Tauriga Sciences, Inc. Extinguishes its Largest Remaining Balance Sheet Liability for One Time Cash Payment of $15,000 and One Time Issuance of 5,000,000 Restricted Shares; Liability Dated Back to the Years 2010/2011 and Totaled $177,883.71
NEW YORK, NY, Dec 22, 2017 (GLOBE NEWSWIRE via COMTEX) —
Tauriga Sciences, Inc. (otc pink:TAUG) (“Tauriga” or the “Company”), engaged in building business through the development, distribution, and licensing of proprietary products as well as the evaluation of potential acquisition opportunities/equity investments, today announced the Settlement of its largest remaining balance sheet liability for a one-time cash payment of $15,000 and a one-time restricted share issuance of 5,000,000 TAUG shares (the shares of common stock issued under the Settlement will be “restricted securities” as defined by the Securities Act of 1933, as amended). This liability dated back to the Years 2010/2011 (maintained on the Company’s books as an Accounts Payable), when the legal predecessor of the Company operated under the name: Novo Energies Corp.
This Accounts Payable liability totaled $177,883.71 (as of December 19, 2017) and the creditor was a U.S. based Environmental Engineering firm. After an extensive period of negotiations, the Parties agreed to the above-referenced Settlement terms on December 19, 2017. Accordingly, Tauriga expects that this liability will be removed from the Company’s balance sheet before December 31, 2017 (the final date of its 3 [rd] Fiscal Quarter of 2018).
Tauriga’s Chief Executive Officer, Seth M. Shaw expressed, “The Company has worked with a great sense of urgency and determination to both strengthen and improve its balance sheet. Management is pleased to confirm to its shareholders that the progress realized, over the past 2 months, has been outstanding. The most important corporate goals are to restore and create long term shareholder value for our many shareholders who have persevered a difficult past few years.”