Tauriga Sciences, Inc. to Proceed to Trial in its Ongoing Litigation Against its Predecessor Audit Firm Cowan Gunteski & Co. P.A.; Company to Seek Monetary Award(s) in Excess of $3,000,000 USD
NEW YORK, NY / ACCESSWIRE / March 22, 2016 / Tauriga Sciences, Inc. (OTC PINK: TAUG) (“Tauriga” or “the Company”), a diversified life sciences technology Company, has today announced that its good faith efforts to settle its ongoing litigation with Cowan Gunteski & Co. P.A. (“Cowan Gunteski”) have proven unsuccessful. Therefore the Board of Directors (“the Board”) of Tauriga has unanimously agreed to proceed to trial; the case is expected to proceed in Federal District Court — Southern District Florida (Miami, Florida) with an expectation that the venue will be challenged. The lawsuit against Cowan Gunteski was initially filed by the Company on November 4, 2015 and subsequent to that there was a lengthy mediation process. The Company is continuing to seek the assistance of independent experts, to help ascribe dollar amounts for certain damages suffered by the Company (“provable damages”). At this point in time, the Company has realized out of pocket cash losses and debts (inclusive of liquidated damages) that exceed $850,000 USD. Additional potential damages include but are not limited to: inability to properly maintain Pilus Energy’s Intellectual Property (“Pilus IP”), the July 31, 2015 delisting of TAUG shares from OTCQB to Pink Sheets, loss of market capitalization (“market cap”), loss of trading liquidity (“trading volume”), and loss of substantial business opportunities. In aggregate the Company intends to seek monetary award(s), during trial, in excess of $3,000,000 USD; that figure is expected to continually increase as additional time lapses. On a positive note, Cowan Gunteski has insurance coverage for its malpractice (“insurance coverage”).
Tauriga’s CEO Mr. Seth M. Shaw expressed, “The Company has suffered a tremendous amount of damage from the malpractice as well as the subsequent conduct committed by Cowan Gunteski. Management has fought tirelessly to keep the Company afloat during this difficult period and is thankful for the efforts and dedication of its outstanding legal team. The Company is confident in the strength and merits of its legal arguments and looks forward to trying this case in Federal Court as soon as practicable.”
The Company also wishes to inform shareholders that it has signed an engagement letter with its new independent audit firm (“new audit firm”) and is hopeful to regain its status as a fully reporting U.S. public company by the Summer of 2016. Lastly there always remains the possibility that this case will settle prior to trial, as the vast majority of litigation in the United States does ultimately settle before the conclusion of the trial process.
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 M. Shaw, Chief Executive Officer
SOURCE: Tauriga Sciences, Inc.