LOS ANGELES, March 3, 2014 (GLOBE NEWSWIRE) -- Tauriga Sciences Inc. (OTCQB:TAUG) or ("Tauriga" or "the Company"), a diversified company focused on generating profitable revenues through license or acquisition agreements and the development of a proprietary technology platform in the nanorobotics space, has today announced the execution of a non-binding term sheet of up to $1,000,000 USD to fund, in part, the Company's previously announced proposed acquisition of California's leading manufacturer of topical and medicinal cannabis products ("the Cannabis Manufacturer"). The final terms between the Company and the institutional investor ("the investor") will be disclosed in a to-be-finalized binding agreement.
The investor has already wired an initial $250,000 USD as a good faith gesture into escrow with the Company's outside counsel. Under terms of the governing escrow agreement the investor has stipulated that release of the escrowed funds is conditional on, among other things, execution of a definitive merger/acquisition agreement ("the definitive agreement") between Tauriga and the Cannabis Manufacturer by close of business Monday March 10, 2014; otherwise the Company is required to the return this $250,000 USD to the institutional investor. The Company continues to make progress on the completion of the definitive agreement and is working diligently to meet this deadline of March 10.
Tauriga's CEO, Dr. Stella M. Sung, commented, "The company is genuinely excited to have the opportunity to acquire a market leader in the nascent, but fast growing, medical marijuana and cannabis market. Both parties are working diligently to complete the definitive agreement and we are grateful to the above-mentioned institutional investor for believing in our Company and in the value creation and revenue generation potential of the proposed transaction. The management of Tauriga believes that the successful completion of this acquisition could be a very substantial long term valuation driver for the Company."
On February 19, 2014, the Company announced the execution of an MOU with one of California's leading manufacturers of topical and medicinal cannabis products. Founded in 2009, this revenue generating Cannabis Manufacturer has developed both an extensive line of medicinal cannabis products, as well as delivery technologies. The 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). Additionally both parties have agreed to work towards the completion of a definitive merger/acquisition agreement specifying the final deal terms.
This press release does not constitute an offer to sell or the solicitation of an offer to buy any of these securities, nor will there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale is not permitted. Any securities offered or issued in connection with the above-referenced merger and/or investment have not been registered, and will be offered pursuant to an exemption from registration.
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.