NEW YORK, NY--(Marketwired - Jun 1, 2016) - Tauriga Sciences, Inc. (
A. Update on Lawsuit filed against Predecessor Audit Firm, Cowan Gunteski & Co. P.A.
Case Number: 0:2015cv62334 -- Filed: November 4, 2015
The Company was recently notified by Federal Judge Robin L. Rosenberg that the Trial Date will be January 23, 2017 (West Palm Beach, Florida). The Company had previously disclosed that it was seeking monetary damages well in excess of $3,000,000 USD.
UPDATE: Tauriga Sciences, Inc. has decided to significantly increase the monetary award(s) being sought at Trial. This substantial increase was a result of new information as well as certain legal provisions prescribed within the Florida State Laws that govern this type of lawsuit.
B. Three Remaining Outstanding Debentures (All Dollar Figures Represent Face Value)
1. $180,000 USD Non-Convertible Held by ALTERNATIVE STRATEGY PARTNERS PTE. LTD.
2. $104,000 USD Convertible Held by Union Capital
3. $80,000 USD Convertible Held by Group 10 Holdings LLC
UPDATE: The Company is currently in negotiations to repay, retire, and if necessary restructure the above mentioned outstanding debentures. When and if Tauriga reaches a settlement agreement with one or more of the above Note Holders, the Company shall disclose such to shareholders via a press release.
C. Company's Cash Position and Liquidity
UPDATE: Due to recent private placement activity and renewed investor interest, the Company believes that its cash position and liquidity are sufficient to meet its needs for the foreseeable future.
D. Efforts to Regain Fully Reporting Status
On March 11, 2016, the Company signed an engagement letter with its new independent registered public accounting firm, KBL, LLP, which encompassed the re-audit of the financial statements for the fiscal year ended 2014, the audit of the financial statements for the fiscal year ended 2015, and the interim reviews and annual audit of the financial statements for the Fiscal Year Ended 2016.
UPDATE: The Company continues to make important progress in its efforts to file its Fiscal Year 2016 financial statements and expects to regain its status as a fully reporting public Company, once such is complete. Additionally the Company is already in discussions with OTC Markets with respect to up-listing its shares to the OTCQB Exchange.
E. Merger & Acquisition Activities
UPDATE: The Company is currently in negotiations to potentially merge with or acquire at least one existing operating business. The Company, at this point in time, has opted to remain in the life sciences space. The Company believes that a successful merger or acquisition could serve to enhance shareholder value in both the short and long terms.
Tauriga's CEO Seth M. Shaw expressed, "The Company believes that it is making excellent progress in achieving its most important corporate goals and milestones. Since the Company obtained its audit work papers in March 2016, it has been able demonstrate meaningful progress to shareholders and restore some credibility in the investment community. The Company continues to prosecute its lawsuit against Cowan Gunteski and believes that it has identified significant additional monetary damages that may be applicable to this case."
About TAURIGA SCIENCES, INC.
Tauriga Sciences, Inc. (
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.
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 Tauriga'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 Tauriga has little or no control. Such forward-looking statements are made only as of the date of this release, and Tauriga 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 Tauriga 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.
Tauriga Sciences, Inc.
Mr. Seth Shaw