SAN FRANCISCO, Feb. 19, 2014 (GLOBE NEWSWIRE) -- Tauriga Sciences, Inc. (OTCQB:TAUG) or ("Tauriga" "TAUG" or "the Company"), a diversified life sciences company focused on generating profitable revenues through license agreements and the development of a proprietary technology platform in the nano-robotics space, today announced the execution of a Memorandum of Understanding ("MOU" or "the agreement") with the manufacturer of California's leading topical medicinal cannabis products ("Cannabis Manufacturer") since 2009. The Cannabis Manufacturer has developed both an extensive line of medicinal cannabis products as well as delivery technologies. This unique product line of topical cannabis lotion ("cream" or "lotion" or "topical cannabis products") delivers the pain relieving and healing power of cannabis right where its applied and is quickly absorbed through the epidermis, with nearly immediate results that last for hours without psychoactive side effects. Founded in 2009 this Cannabis Manufacturer, with which Tauriga entered into the MOU, is a revenue generating company whose products can be found in more than 100 dispensaries within the State of California; revenues are generated from development and licensing of product formulation, as well as laboratory and manufacturing services for the medicinal cannabis industry. These products were originally developed to assist people with: arthritis, sore/tense muscles, back/neck pain, sports injuries, cramps, spasms, and chronic aches. The long term plan is to aggressively expand its operations to other states and file for multiple patents to protect its unique formulations and delivery technologies.
The above-mentioned MOU signed between Tauriga and the Cannabis Manufacturer ("both parties") is valid for a period of 60 days from the date of execution (February 18, 2014). Under terms of the agreement, both parties have agreed to work towards the completion of a definitive merger/acquisition agreement ("definitive agreement") specifying the potential final deal terms. Upon signing this MOU Tauriga has agreed to pay the Cannabis Manufacturer a non-refundable cash payment of $20,000 USD as well as 2,500,000 shares of TAUG common stock and in return the Cannabis Manufacturer has agreed not to actively pursue other potential acquirers during the 60 day duration in which this MOU is valid.
People around the world have been healing and relieving pain with the cannabis plant for millennia. A common preparation of cannabis was to extract the medicinal elements of the cannabis by soaking the plants flowers in oil or other substances to dissolve the medicinal compounds into the oil. These cannabis extracts were then applied to the skin (topical application) where the medicinal cannabinoids would enter the skin and body tissues, binging the medicine directly to the area of the body that was in need of healing and pain relief from injury, tension, inflammation muscle strain, bruising, and other ailments. Modern scientific researchers have discovered that cannabis interacts with a network of pain regulatory receptors that can be found all over the body, called "CB2" receptors.
Cannabinols ("CBNs"), the medicinal molecules produced by the cannabis plant, have been found to bind with the CB2 receptors in the body, activating the body's own systems for reducing inflammation and pain. This topical cannabis lotion combines the medicinal properties of select strains of cannabis into deep penetrating shea butter lotion that quickly and effectively delivers the medicinal cannabinols to injured and painful areas of the body, providing relief within seconds, and lasting for hours. Quick absorption into the skin and tissues means you can re-apply as needed or to increase dosage. As the medicinal cannabis is absorbed and remains substantially in local body tissues, it does not cause the same psychoactive "high" one feels after smoking or ingesting marijuana/cannabis. Preliminary tests have shown that even heavy usage of this medicinal cannabis lotion did not show up in urine-analysis screens for cannabis. However the Cannabis Manufacturer cannot guarantee undetectable amounts of THC in blood or urine samples after use.
The medicinal cannabis lotion absorbs quickly into the skin, and does not leave an oily residue on the skin that stains clothes. One application of the cannabis lotion, when in pain, or every few hours, is usually sufficient. Higher dosages can be achieved by rubbing additional applications to the same location, as the cream absorbs quickly. Many people report great benefits from applying the cream before bed and first thing in the morning. Most patients who use the cream do not report of any psychoactive effects from its use. Since people differ in their sensitivity to cannabis and cannabis products, it is recommended to start out rubbing a small finger-tip amount of cream directly into sore, painful, or tight areas, and then observe the effects of the cannabis over the next several minutes.
Tauriga's CEO Seth M. Shaw commented, "Our company's business model entails the constant evaluation of opportunities in the life sciences space with the goal of enhancing shareholder value and long term revenue potential. There is a huge emerging market in the application of marijuana and or cannabis for legitimate medicinal purposes. The above-mentioned Cannabis Manufacturer is a company truly capable of capitalizing on this vast market opportunity due to the vision and dedication of its founders over the past 5 years. It is at the forefront of its industry, as it already generates meaningful revenues, has a research and development team, has an extensive retail product line, already available on dispensary shelves in more than 100 California based locations. Tauriga's management team will work diligently to progress to a definitive agreement for the acquisition of this exciting and dynamic company. However, the company also wishes to assure its shareholders that such ongoing negotiations will in no way affect its dedicated efforts to commercialize Pilus Energy's microbial fuel technology platform."
Within the next few weeks, Tauriga expects to reveal the specifics pertaining to this Cannabis Manufacturer, including: the identity of this medicinal Cannabis Manufacturer, its proprietary formulations, as well as the already existing product lines and future pipeline. Lastly the Company will also publish the extensive list of California dispensaries (more than 100 presently) at which the Cannabis Manufacturer's topical medicinal products are currently available.
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. On January 28, 2014 the Company completed its acquisition of 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. The Company's 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.