Tauriga Sciences, Inc. Obtains its Audit Work Papers for Fiscal Years 2013 and 2014; Company Targeting the Summer of 2016 to Regain Fully Reporting Status
MIAMI, FL / ACCESSWIRE / March 8, 2016 / Tauriga Sciences, Inc. (OTC PINK: TAUG) (“Tauriga” or the “Company”), a diversified life sciences technology Company, today announced that the Company has finally obtained its audit work papers for the fiscal years ended March 31, 2013 and 2014. Due to the PCAOB’s public censure on July 23, 2015 of the Company’s predecessor audit firm, Cowan Gunteski & Co. P.A. (“Cowan Gunteski”) (http://pcaobus.org/Enforcement/Decisions/Documents/Cowan.pdf), the Company has been forced to re-audit its financial statements pertaining to Fiscal Year 2014 (ending March 31, 2014). The Company had been requesting these work papers from Cowan Gunteski since the middle of June 2015, coinciding with the engagement of its new independent registered public accounting firm. The Company’s requests for its work papers were repeatedly ignored by Cowan Gunteski, but as the result of the recent mediation between the Company and Cowan Gunteski, these work papers were formally returned to the Company on Monday March 7, 2016.
By obtaining these work papers, the Company’s goal is that by Fiscal Year end March 31, 2016 (“FY 2016”) Form 10-K due date (which is on or before June 30, 2016), it can file all of its delinquent filings with the Securities and Exchange Commission (the “SEC”). The Company is confident that once it regains its fully reporting status, it can petition OTC Markets to up-list its shares to the OTCQB exchange (“OTCQB”); the Company shares currently trade on the OTC Pink Limited Information Tier (“Pink Sheets”). However, it must be mentioned to shareholders that the OTC Markets cannot waiver the minimum 1 cent bid price requirement which stipulates a 30 day trading period during which shares of a public company must close at a bare minimum of 1 cent per share uninterrupted during that period.
Tauriga would be required to either build its Company fundamentals sufficiently that fair market value would exceed 1 cent per share organically or alternatively enact a corporate action known as a reverse split of its common stock (“Reverse”). The Company is focused solely at this time on building its fundamental/intrinsic value and creating shareholders value through execution and strong performance. However, the Company’s Board of Directors has authorized a Reverse as a last resort strategy to regain compliance with the OTC Market’s minimum bid price requirement. The Company views an uplisting as an important milestone, as it would enable the Company to once again seek financial support and investment from a broad array of institutional investors.
The Company is currently in discussions with several potential acquisition targets, all of whom would require Tauriga to regain its status as a fully reporting entity with the SEC. The Company has not ruled out the possibility of entering into a binding agreement with a potential acquisition target; however one critical condition must be met. Tauriga’s Board of Directors has mandated that any such binding agreement must incorporate a closing period clause of “up to 500 calendar days.” This should provide Tauriga with sufficient time to complete the prosecution of its lawsuit against Cowan Gunteski, which was filed on November 4, 2015 in Federal District Court in the Southern District Florida. The Company is confident in its ability to win a substantial monetary award should the case not settle prior to the commencement of such trial.
Tauriga’s CEO Mr. Seth M. Shaw expressed, “The Company is pleased to have finally obtained its audit work papers. Nonetheless the Company will work as quickly as possible to file all of its required delinquent SEC filings and is hopeful for an uplisting on the OTCQB exchange. I wish to make it clear to shareholders that we intend to hold Cowan Gunteski fully responsible for the damages incurred by the Company and its shareholders.”
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.
Tauriga Sciences, Inc.
Mr. Seth Shaw
SOURCE: Tauriga Sciences, Inc.