NEW YORK, Dec. 24, 2013 (GLOBE NEWSWIRE) -- Tauriga Sciences, Inc. (OTCQB:TAUG) or ("Tauriga" or "the Company"), a diversified company focused on generating profitable revenues through license agreements and the development of a proprietary technology platform in the nanorobotics space, has today announced its strong commitment to the completion of its proposed acquisition with synthetic biology pioneer Pilus Energy LLC ("Pilus Energy"). Since November 25, 2013, when Tauriga announced the definitive agreement to acquire Pilus, the Company has experienced extreme volatility and downward pressure on its stock price. During this period the company has presented to and met with numerous institutional investors and experienced significant levels of interest from potential industry partners and customers throughout the world. The Company has been working diligently to establish a global presence through partnerships and international exclusive licenses, because its proprietary BactoBot technology can potentially address many global water related issues. While the recent share price volatility has been of concern to the company, the company still has 5 months to complete the requisite financing ("financing") and is encouraged by the interest level from the institutional investors. In addition the Company is hopeful that at least a portion of the financing will be non-dilutive, and management is working hard towards that end.
Tauriga's Chief Executive Officer Seth M, Shaw commented, "The company has been making excellent progress on a number of fronts and realizes the importance of completing the acquisition of Pilus Energy. The recent share price decline has been precipitous and the Company is taking steps to reassure investors that this volatility is in no way a reflection of the long term value proposition here. As CEO of the Company, I care deeply about the concerns and uneasiness of the shareholders, and I want to make it clear that my commitment to the success of this Company is unshakable."
Pilus Energy's President Jason E. Barkeloo stated, "Pilus and its stakeholders remain fully committed to closing the transaction with Tauriga Sciences regardless of any short term share price volatility. In fact as CEO of Bacterial Robotics, I view this as an opportunity for both Bacterial Robotics as a company and its shareholders to acquire equity positions in Tauriga. We have full confidence in Tauriga and its management and choose to view this market weakness purely as an opportunity rather than a negative."
On November 25, 2013, the Company signed a definitive agreement to acquire Cincinnati, Ohio based Pilus Energy LLC ("Pilus Energy"), a developer of alternative cleantech energy platforms using proprietary microbial solutions that creates electricity while consuming polluting molecules from wastewater. Upon consummation of the proposed reverse merger, which has been unanimously ratified by Tauriga's board of directors, Pilus Energy will become a wholly-owned subsidiary of Tauriga.
About Tauriga Sciences, Inc.:
Tauriga Sciences, Inc. (TAUG) is a diversified company focused on generating profitable revenues through license agreements and the development of a proprietary technology platform in the nano-robotics space. The mission of the Company is to acquire and build a diversified portfolio of cutting edge 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 Pilus Energy LLC
A developer of alternative cleantech energy solutions, Pilus Energy is developing microbial solutions that clean polluting molecules from wastewater. In the process, the technology generates electricity and produces economically important gases and chemicals. Pilus Energy licenses a low-cost, scalable electrogenic bioreactor platform and wastewater-to-value BactoBots. Pilus Energy will also derive additional revenues from carbon and renewable energy credits (REC). For more information, please visit Pilus Energy's web site, (www.pilusenergy.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.