NEW YORK, NY, March 06, 2018 (GLOBE NEWSWIRE) -- Tauriga Sciences, Inc. (OTC PINK: TAUG) ("Tauriga" or the "Company"), engaged in building its business through the development, distribution, and licensing of proprietary products as well as the evaluation of potential acquisition opportunities and equity investments, today announced that it has tendered a one-time cash payment of $43,045.00 to fully repay and retire the Final outstanding convertible debenture (the “Note”) held by Adar Bays LLC (“Adar Bays”). This Note was a $30,000 Face Value 8.00% convertible debenture issued to Adar Bays on September 11, 2017. Accordingly, this debt has been removed from the Company’s balance sheet, which will reflect such at Fiscal Year End 2018 reporting period (period ending: March 31, 2018).
As of today’s date, the Company reports that one material convertible debenture remains on its balance sheet. That being, the $105,000 Face Value 8.00% convertible debenture issued to GS Capital Partners, LLC (“GS Capital”) on October 17, 2017. The Company wishes to express that it has an excellent working relationship with GS Capital. In addition to this above-mentioned $105,000 Face Value debenture, there is one other minor convertible note outstanding; a $15,000 Face Value convertible note that was issued by the Company to an individual investor during February 2013. However, this $15,000 Face Value debenture incorporated a Fixed-Price Conversion feature that is permanently set at $0.025 per share. The Company is currently in late stage negotiations to retire this debenture, as well.
In another recent development, the Company fully repaid and retired the $48,000 Face Value 8.00% convertible debenture issued to GS Capital on August 31, 2017. This debenture was retired for the following consideration: a. one-time cash payment of $40,000.36 / b. conversion(s) totaling $19,586.20.
In addition to the above, the Company wishes to disclose to shareholders that it has fully pre-paid all legal and professional invoices in connection with the upcoming audit and annual report (“Form 10-K”) for its Fiscal Year End 2018 (“FY 2018”). The due date for the filing of TAUG’s FY 2018 Form 10-K with the Securities & Exchange Commission (“SEC”) is set for June 30, 2018. The Company funded this above-referenced pre-payment, approximately $85,000, from its balance sheet cash.
Lastly the Company has been actively evaluating potential merger/acquisition candidate(s) and will update shareholders promptly, should material progress be realized to that end.
ABOUT TAURIGA SCIENCES, INC.
Tauriga Sciences, Inc. (OTC PINK: TAUG) is engaged in building business through the development, distribution, and licensing of proprietary products as well as the evaluation of potential acquisition opportunities/equity investments. The Company is presently focused on its upcoming contemplated launch of a Cupacu Butter based lip balm product branded under the name: Herman. The Company believes that one of its most important strengths is its access to and relationships with potentially substantial distribution systems and networks. The Company intends to capitalize on distribution opportunities and will continually update shareholders on such developments. Please visit our corporate website at www.tauriga.com
FORWARD-LOOKING STATEMENTS:
This press release contains certain "forward-looking statements" as defined by the Private Securities Litigation Reform Act of 1995 which represent management’s beliefs and assumptions concerning future events. These forward-looking statements are often indicated by using words such as “may,” “will,” “expects,” “anticipates,” believes, “hopes,” “believes,” or plans, and may include statements regarding corporate objectives as well as the attainment of certain corporate goals and milestones. Forward-looking statements are based on present circumstances and on management’s present beliefs with respect to events that have not occurred, that may not occur, or that may occur with different consequences or timing than those now assumed or anticipated. Actual results may differ materially from those expressed in forward looking statements due to known and unknown risks and uncertainties, such as are not guarantees of general economic and business conditions, the ability to successfully develop and market products, consumer and business consumption habits, the ability to consummate successful acquisition and licensing transactions, fluctuations in exchange rates, and other factors over which Tauriga has little or no control. Many of these risks and uncertainties are discussed in greater detail in the “Risk Factors” section of Tauriga’s Form 10-K and other filings made from time to time with the Securities and Exchange Commission. 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. You should not place undue reliance on these forward-looking statements.