NEW YORK, Aug. 1, 2013 (GLOBE NEWSWIRE) -- Tauriga Sciences Inc. (OTCQB:TAUG) (the "Company"), a diversified life sciences company focused on investing in proprietary biotherapeutics and diagnostics, novel medical devices and consumer healthcare, has today announced that its previously filed Registration Statement on Form S-1 was declared effective as of 9:00 am EDT on July 31, 2013 (the "Registration Statement").
The Registration Statement was filed in connection with the $5,000,000 Equity Enhancement Program ("EEP") with Hanover Holdings I, LLC ("Hanover"), an affiliate of Magna Group, which was announced on June 05, 2013. The Registration Statement covers the resale by Hanover of up to approximately 65 million shares that have been and may be issued under the EEP, a proprietary funding product of Magna Group, and up to approximately six million shares underlying a convertible note in the principal amount of $337,500 the Company issued to Hanover on May 22, 2013 in connection with a bridge financing. Upon the Registration Statement becoming effective, $56,250 of the outstanding principal amount of the note, along with accrued and unpaid interest with respect to such portion of the principal amount, was automatically extinguished without cash payment by the Company. The EEP allows, but does not obligate, the Company to issue and sell up to $5,000,000 worth of shares of the Company's common stock to Hanover as needed over a 36-month period.
Commenting on the effectiveness of the Registration Statement, Tauriga CEO Seth M. Shaw expressed, "The Company is pleased to have a major financing instrument in place that provides both a significant safety net and a reliable source of capital to fund future business activities including potential acquisitions. This is a very positive development and management will coordinate closely with the Company's institutional investors in utilizing this financing option."
A more detailed description of the EEP is set forth in the Registration Statement and the Company's Current Report on Form 8-K filed with the SEC on June 07, 2013, which the Company encourages be reviewed carefully.
This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities in this offering, nor will there be any sale of these securities in any jurisdiction in which such offer solicitation or sale are unlawful prior to registration or qualification under securities laws of any such jurisdiction.
About Tauriga Sciences, Inc. (TAUG):
Tauriga Sciences, Inc. 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.tauriga.com.
About Magna Group
Magna Group is a leading alternative investment firm that makes innovative structured investments and provides financial partnership to its portfolio companies; public and private, domestic and international. With a focus on the small and lower-middle markets, Magna Group maintains an active long portfolio of over 40 emerging growth and development stage companies at any given time. As a financial partner, Magna Group prioritizes relationship and works closely with portfolio companies to develop customized equity, debt and hybrid investment solutions. Please visit www.magnagroupcapital.com for more information.
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.
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.