NEW YORK, Jan. 21, 2014 (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, today announced that it has repaid and retired a convertible note ("the note") held by Asher Enterprises, Inc. ("Asher") for the principal amount of $37,500 USD. On July 17, 2013, Tauriga borrowed $37,500 USD from Asher while the Company was evaluating various business plans and potential opportunities. Including accrued interest and contractual buyout premiums, the note was officially retired for $53,979.45 USD. Therefore, there will be absolutely no share conversions owed to Asher in conjunction with this note and the corresponding debt has been removed from the Company's balance sheet.
While the size of this convertible note ($37,500 USD) was relatively small and immaterial, the Company felt obligated to issue this press release as a clarification; due to significant confusion that arose from a certain Asher filing. On October 18, 2013, Asher filed a Form Schedule 13G ("Form SC 13G") with the Securities and Exchange Commission ("SEC") which appeared to state that Asher owned 27,768,653 shares of TAUG common stock (http://www.sec.gov/Archives/edgar/data/1142790/000114420413055691/v357593_sc13g.htm). To clarify the meaning of this filing, Asher's Form SC 13G was not an actual statement of ownership. What the filing actually meant was that Asher could only own a maximum of "up to" 27,768,653 shares of TAUG common stock at any given time, based on the approximate share count of 278,000,000 (as of the date 10/18/2013).
This clarification is important so that our shareholders know to differentiate between an actual statement of ownership and a statement that simply discloses a firm's maximum potential ownership based on the Company's shares outstanding at that time. The only way such a Form SC 13G actually translates into direct ownership is if the Company fails to repay or retire a convertible note ("convertible debt") prior to the contractual payoff date. The payoff date for the above-mentioned $37,500 USD Asher convertible note is close of business ("5:00 pm EST") Monday, January 27, 2014.
Tauriga's CEO, Seth M. Shaw expressed, "During the summer of 2013, the Company borrowed some capital due to expenses associated with maintaining its fully reporting status and obligatory license agreement payments due then to Green Innovations Ltd. Since then, the Company has made meaningful progress on many levels and we appreciate the willingness of that lender to have helped us at that time. Many Tauriga shareholders have been both concerned and confused by Asher's October 18, 2013 Form 13G filing, so the Company felt obligated to issue this update and clarification."
As of January 22, 2014, the Company reports that its current cash position (inclusive of marketable securities) is approximately $245,000 USD. The company continues to make excellent progress in its efforts to complete its proposed acquisition of Pilus Energy LLC ("Pilus Energy").
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.