NEW YORK, July 18, 2013 (GLOBE NEWSWIRE) -- Tauriga Sciences, Inc. (OTCQB:TAUG), a diversified life sciences company focused on proprietary biotherapeutics and diagnostics, novel medical devices and consumer healthcare businesses, has today announced that its licensor, Green Innovations Ltd. (OTCQB:GNIN) (OTCBB:GNIN) ("Green Innovations" or the "Company"), through its wholly-owned subsidiary, Green Hygienics, Inc. ("Green Hygienics"), expects to soon offer class 100,000 ISO 8 critical environment standard which will provide the ability to offer products designed for the medical industry. These important milestones are being accomplished through Green Hygienics' exclusive licensed manufacturer, American Hygienics Corporation.
"This new state-of-the-art facility is the only facility to offer a class 100,000 ISO 8 in the wet wipe industry and we will be able to accommodate many of our customers with medical wipes and devices which will provide a 'one stop shop' in the wet wipe industry. This production facility will scale up our product capacity by over 60%," stated Philip Rundle, CEO of Green Innovations.
Tauriga's CEO Seth M. Shaw stated, "The ability to present such a high quality medical product is an impressive and important milestone for both companies, especially for Tauriga under terms of the exclusive 5 year license agreement. Our main target markets are hospitals, medical institutions, and private medical practices, and the ability to offer a product line of class 100,000 ISO 8 enhances our profile in the retail market place."
On May 31, 2013, Tauriga Sciences and Green Innovations entered into an exclusive 5 year License Agreement to market bamboo-based 100% tree-free medical products to the North American commercial marketplace. Under the terms of the License Agreement, Tauriga will realize the potential revenues generated from sales in North America, however the net profits will be split equally (50% each) between the two companies. Tauriga is working diligently to satisfy all material terms of this license agreement in the near term and has until close of business September 1, 2013 to accomplish this.
About Tauriga Sciences, Inc.
Tauriga Sciences, Inc. (TAUG) is a life sciences company that focuses on proprietary biotherapeutics and diagnostics, novel medical devices and consumer healthcare. The mission of the Company is to acquire and build a diversified portfolio of medical 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.taurigasciences.com.
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, 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.
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