Tauriga Sciences Inc. Completes the Successful Re-Audit of Its Fiscal Year 2014 Financial Statements and Files Its Fiscal Year 2015 Form 10K; Company On Track to Regain Fully Reporting Status
NEW YORK, NY–(Marketwired – May 23, 2016) – Tauriga Sciences, Inc. (OTC PINK: TAUG) (“Tauriga” or the “Company”), a diversified life sciences technology Company, today announced that it has both successfully completed the re-audit of its financial statements for the fiscal year ended March 31, 2014 and on May 20, 2016 filed its delinquent Annual Report on Form 10-K for the fiscal year ended March 31, 2015 (“2015 Form 10-K”).
As previously disclosed on July 31, 2015 via a press release, Tauriga was unable to file its FY 2015 Form 10K and accordingly its shares were downgraded on that date from the OTCQB to the OTC Pink Limited Information Tier. This occurred specifically because Cowan, Gunteski & Co. P.A. (the “Predecessor Audit Firm”) violated Securities and Exchange Commission (“SEC”) Regulation S-X, Rule 2-01 as well as certain standards with respect to the PCAOB independence rules with respect to the Predecessor Audit Firm’s audit report with respect to the Company year ended March 31, 2014 financial statements. Specifically, the Predecessor Audit Firm failed to adhere to the SEC regulations with respect to the partner rotation rules. These rules require the engagement partner as well as the quality concurring reviewer must be rotated off of the engagement for 5 years (cooling off period) after being engaged in those roles for a period of 5 years. The Predecessor Audit Firm did not do this. This conduct was brought to the Company’s and public’s attention through the PCAOB Public Censure of the Predecessor Audit Firm disclosed at (http://pcaobus.org/Enforcement/Decisions/Documents/Cowan.pdf) on July 23, 2015. Subsequent to this, the Predecessor Audit Firm ignored the Company’s multiple written requests (inclusive of certified letters, legal letters, emails and text messages) for the return of its audit work papers for the Fiscal Years Ended 2013 and 2014. The Company finally obtained these critically important audit work papers on March 7, 2016.
On November 4, 2015, the Company filed a lawsuit against Cowan Gunteski in Federal Court of the Southern District Florida. Recently the Company was notified that this trial will take place in West Palm Beach, Florida on January 23, 2017. The Company is seeking well in excess of $3,000,000 USD in monetary damages and expects that number substantially to grow by the time that this trial actually takes place. The Company is being represented by the Weston, Florida based law firm Silverberg & Weiss.
Then 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.
The Company is currently focused on completing its remaining required SEC filings, specifically its interim quarterly reports on Form 10-Q for fiscal year end March 31, 2016 as well as its Annual Report on Form 10-K for the fiscal year end 2016 (collectively, the “2016 SEC Filings”). Once the Company files its 2016 SEC filings, it will once again be compliant with its SEC periodic reporting obligations.
Lastly the Company has notified OTC Markets that it will petition them for certain exemptions (with respect to the listing of its publicly traded shares), once Tauriga files its 2016 SEC Filings. The Company is hopeful that OTC Markets will take into account the extraordinary circumstances which occurred during the end of July 2015 that directly led to the downgrading of Tauriga shares from the OTCQB exchange. The Company has set a corporate goal to up-list to the OTCQB exchange as quickly as possible. The Company will notify shareholders, via a press release, should OTC Markets render a decision with respect to such above-mentioned petition.
Tauriga’s CEO Seth M. Shaw expressed, “The Company has put forth enormous efforts to remedy the filing delinquencies caused by the failure of the Predecessor Audit Firm to maintain its independence with respect to their audit of the FY 2014 financial statements. Since the Company’s original work papers were finally returned on March 7, 2016, the Company has been focused on regaining its fully reporting status. The 2015 Form 10-K filing represents a major positive step for the Company and its ability to negotiate potential transactions as well as attract investment from potential institutional investors. The Company wishes to thank its shareholders for their patience and support and looks forward to a prosperous future and long term success.”
About TAURIGA SCIENCES, INC.:
Tauriga Sciences, Inc. (OTC PINK: TAUG) is a diversified life sciences company focused on generating profitable revenues through its present and future holdings. 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. Please visit the Company’s corporate website at www.tauriga.com
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.
Mr. Seth Shaw
SOURCE: Tauriga Sciences, Inc.