first quarter of 2019, Easton Pharmaceuticals recorded revenues of $612,689 and turned from a loss to post net income of $7,878. Revenues were generated from the Company’s contract with a prominent developer to frame 150 new homes in Whitby, Ontario, Canada, under its newly created real estate development division. This is the first of several revenue-generating contracts underway, demonstrating the Company’s continued efforts to build a solid foundation and add shareholder value. Business Update As part of its broader growth strategy, Easton Pharmaceuticals has created four new divisions while maintaining its pharmaceutical division and distribution agreement with Bayer. The new real estate development division will manage ownership of the Company’s properties in Georgina, Ontario, and Cobourg, Ontario. Easton Pharmaceuticals is considering additional usage options for the Georgina property that are currently permitted under its zoning, such as self-storage units or a possible residential development. Meanwhile, the Company is preparing to submit a new site plan application for its proposed residential development of multiple units on the Cobourg property, with projected profits to exceed $30 million over the next three years. The real estate division will also provide construction services to builders and other clients. The aforenoted revenue-generating contract is ongoing, with expectations that more homes will be added and the contract extended. Easton’s recently created gaming division is expected to launch its games in a casino in the United States by Q3 2019. The Company also recently completed its acquisition of Supreme Sweets, a food processing company in Toronto, Ontario, which marks Easton’s entry into the food and beverage industry and the creation of its food and beverage division. Easton has taken over the management of Supreme Sweets and is continuing to sell products to its DSD (direct sales delivery), co-packing and corporate clients. Supreme Sweets has recent...