SOURCE: Tauriga Sciences, Inc.

Tauriga Sciences, Inc.

May 11, 2016 08:00 ET

Tauriga Sciences, Inc. Receives Notification From Federal Court That Its Trial Date Will Be January 23, 2017; Company Seeking Monetary Award(s) Exceeding $3,000,000 USD in Litigation Against Predecessor Audit Firm Cowan Gunteski & Co. P.A.

NEW YORK, NY--(Marketwired - May 11, 2016) - Tauriga Sciences, Inc. (OTC PINK: TAUG) ("Tauriga" or the "Company"), a diversified life sciences technology Company, today announced that it has been notified by the Federal Court (Southern District Florida) that the Company's Trial against its predecessor audit firm, Cowan Gunteski & Co. P.A. ("Cowan Gunteski" or "Cowan"), will take place on January 23, 2017 ("the Trial Date" or "the Trial"). The Trial will take place at 9:00 am EST in West Palm Beach Division ("Southern District Florida") before Judge Robin L. Rosenberg. Additionally the Pretrial Conference has been set for 9:30 am EST December 07, 2016 and the Calendar Call has been set for 9:00 am EST January 18, 2017.

This Federal lawsuit 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 $925,000 USD. Additional potential damages include but are not limited to: inability to properly maintain Pilus Energy's Intellectual Property ("Pilus IP"), the July 31, 2015 delisting of TAUG shares from OTCQB to Pink Sheets, loss of market capitalization ("market cap"), loss of trading liquidity ("trading volume"), inability to remedy filing delinquency due to Cowan's failure to return Tauriga's FY 2013 & 2014 work papers timely, and loss of substantial business opportunities. In aggregate the Company intends to seek monetary award(s), during trial, well in excess of $3,000,000 USD; that figure is expected to continually increase as additional time lapses. On a positive note, Cowan Gunteski has substantial insurance coverage for its malpractice ("insurance coverage").

Tauriga's CEO Mr. Seth M. Shaw expressed, "The Company was delisted on July 31, 2015 and severely damaged due to the malpractice and subsequent conduct committed by Cowan Gunteski. The Company believes strongly that the factual record supports its claims and damages sought and awaits the opportunity to protect shareholders' interests through this important Federal trial."

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

NON SOLICITATION:

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.

DISCLAIMER:

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.

Contact Information

  • Tauriga Sciences, Inc.
    Mr. Seth Shaw
    Chief Executive Officer
    Tel: 1-917-796-9926
    Email: sshaw@tauriga.com