TORONTO, ON--(Marketwired - Nov 13, 2014) - Easton Pharmaceuticals Inc. (OTC: EAPH) announces engaging independent auditor Kapadia Chartered Accountants Professional Corporation of 28 Count Crystan Ave, Markham, Ontario, Canda L6C 0K3.
Easton has provided a retainer and has formally engaged accredited Auditor Kapadia Chartered Accountants PC to perform an independent audit on the company's financial statements for the years ending 2013 and 2014 utilizing IFRS* International Auditing Standard. Additional supplemental filings are expected to follow for full compliance with PCAOB requirements.
This audit is part of the company's previously stated strategy to provide more disclosure and to keep with its commitment on moving forward with various initiatives including, acquisitions, upgraded listings, a dual listing in Canada as well as completion of financing which all require an independent audit to IFRS / PCAOB standards.
The auditor has been provided with all required financial documents and supporting documents and data to try and expedite the process as much as possible. Easton management will provide updates as soon as they are made available starting with the completion of the fiscal 2013 audit. Current estimates provided is for completion prior to the end of the month.
*IFRS; The U.S. FASB has committed to converge U.S. GAAP with IFRS. The U.S. SEC in 2007 eliminated the requirement for foreign private issuers to reconcile to U.S. GAAP if they report under IFRS, and a move is afoot to simply replace U.S. GAAP with IFRS. A decision is due within the next two years: if in the affirmative, all U.S. public companies could convert to IFRS beginning in 2015.
http://www.pwc.com/us/en/issues/ifrs-reporting/publications/ifrs-and-us-gaap-similarities-and-differences.jhtml
**The Public Company Accounting Oversight Board (PCAOB) is a private-sector, nonprofit corporation created by the Sarbanes-Oxley Act of 2002 to oversee the audits of public companies and other issuers in order to protect the interests of investors and further the public interest in the preparation of informative, accurate and independent audit reports. Since 2010, the PCAOB also oversees the audits of broker-dealers, including compliance reports filed pursuant to federal securities laws, to promote investor protection. All PCAOB rules and standards must be approved by the U.S. Securities and Exchange Commission (SEC). In creating the PCAOB, the Sarbanes-Oxley Act required that auditors of U.S. public companies be subject to external and independent oversight for the first time in history. Previously, the profession was self-regulated.The PCAOB has four primary functions in overseeing these auditors: registration, inspection, standard setting and enforcement.
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 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.