NEW YORK, NY--(Marketwired - Jun 28, 2016) - Tauriga Sciences, Inc. (OTC PINK: TAUG) ("Tauriga" or "the Company"), a life sciences technology company, today announced that it has extinguished the outstanding judgement owed to Cherry Bekaert LLP ("Cherry Bekaert"), as well as the outstanding balance owed to the arbitrator. The Company paid a total of $53,707.91 USD to satisfy this judgement and arbitrator invoice, concluding with a cash payment of $32,207.91 USD wired this morning. Tauriga's previous management team had contracted Cherry Bekaert to perform derivative liability valuation services with respect to convertible debentures that had been outstanding at that time. Tauriga's predecessor audit firm, Cowan Gunteski & Co. P.A. ("Cowan Gunteski"), had directed the previous management team to retain Cherry Bekaert, primarily regarding the fiscal year end 2014 audit.
During the arbitration that occurred in Miami, Florida in November 2015, the arbitrator assigned to the case awarded Cherry Bekaert this judgement totaling $53,707.91 USD, inclusive of arbitrator's fee and applicable interest. The law firm representing Cherry Bekaert granted Tauriga an extension through July 1, 2016 to fully satisfy this outstanding judgement ("the Award"). The Company plans to seek full reimbursement of this $53,707.91 USD as well as the $25,000 USD it previously paid to Cherry Bekaert for an aggregate amount of $78,707.91 USD through its ongoing litigation against Cowan Gunteski. The Company believes that it has the legal grounds to seek this $78,707.91 USD at trial, and has thus included such in its damages sought. As previously disclosed, the Company is seeking total monetary damages against Cowan Gunteski and its malpractice insurance provider that substantially exceed $3,000,000 USD.
Additionally the Company is preparing its response to the multiple motions filed by Cowan Gunteski on June 13, 2016; this response is due to be filed by close of business Thursday, June 30, 2016. The Company plans to issue a press release to shareholders, once this response is filed with the Federal Court in the Southern District of Florida.
Tauriga's CEO, Mr. Seth M. Shaw, expressed, "The Company is continuing to work diligently to overcome adversity and build a strong foundation for the future. This outstanding judgement owed to Cherry Bekaert represented a potentially significant risk to shareholders if left unresolved. The Company intends to hold Cowan Gunteski wholly liable for this $78,707.91 USD as the vast majority of this derivative liability work applied to the fiscal year end 2014 audit which was rendered not usable due to Cowan Gunteski's malpractice and subsequent conduct."
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: 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, 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.