Tauriga Fully Repays $45,000 USD Face Value Convertible Debenture For One-Time Cash Payment Of $72,457.89 USD & Conditional Deferred Issuance Of 10,000,000 Shares
Published: Oct 12, 2017
NEW YORK, NY--(Marketwired - October 11, 2017) - Tauriga Sciences, Inc. (OTC PINK: TAUG) ("Tauriga" or the "Company"), engaged in building businesses in the life sciences space, today announced that is has fully repaid and retired a $45,000 face value 12% convertible debenture (the "Note") held by Group 10 Holdings, LLC ("Group 10"). This convertible debenture, which was issued by the Company on November 7, 2016 and was due on November 8, 2017, has been fully repaid for a one-time cash payment of $72,457.89 received by Group 10 on October 10, 2017. Accordingly, this debt will be removed from the Company's balance sheet.
Further, there will be a settlement bonus of 10,000,000 shares of Tauriga common stock issued to Group 10, if and only if, both of the following criteria are met on close of trading day January 8, 2018:
- 1. The closing price of Tauriga is greater than or equal to $0.0004; and
- 2. Tauriga is current in its reporting responsibilities under Section 13 of the 1934 Securities & Exchange Act, as amended.
The Company's satisfaction of the above criteria does not impact the full retirement of the Note as of October 10, 2017.
ABOUT TAURIGA SCIENCES, INC.
Tauriga Sciences, Inc. (OTC Pink Current: TAUG) is engaged in building life sciences company through the development, marketing, distribution and potential licensing of a broad array of products and technologies. The Company is presently focused on its upcoming contemplated launch of a Cupuacu Butter based lip balm product branded under the name: Herman. The Company has previously disclosed that it plans to launch this product to the retail marketplace during mid-late Autumn of 2017. 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 $4,000,000. The Federal District Court New Jersey has confirmed that this Trial shall commence at 10:00am EST on November 14, 2017 (Trenton, New Jersey).
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.