NEW YORK, July 17, 2014 (GLOBE NEWSWIRE) -- Tauriga Sciences, Inc. (OTCQB:TAUG) ("Tauriga" or "the Company"), a diversified life sciences company, is responding to a negligent article which disseminated materially false information about the Company. This article titled "Tauriga Sciences Inc. has Turbulent Start to the Week," by Georgi Kamburov was published on July 16, 2014 by Hotstocked. This article was brought to the Company's attention by several shareholders, and the misinformation was so egregious that management believes a public rebuttal is necessary.
The article in question stated that the Company's "outstanding shares increased by close to three times and reached 647 million at the end of March 2014 . . . as a result of Convertible notes." The Company believes that this statement is misleading and false. The share count did increase to an extent as a result of necessary financing activities (part of which were convertible notes and part of which were private placements). However the main reason for the significant increase in outstanding shares was because the Company negotiated two acquisitions and one strategic alliance. Tauriga entered into a strategic alliance with Bacterial Robotics on October 29, 2013, and Tauriga acquired Pilus Energy LLC on January 28, 2014; The Company acquired Honeywood LLC in July, 2014. It is both negligent and misleading that the article would project to the public that convertible notes were solely responsible for the large increase in Tauriga's outstanding shares.
In addition, the article in question incorrectly states that "The Company still has $163 thousand of convertible notes remaining and on June 24 they entered into a Securities Purchase Agreement with Typenex-Co. LLC for the principal amount of $550 thousand." The Company announced in a March 24, 2014 press release that it had fully retired all convertible debt held by Typenex-Co, LLC. Since then the Company has worked diligently to reduce and eliminate all remaining convertible debt. The Company never entered into $550,000 Securities Purchase Agreement on June 24, as can be confirmed by John Fife of Typenex-Co. LLC. This misinformation, published in the article, implies that the Company has continued to increase its convertible debt and is destined for vast dilution, when in fact the amount of convertible debt has been drastically reduced.
As of July 13, 2014, the Company reported as a subsequent event in its Form 10K ("annual report") that its cash position was $643,000 USD and its total remaining convertible debt was $163,000 USD. The Company is excited about its future prospects and is fully committed to retiring all remaining convertible and is working diligently to accomplish that important task.
About Tauriga Sciences, Inc.:
Tauriga Sciences, Inc. (TAUG) is a diversified life sciences company focused on generating profitable revenues through license agreements and the development of a proprietary technology platform in the synthetic biology space. 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. On July 13, 2014, Tauriga acquired a California based topical cannabis cream company. 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 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: Tauriga Sciences, Inc.: Dr. Stella M. Sung, Chairman and Chief Executive Officer Tauriga Sciences, Inc. www.tauriga.com San Diego: + 1-858-353-5749 Montreal: + 1-514-840-3697 Email: email@example.com
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