NEW YORK, May 9, 2014 (GLOBE NEWSWIRE) -- Tauriga Sciences Inc. (OTCQB:TAUG) or ("Tauriga" or "the Company"), a diversified life sciences company with a proprietary microbial fuel cell technology and a pending acquisition in the medicinal cannabis space, has today provided shareholders with several updates to disclose meaningful progress realized by the Company in recent days. The Company is mindful of the recent volatility in its share price and decided to issue this update to address some of the potential investor concerns.
The Company is committed to completing its pending acquisition of California-based Honeywood LLC ("Honeywood" or "Doc Greens"), a developer of topical medicinal cannabis products currently sold in legal dispensaries throughout California, upon the successful completion of its comprehensive due diligence processes and protocols. The Company plans to continue to update shareholders throughout the process. In addition, the Company has been evaluating potentially intriguing opportunities in the cannabis natural medicine space and will continue to contemplate additional partnerships and acquisitions to increase exposure to that emerging market segment. The requisite funding remains in place pursuant to the closing terms and conditions set forth in the definitive merger agreement executed on March 10, 2014 between Tauriga and Honeywood. With the recent appointment of Dr. Lawrence A. May ("Dr. May") as Chief Medical Officer ("CMO"), the Company is developing its natural medicine presence beyond medicinal cannabis, and has begun formulating a line of dietary supplements that address cannabis-related effects (e.g. to address memory/cognitive function, depression, appetite, etc.) but that do not contain cannabis oil.
Tauriga's wholly-owned subsidiary Pilus Energy LLC continues to realize important progress highlighted by the March 26, 2014 announcement of its first commercial pilot test with Metropolitan Sewer District of Greater Cincinnati ("MSDGC"). The Company has already submitted a second commercial pilot test contract proposal to another potential customer; a multi-billion dollar global beverage manufacturer and is awaiting revisions from the legal department of that company. Additionally the Company has established a good working relationship with Stantec Inc. and will be meeting with principals of that Company in Cincinnati, Ohio on May 28, 2014 to strengthen the technical support for the commercial pilot tests. The Company believes that if these scaled up commercial pilot tests are successful, it could provide a clear pathway to future recurring revenues.
Tauriga's CEO Dr. Stella M. Sung expressed, "The Company is working extremely hard to create shareholder value and believes that it is making progress. While management is mindful of the market volatility and corresponding investor apprehension, the management team remains laser-focused on building the fundamentals and evaluating potentially lucrative opportunities. Lastly, I would like to stress that the Company's balance sheet is much improved due to the recent completion of the $1,100,000 USD private placement at a price of 6 cents per share."
About Tauriga Sciences, Inc.:
Tauriga Sciences, Inc. (OTCQB:TAUG) is a diversified life sciences company focused on generating profitable revenues through license agreements and the development of a proprietary technology platform in the nano-robotics space. The mission of the Company is to acquire and build a diversified portfolio of cutting edge technology assets that is capital efficient and of significant value to the shareholders. The Company's business model includes the acquisition of licenses, equity stakes, rights on both an exclusive and non-exclusive basis, and entire businesses. Management is firmly committed to building lasting shareholder value in the short, intermediate, and long terms. On March 10, 2014, Tauriga signed a definitive agreement to acquire a California based topical cannabis cream company. Please visit the Company's corporate website at (www.tauriga.com).
NON-SOLICITATION:
This press release does not constitute an offer to sell or the solicitation of an offer to buy any of these securities, nor will there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale is not permitted. Any securities offered or issued in connection with the above-referenced merger and/or investment have not been registered, and will be offered pursuant to an exemption from registration.
DISCLAIMER:
Forward-Looking Statements: Except for statements of historical fact, this news release contains certain "forward-looking statements" as defined by the Private Securities Litigation Reform Act of 1995, including, without limitation expectations, beliefs, plans and objectives regarding the development, use and marketability of products. Such forward-looking statements are based on present circumstances and on TAUG's predictions with respect to events that have not occurred, that may not occur, or that may occur with different consequences and timing than those now assumed or anticipated. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, and are not guarantees of future performance or results and involve risks and uncertainties that could cause actual events or results to differ materially from the events or results expressed or implied by such forward-looking statements. Such factors include general economic and business conditions, the ability to successfully develop and market products, consumer and business consumption habits, the ability to fund operations and other factors over which TAUG has little or no control. Such forward-looking statements are made only as of the date of this release, and TAUG assumes no obligation to update forward-looking statements to reflect subsequent events or circumstances. Readers should not place undue reliance on these forward-looking statements. Risks, uncertainties and other factors are discussed in documents filed from time to time by TAUG with the Securities and Exchange Commission. This press release does not and shall not constitute an offer to sell or the solicitation of any offer to buy any of the securities, nor shall there be any sale of the securities, in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. The securities have not been registered under the Securities Act of 1933, as amended (the "Securities Act") or any state securities laws, and may not be offered or sold in the United States absent registration, or an applicable exemption from registration, under the Securities Act and applicable state securities laws.