Tauriga Sciences, Inc. Enters into Comprehensive Distribution Agreement to Establish its Tauri-Gum Brand in the New York City Metropolitan Area Market
NEW YORK, NY, April 01, 2019 (GLOBE NEWSWIRE) — via NEWMEDIAWIRE – Tauriga Sciences, Inc. (OTCQB: TAUG) (“Tauriga” or the “Company”), a revenue generating Company that operates 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 entered into a comprehensive distribution agreement (the “Agreement”) with a well-established Direct Store Delivery (“DSD”) Food Distribution Company with annual revenue in excess of $100,000,000 from its thousands of customers (convenience stores, delis, pharmacies, supermarkets, specialty stores, etc.) in the New York City (“NYC”) Metropolitan Area marketplace (the “NYC Market”).
|Tauriga’s “One Pager Fact Sheet” to support the NYC launch (MSRP $15.99 per blister pack)|
The thrust of the Agreement is to establish the Company’s Tauri-GumTM CBD Infused chewing gum brand in the NYC Market, with an initial penetration into 300-500 NYC based retail store locations during April-May of 2019. To that end, Tauriga is pleased to confirm that as of March 31, 2019, its new distributor both paid for and accepted delivery of the product covered by its previously announced $54,000 Tauri-GumTM Purchase Order. Accordingly, the Company has booked this $54,000 as revenue during its 4th Fiscal Quarter of 2019 (period ending: March 31, 2019). Tauriga intends to support this NYC Tauri-GumTM commercial launch with substantial levels of both financial resources and marketing support with a goal of exceeding 1,000 distinct locations over the next several months.
The Company has made the strategic decision to focus its commercialization efforts on the NYC Market because of: (a) its large population of young, health conscious potential customers positioned squarely in Taur-GumTM’s prime target demographic and (b) its excellent distribution relationship, which together the Company believes will maximize its efforts to achieve a successful launch of its Tauri-GumTM brand in an efficient and cost-effective manner.
Tauriga’s Chief Executive Officer, Seth M. Shaw, expressed, “The Company believes that it has a material competitive advantage in the NYC Market, in terms of its ability to efficiently and effectively roll out its Tauri-GumTM product line to the many retail stores through this new distribution agreement. We are very pleased to be in this position; building our future with what we believe to be an excellent product and an excellent distribution partner.”
*** Tauriga Sciences, Inc. recognizes revenue based upon the completion of performance obligations (as defined as: in ASC 606 in the regulations).
ABOUT TAURIGA SCIENCES, INC.
Tauriga Sciences, Inc. (TAUG) is a revenue generating Company that operates through the development, distribution, and licensing of proprietary products as well as the evaluation of potential acquisition opportunities. One such opportunity on which the Company has acted, involves the Company having entered into the cannabidiol (or “CBD”) infused chewing gum product business, as more fully described above and in prior press releases. This CBD infused chewing gum product has been branded under the following name: Tauri-GumTM. See also our periodic reports filed by us with the SEC for a more complete description of our business and material agreements that we have entered into. Further, the Company continues to identify and evaluate additional potential opportunities to generate revenue, as well as shareholder value, and leverage its resources and expertise to build a diversified and sustainable business model. Please visit our corporate website at www.tauriga.com.
In addition, on March 11, 2019, the Company announced the official launch of its E-Commerce site – as part of its Tauri-GumTM commercialization strategy. This site can be accessed by visiting the following URL address: www.taurigum.com
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.