NEW YORK, NY--(Marketwired - Aug 31, 2016) - Tauriga Sciences, Inc. (OTC PINK: TAUG) ("Tauriga" or "the Company"), a life sciences technology Company currently engaged as the plaintiff in a major federal litigation, today announced that it has filed two motions with the Federal Court (Southern District Florida) to both compel the Deposition of Mr. William Meyler and the Written Discover Materials to be Provided by Cowan Gunteski & Co. P.A. ("Cowan Gunteski"), the Company's predecessor audit firm. These motions, which were filed by the Company on August 29, 2016, are to be considered by the presiding judge and magistrate pursuant to the federal lawsuit "Tauriga Sciences, Inc. v. Cowan, Gunteski & Co., P.A. et al" (Case #: 0:15-cv-62334).
This lawsuit (Case #: 0:15-cv-62334) against Cowan Gunteski was initially filed by the Company on November 4, 2015 and subsequent to that there was a lengthy mediation process. At this point in time, the Company has realized out of pocket cash losses and debts (inclusive of liquidated damages) that exceed $1,200,000 USD. The Company firmly believes that it has suffered substantial monetary damages as a result of the malpractice and subsequent conduct committed by Cowan Gunteski; the Company intends to prove such damages in its upcoming trial against Cowan Gunteski currently scheduled in January 2017. In aggregate the Company intends to seek award(s), during trial, well in excess of $4,000,000 USD; that figure is expected to continually increase as additional time lapses.
In recent activity, Judge Rosenberg denied the August 23, 2016 Motion filed by Cowan Gunteski: "MOTION for Protective Order Seeking a Stay of Discovery Pending Resolution of Defendants' Motion to Dismiss for Lack of Personal Jurisdiction or in the Alternative to Transfer for Improper Venue." The Company was pleased with this ruling as it helped ensure that the discovery and litigation will proceed regardless of the final location of the trial.
While effectively prosecuting its lawsuit against Cowan Gunteski, the Company continues to realize important progress in other areas of concern. The Company continues to progress in its efforts to regain its status as a fully reporting U.S. public Company and is currently working diligently towards the task of completing and filing its Fiscal Year 2016 Annual Report ("FY '16 Form 10K") for the period ending March 31, 2016. Additionally, the Company continues to successfully secure private placement capital (priced at $0.004 per share), which has enabled the Company to function efficiently and effectively towards achieving its goals.
Tauriga CEO Seth M. Shaw expressed, "The Company has focused intently on protecting shareholders' interests through its litigation against Cowan Gunteski and in its efforts to file the few remaining delinquent SEC filings. Tauriga and its management team are taking the steps to hold Cowan Gunteski fully accountable and the Company remains highly confident in both the strength of its case as well as the evidentiary record supporting the litigation."
About TAURIGA SCIENCES, INC.:
Tauriga Sciences, Inc. (OTC PINK: TAUG) is a diversified 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 (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.