NEW YORK, NY--(Marketwired - Mar 28, 2017) - Tauriga Sciences Inc. (OTC PINK: TAUG) ("Tauriga" or "the Company"), a Company engaged in building businesses in the life sciences space, has today announced that it has secured additional financing in excess of $100,000 USD from two existing institutional investors as well as one accredited individual investor. This is a significant development for the Company, at this time, because it enables the Company to commence the audit work pertaining to its Fiscal Year 2017 ("FY '17") Year End (Period Ending March 31, 2017) in a timely manner. This substantially reduces the possibility of the Company becoming delinquent in filing its upcoming periodic SEC Filing(s). It also helps the Company work towards the achievement of its most important corporate milestones; defined as: the successful prosecution of its ongoing litigation ("the lawsuit") against its predecessor audit firm Cowan Gunteski & Co. PA ("Cowan Gunteski") and the evaluation of potentially lucrative business opportunities to create shareholder value. The Company also believes that it has effectively preempted a major potential risk to shareholders by successfully addressing the issue of financing its FY '17 audit work at this relatively early period of time.
Structurally this $100,000+ USD financing consisted of two convertible debentures and two equity private placements (priced at $.0025 per share). A Form 8-K will be filed by the Company within the next few days, fully disclosing the terms and conditions of this financing.
MOST RECENT UPDATE ON THE LAWSUIT (Case No. 15-CV-62334):
The lawsuit is titled "Tauriga Sciences, Inc. v. Cowan, Gunteski & Co. P.A. et al" and is being tried in Federal District Court of New Jersey ("the Court" or "New Jersey Federal"); Case No. 15-CV-62334. As mentioned in the Company's recent press release dated March 7, 2017, a Trial Status Conference ("Status Conference") has been scheduled for the date April 17, 2017. The Company is hopeful that the date of the Trial ("Trial Date") will be set during this April 17th Status Conference. The Company is seeking monetary damages at Trial in excess of $4,500,000 USD and the Company firmly believes in the merits of its case as well as the evidentiary record.
Tauriga's CEO, Mr. Seth M. Shaw, commented, "The Company believes that both maintaining its fully reporting status as well as successfully prosecuting its ongoing litigation are of extreme long term importance to its shareholders. It is crucially important that Tauriga makes it to the finish line with respect to this ongoing litigation and subsequent to that management can focus exclusively on creating business opportunities to enhance shareholder value. Despite suffering severe damage as a result of its July 31, 2015 delisting, the Company has preserved and strongly believes that its shareholders deserve a successful future."
ABOUT TAURIGA SCIENCES, INC.
Tauriga Sciences, Inc. (OTC PINK: TAUG) is a fully reporting life sciences company engaged in the development, marketing, distribution and potential licensing of a broad array of products and technologies that may help individuals who are affected by muscle tension. The Company has already identified potential products and technologies of interest and is actively working towards the goal of creating an innovative product line to launch the business activities of ColluMauxil Therapeutics LLC (The Company's previously announced new planned wholly owned subsidiary). The Company believes that one of its most important strengths is its access to and relationships with potentially substantial distribution systems and networks. The Company intends to capitalize on distribution opportunities and will continually update shareholders on such developments. The Company is also prosecuting (as Plaintiff) its ongoing malpractice lawsuit against its predecessor audit firm, for which it's seeking monetary damages in excess of $4,500,000 USD.
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, expects, anticipates, believes, hopes, beliefs, plans and objectives regarding the development, use and marketability of products as well as the attainment of certain corporate goals and milestones (i.e. SEC Periodic Filings, Filing of Proxies, etc.). 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.