NEW YORK, NY--(Marketwired - Oct 1, 2015) - Tauriga Sciences, Inc. (
The Company plans to utilize this capital infusion in the following meaningful manner:
1) The Company shall immediately pay to the law firm of Silverberg & Weiss sufficient retainer payment to prosecute malpractice lawsuit against predecessor audit firm Cowan & Gunteski and affiliated malpractice insurance provider(s). The Company is seeking more than $3,000,000 USD in damages (inclusive of out of pocket cash losses). The Company has opted against entering into a formal contingency agreement with Silverberg & Weiss at this time. The Company is hopeful that this matter will be settled in the short term but, if necessary, is prepared to protect the rights of shareholders via litigation. A press release reflecting the outcome of this important matter shall be issued to shareholders as soon as practicable.
2) The Company shall utilize part of above capital infusion to accelerate process of re-auditing Fiscal Year 2014 ("FY 2014") financial statements which have been rendered unusable due to malpractice committed by predecessor audit firm. Please see the following link which contains Tauriga Sciences' press release from July 31, 2015 discussing such matter (http://www2.marketwire.com/mw/release_html_b1?release_id=1209996. The Company is working extremely hard to expeditiously regain compliance with requirements that govern fully reporting publicly traded companies. The Company is hopeful that it can regain its listing on the OTCQB tier market before the end of 2015 (it currently traded on the OTC Pink Limited Information Tier).
3) The Company has entered into an agreement to acquire common shares equivalent to 20.1% of Eishin Co., Ltd. ("Eishin"), a high growth Japan-based company focusing on providing solutions to improve automobile combustion efficiency. "Eco-Spray", Eishin's key product made from 100% natural ingredients, is distributed in numerous Asian markets including China, Japan, Korea, India, UAE, Bangladesh, Cambodia, Philippines and Myanmar, and is currently being tested for expansion in North America. Tauriga has agreed to make an investment in Eishin for a total of US$ 180,000, of which half was paid on October 1, 2015 and the remainder to be paid by the end of October 31, 2015. Eishin's corporate website can be found at http://eishin-e.jp/en/.
4) The Company is working towards the continuation of the testing of Pilus Energy's proprietary Electrogenic Bioreactor ("EBR") technology with the aim of selling the technology and/or intellectual property to a potential industry partner.
5) The Company plans to settle several (relatively minor) outstanding liabilities which otherwise could have resulted in litigation and distraction(s) to management.
6) The Company is currently contemplating a potential acquisition target which management believes could increase shareholder value if successfully completed. The Company shall update shareholders with respect to any and all potential progress should such acquisition be realized.
Lastly, Tauriga's management wishes to express its sincere appreciation to ASP for continuing to support the Company in its efforts to restore and create shareholder value moving forward.
Tauriga's Chief Executive Officer, Seth M. Shaw, commented, "Tauriga is pleased to have completed this $180,000 USD financing with a continually supportive investment firm that truly has the best interests of the Company and its shareholders at heart. This is an investor that has previously invested substantial private placement capital into Tauriga at markedly higher prices than the current share price. The Company has set forth ambitious goals to be achieved over the next 90 days and expects to update shareholders frequently with respect to progress and resolution of important outstanding issues."
About TAURIGA SCIENCES, INC.:
Tauriga Sciences, Inc. (
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.
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 Tauriga'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 Tauriga has little or no control. 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. 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 Tauriga 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.