NEW YORK, NY--(Marketwired - Jun 27, 2016) - Tauriga Sciences, Inc. (OTC PINK: TAUG) ("Tauriga" or "the Company"), a life sciences technology company, today announced that it has completed an additional $194,000 USD in equity private placement financing from six Connecticut and Rhode Island based accredited individual investors. In total since March 2016, the Company had completed equity private placements in aggregate for $299,500 USD.
The proceeds from this additional $194,000 USD private placement will be used/have been used for general & administrative purposes, most specifically to fund the Company's ongoing litigation against its predecessor audit firm Cowan Gunteski Co. P.A. ("Cowan Gunteski"), including responding to the multiple motions filed by Cowan Gunteski on June 13, 2016, settle some additional outstanding financial obligations and fund any costs associated with the process of evaluating potential acquisition opportunities.
The Company has identified a potential acquisition opportunity in the technology space and is in the process of conducting its preliminary due diligence. Should the Company progress to an agreement, shareholders will be notified via a press release and Current Report on Form 8-K.
Tauriga's CEO Mr. Seth M. Shaw expressed, "The Company is pleased to have completed this additional equity private placement. The Company continues to work diligently in its efforts to regain its status as a fully reporting Company and continues to make meaningful progress with respect to this important corporate milestone. The Company has worked extremely hard to accomplish this goal as quickly as possible. Lastly, the Company is firmly committed to prosecuting its case against Cowan Gunteski through the trial regardless of any potential venue changes, and remains confident in the strength of its case and the factual record."
About TAURIGA SCIENCES, INC.:
Tauriga Sciences, Inc. (OTC PINK: TAUG) is a life sciences company focused on generating profitable revenues through its present and future holdings. 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. Please visit the Company's corporate website at www.tauriga.com
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
To the extent that statements contained in this press release are not descriptions of historical facts regarding Tauriga, they are forward-looking statements reflecting the current beliefs and expectations of management made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Words such as "believe," "may," "will," "expect," "anticipate," "estimate," "intend," and similar expressions (as well as other words or expressions referencing future events, conditions or circumstances) are intended to identify forward-looking statements. Examples of forward-looking statements contained in this press release include, among others, statements regarding our ability to prosecute successfully the litigation against Cowan Gunteski and the prospects of a potential acquisition. Tauriga undertakes no obligation to update or revise any forward-looking statements. The quoting and trading of the company's common stock on the OTC Market Group's OTC Link quotation system is often thin and characterized by wide fluctuations in trading prices, due to many factors that may have little to do with the company's operations or business prospects. As a result, there may be volatility in the market price of the shares of the company's common stock for reasons unrelated to operating performance. Moreover, the OTC Market Group's OTC Link quotation system is not a stock exchange, and trading of securities on it is often more sporadic than trading of securities listed on the NASDAQ Stock market or another securities exchange.