Tauriga Sciences Inc. Provides Shareholders With End of Quarter Business Update
NEW YORK, Oct. 1, 2013 (GLOBE NEWSWIRE) -- Tauriga Sciences Inc. (OTCQB:TAUG) ("Tauriga" or "the Company"), a diversified company focused on generating profitable revenues through license agreements and evaluating potentially lucrative acquisition targets in an industry agnostic manner, has today provided a business update, as the Company's 2nd fiscal quarter 2014 ended on September 30, 2013. About two weeks ago, the Company received the first product samples of 100% Tree Free Bamboo-Based printing and photo copy paper from Green Hygienics Inc.
("GHI"), Tauriga's exclusive licensor for the North American marketplace, which has enabled, the Company to present the product to a number of potential customers. Tauriga is confident that it will receive purchase orders during this present quarter, ending December 31, 2013. In addition, the Company anticipates that GHI will ship more product samples (such as: disinfectant wipes, napkins, paper towel, cosmetic wipes, diapers, etc.) during the present quarter which could significantly expand the existing revenue opportunities. The Company will keep shareholders informed with respect to progress in generating revenue as well as the receipt of meaningful customer purchase orders.
Under terms of the exclusive license agreement with GHI, Tauriga will realize 100% of the revenue from purchase orders (pertaining to the license agreement), with net profits being split 50%/50% between the licensor and the licensee.
As of September 30, 2013 ("End of Quarter") the Company confirms that its cash position is approximately $200,000 USD and in addition to that, the value of its marketable securities (625,000 common shares of Green Innovations LTD) is approximately $127,500 USD. The 625,000 common shares of Green Innovations Ltd. are restricted until the approximate date of December 01, 2013, however the Company is not required or obligated to sell any shares at such time. Over past few months the Company has been successful at reducing its monthly cash burn rate, so it does not anticipate any pressing liquidity issues in the near term. Management is also working diligently to generate profitable revenues from the above-mentioned license agreement, with the corporate goal of offsetting monthly cash losses that are inherent costs of running and sustaining a fully reporting public company.
Additionally as previously disclosed, on September 19, 2013, the Company signed a non-binding Letter of Interest ("LOI") with a Cincinnati, Ohio based synthetic biology firm developing a cutting edge technology platform in the NanoRobotics space. The Company can now confirm that a meeting has been scheduled on October 14, 2013 in Cincinnati, Ohio between Tauriga and the synthetic biology firm. The Company will inform shareholders via a press release, should a business transaction or agreement be consummated.
Tauriga's CEO Seth M. Shaw stated, "The Company's management and board of directors have worked tirelessly to evaluate potentially lucrative business opportunities to both restore and create shareholder value.
After dealing with significant adversity earlier this year, the Company once again has a bright future and the ability to be successful in the short, intermediate, and long terms. The Company has maintained strong relationships with its numerous institutional investors and thus has viable sources for raising additional capital, should a business transaction or agreement require that at some future point."
About Tauriga Sciences, Inc. (TAUG):
Tauriga Sciences, Inc. is a a diversified company focused on generating profitable revenues through license agreements and evaluating potentially lucrative acquisition targets in an industry agnostic manner. 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. The Company's new corporate website can be found at www.tauriga.com.
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 TAUG'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 TAUG has little or no control. Such forward-looking statements are made only as of the date of this release, and TAUG 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 TAUG 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: For further information regarding
Tauriga Sciences, Inc.:
Mr. Seth M. Shaw
Chairman & Chief Executive Officer
Tauriga Sciences, Inc.
New York: +1-917-796-9926
Posted: October 2013