Tauriga Sciences Inc. Completely Free of Convertible Debt
NEW YORK, Oct. 15, 2014 (GLOBE NEWSWIRE) — Tauriga Sciences, Inc. (OTCQB:TAUG) (“Tauriga” or the “Company”), a diversified life sciences company with interests in the natural wellness sector and in developing a proprietary synthetic biology platform technology, today announced that the Company is completely free of convertible debt for the first time since the fiscal fourth quarter of 2012. With the recent completion of a $600,000 USD equity private placement, announced by the Company on October 9, 2014, Tauriga is confident it can remain free of convertible debt for the foreseeable future. The elimination of the Company’s convertible debt has substantially strengthened its balance sheet. With its strong current cash position, the Company is excited about its future prospects and its ability to potentially execute its business plan.
Tauriga’s Chief Executive Officer Dr. Stella M. Sung commented, “The Company has now fully repaid and retired the entirety of its remaining convertible debt. This was a major corporate goal set by management and is an outstanding milestone for Tauriga. We believe that this achievement, along with our progress in building Tauriga’s businesses, will enhance our profile in the capital markets and increase the comfort level of shareholders and of institutional investors considering investment into the Company.”
About Tauriga Sciences, Inc.: Tauriga Sciences, Inc. (OTCQB:TAUG) is a diversified life sciences company focused on generating profitable revenues in the natural wellness sector and in developing a proprietary synthetic biology platform technology. 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.
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 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.