New York, Oct. 25, 2018 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Tauriga Sciences, Inc. (TAUG) (“Tauriga” or the “Company”), engaged in building its business through the development, distribution, and licensing of proprietary products as well as the evaluation of potential acquisition opportunities and equity investments, today announced that the Company has reached two distinct agreements to retire the entirety of its remaining outstanding convertible debt. As of the end of its 2ndFiscal Quarter of 2019 (Period: July 1 – September 30, 2018), the Company maintained three convertible notes on its balance sheet:
- $15,000 Face Value Note (Individual Investor) dating to February 2013
- $48,000 Face Value Back-End Note (GS Capital) dating to March 2018
- $28,000 Face Value Note (GS Capital) dating to May 2018
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$91,000 Aggregate Face Value
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In aggregate, the Company has agreed to tender cash payment(s) totaling $115,316.44 to fully repay and retire these three above-mentioned remaining convertible debentures. As a result, there will be no conversions resulting from the retirement of this debt.
In other events, the Company continues to progress in the due diligence process – relating to its proposed acquisition of a California based OMEGA-3 product and technology. The Company is hopeful that this acquisition will be completed during this current quarter (subject to the satisfactory completion of all due diligence).
Tauriga’s CEO, Seth M. Shaw, expressed, “The Company is pleased to have reached these agreements to retire the remainder of its outstanding convertible debt. Management believes that a valuable company is being built for the long term, so it was of great importance to protect the capital structure. The Company also remains highly confident in the quality of its balance sheet and will continue to work towards its goal of both restoring and creating shareholder value.”
The Company is appreciative of the support it has received from GS Capital over the past 2 years and looks forward to continuing this important relationship.
About Tauriga Sciences, Inc.
Tauriga Sciences, Inc. (TAUG) is engaged in building business through the development, distribution, and licensing of proprietary products as well as the evaluation of potential acquisition opportunities/equity investments. The Company is currently evaluating potential acquisition candidates, as previously disclosed, to create lasting shareholder value. Additionally, the Company is working diligently to identify potential opportunities to generate revenue and leverage its considerable resources and expertise to build a diversified and sustainable business model. On October 3, 2018, the Company entered into a 45 day MOU to acquire a product and technology centered around the science of OMEGA-3 fish oil. Please visit our corporate website at www.tauriga.com
Forward-Looking Statements
This press release contains certain “forward-looking statements” as defined by the Private Securities Litigation Reform Act of 1995 which represent management’s beliefs and assumptions concerning future events. These forward-looking statements are often indicated by using words such as “may,” “will,” “expects,” “anticipates,” believes, “hopes,” “believes,” or plans, and may include statements regarding corporate objectives as well as the attainment of certain corporate goals and milestones. Forward-looking statements are based on present circumstances and on management’s present beliefs with respect to events that have not occurred, that may not occur, or that may occur with different consequences or timing than those now assumed or anticipated. Actual results may differ materially from those expressed in forward looking statements due to known and unknown risks and uncertainties, such as are not guarantees of general economic and business conditions, the ability to successfully develop and market products, consumer and business consumption habits, the ability to consummate successful acquisition and licensing transactions, fluctuations in exchange rates, and other factors over which Tauriga has little or no control. Many of these risks and uncertainties are discussed in greater detail in the “Risk Factors” section of Tauriga’s Form 10-K and other filings made from time to time with the Securities and Exchange Commission. Such forward-looking statements are made only as of the date of this release, and Tauriga assumes no obligation to update forward-looking statements to reflect subsequent events or circumstances. You should not place undue reliance on these forward-looking statements.