Accordingly, this debt has now been removed from the Company’s balance sheet.
New York, NY, Feb. 14, 2018 (GLOBE NEWSWIRE) -- Tauriga Sciences Inc. (OTC PINK Current Tier: TAUG) (“Tauriga” or the “Company”), engaged in building business through the development, distribution, and licensing of proprietary products as well as the evaluation of potential acquisition opportunities/equity investments, today announced that it has fully repaid and retired a $27,500 Face Value 8.00% convertible debenture (the “Note”) held by Adar Bays, LLC (“Adar Bays”); this Note was funded by Adar Bays on October 3, 2017 and was issued as a back end convertible note pursuant to an original debenture dated February 8, 2017, carrying a 10% original issue discount in the amount of $2,500 bearing an interest rate of 8% with a default rate of 24%. As this above-referenced Note was repaid in full (and in a timely manner) for a one-time cash payment of $39,312.78, there will be no conversions that occur in conjunction with this Note. Accordingly, this debt has now been removed from the Company’s balance sheet.
For more information on this Note, please review Tauriga’s recently filed Quarterly Report (see below link) on Form 10-Q for the 3rd Fiscal Quarter of 2018 (Period Ending: December 31, 2017):
Specifically:
Scroll to “PART I: FINANCIAL STATEMENTS” / “NOTE 8: NOTES PAYABLE AND CONVERTIBLE NOTES”
Then:
Please Review pages# F-17 and F-23, with the full description disclosed within (Paragraph (s), page # F-23)
Link to Filing:
https://www.sec.gov/Archives/edgar/data/1142790/000149315218001877/form10-q.htm
As disclosed in its January 9, 2018 press release (Titled: “Tauriga Sciences Inc. on Track to Become Completely Free of Convertible Debt”), the Company continues to believe that it is on track to become completely free of convertible debt by the end of its Fiscal Year 2018 (period ending: March 31, 2018). Although there can be no guarantees.
ABOUT TAURIGA SCIENCES, INC.
Tauriga Sciences, Inc. (OTC PINK: TAUG) is engaged in building business through the development, distribution, and licensing of proprietary products as well as the evaluation of potential acquisition opportunities/equity investments. The Company is presently focused on its upcoming contemplated launch of a Cupacu Butter based lip balm product branded under the name: Herman. 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. Please visit the 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, 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 consummate successful acquisition and licensing transactions 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.
CONTACT INFORMATION Tauriga Sciences Inc. 555 Madison Avenue, 5th Floor New York, NY 10022 Chief Executive Officer Mr. Seth M. Shaw Email: sshaw@tauriga.com cell # (917) 796 9926 www.tauriga.com
