Tauriga Sciences Inc. Tenders One Time Cash Payment of $69,502.74 to GS Capital Partners LLC to Fully Repay and Retire the Remainder of the Outstanding Balance Pursuant to the October 17, 2017 $105,000 Face Value 8.00% Convertible Debenture
NEW YORK, NY, July 17, 2018 (GLOBE NEWSWIRE) — Tauriga Sciences, Inc. (OTC PINK: TAUG) (OTC PINK: TAUGD) (“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 and equity investments, today announced that the Company has fully repaid and retired the remaining balance (the “balance”) of the October 17, 2017 $105,000 8.00% Convertible Debenture (the “Note”) held by GS Capital Partners LLC (“GS Capital”). This remaining balance was exactly $50,000 Face Value (of the original $105,000 Face Value) and was fully repaid and retired for a one-time cash payment of $69,502.74. The entirety of this Note has now been retired and the corresponding debt has been removed from the Company’s balance sheet.
As of today’s date, July 17, 2018, the Company is pleased to report that less than $100,000 of Face Value convertible debt remains on its balance sheet.
Tauriga’s Chief Executive Officer, Mr. Seth M. Shaw, expressed, “The Company has continually worked with great diligence to improve its balance sheet. By issuing this one time cash payment of $69,502.74 to GS Capital, the Company has both protected its capital structure and reduced potential short-term dilution. The Company estimates that this remaining $50,000 Face Value debt, if it hadn’t been repaid at this time, could have resulted in conversions exceeding 3,000,000 post-split TAUG shares. Management continues to focus its efforts on building lasting shareholder value as well as improving its profile to the institutional investor community.”
*** Please see full description of this Note on Page # 54 of Tauriga’s Form 10K for Fiscal Year 2019 (Link is provided below).
Such is disclosed in SECTION 8 (NOTES PAYABLE AND CONVERTIBLE NOTES) and specifically is disclosed within Item (r) – GS CAPITAL PARTNERS OCTOBER 17, 2017 $105,000 FACE VALUE 8.00% DEBENTURE (as mentioned above, page # 54).
Breakdown of $69,502.74 Cash Payment:
- $50,000 Face Value Note Repaid (Principal Repaid)
- $16,500 Premium Payment on Face Value Amount
- $3,002.74 Interest Payment (8% Compounded between period: 10/17/2017 – 07/17/2018)
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.