Tauriga Sciences Inc. Formally Cancels All Remaining Back-End Convertible Debentures Held by Adar Bays LLC in Connection with the $210,000 Financing Agreement from September 2017
NEW YORK, NY, April 16, 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 inclusive of equity investments, today announced the formal cancellation of all remaining outstanding Back-End Convertible Debentures (“Back End Notes”) pertaining to Adar Bays LLC (“Adar Bays”). None of these 6 distinct Back-End Notes, totaling $180,000, had been funded as of today’s date and they all relate to the $210,000 share purchase agreement entered into during September 2017.
On September 11, 2017, Tauriga entered into a Securities Purchase Agreement (the “Purchase Agreement”) with Adar Bays, LLC (“Adar Bays”) whereby the Company issued to Adar Bays 7 distinct 8% Convertible Redeemable Notes each in the principal amount of $30,000, or in the aggregate principal amount of $210,000.
The first 8% Convertible Redeemable Note (the “First Note”) was funded with gross cash proceeds of $28,000 to the Company by September 12, 2017. The remaining 6 distinct 8% Convertible Redeemable Note (collectively, the “Back-End Notes” or the “6 Back-End Notes”) were each initially paid for by a corresponding offsetting promissory note issued by Adar Bays to the Company (collectively, the “Note Receivables” or “Back-End Notes”).
The First Note, as referenced above, was repaid by the Company during early March 2018 for a one-time cash payment of $43,045.00. The 6 Back-End Notes, as also referenced above, have all been formally canceled as of today’s date. There is no convertible debt held by Adar Bays as of April 16, 2018.
Commenting on this development, Tauriga’s CEO Seth M. Shaw stated “The Company has worked diligently to curtail future potential sources of share dilution and will continue to do so at all times. Additionally, the Company is focused on completing a major potential acquisition during calendar year 2018 (as previously disclosed) and will notify its shareholders, should an agreement be reached.”
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 currently evaluating potential acquisition candidates, as previously disclosed, to create lasting shareholder value. Additionally, the Company is working diligently to identify potential opportunities to generate revenue and leverage its considerable resources and expertise to build a diversified and sustainable business model. Please visit our corporate website at www.tauriga.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.