LOS ANGELES, Sept. 3, 2013 (GLOBE NEWSWIRE) -- Tauriga Sciences Inc. (OTCQB:TAUG) ("Tauriga" or "the Company"), a diversified company focused on generating profitable revenues through license agreements and evaluating potentially lucrative acquisition targets in an industry agnostic manner, has today announced that the Company's management and Board of Directors ("BOD") are actively evaluating potential acquisition candidates to both restore and create lasting shareholder value. The Company has established rigorous due diligence protocols pursuant to the evaluation process and believes that a number of intriguing opportunities currently exist in the technology marketplace. The Company has also made the decision to become industry agnostic. That is Tauriga will be open and available to potential acquisition targets regardless of industry or sector. In addition the Company shall require that a minimum of 4 out of its 5 directors ("effective majority") must vote in favor of entering into any future definitive agreement with potential acquisition candidates.
The Company's recent announcement, on August 29, 2013, the full satisfaction and effectiveness of its 5 year exclusive North American license agreement ("license agreement") with Green Hygienics, Inc., provides the company with a potential foundation to generate profitable revenues to offset the inherent public company costs. The Company's goal is to combine the market knowledge and contacts of its management members, board members, and consultants in order to maximize potential revenue generation from this license agreement. Management has significantly reduced the quarterly cash burn rate over the past few quarters, such that if the Company is successful at generating meaningful revenues from the license agreement, it could result in the elimination of quarterly cash burn or even profitability on an operating bases. In addition the Company's balance sheet has been bolstered by the acquisition of 625,000 shares of Green Innovations Ltd. (the parent company of Green Hygienics, Inc.), pursuant to the license agreement, from which management is hopeful that Tauriga can generate significant non dilutive cash during late calendar 2013 and early calendar 2014.
Commenting on the current evaluation of potential acquisitions, Tauriga's CEO Seth M. Shaw stated, "The Company has taken extensive steps to strengthen its fundamentals, such that a mechanism or foundation is now in place to generate recurring revenues on quarterly basis. By building this foundation and vastly reducing quarterly cash burn rates, the Company is creating an operating structure that is capable of the successful completion of future acquisitions. Management and the Board of Directors have been addressing this concern, because should the company evaluate an excellent acquisition opportunity, it must be able to capitalize on that opportunity. The company has overcome significant adversity in 2013 and a successful future can only be built from a solid and sensible foundation."
Lastly Tauriga Sciences Inc. has adopted the following amended corporate mission statement: Tauriga Sciences Inc. operates as a diversified company focused on generating profitable revenues through license agreements and evaluating potentially lucrative acquisition targets in an industry agnostic manner.
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.
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.