Tauriga Sciences, Inc. Updates Shareholders on Efforts to Uplist to OTCQB Tier
NEW YORK, NY–(Marketwired – Dec 14, 2016) – Tauriga Sciences, Inc. ( OTC PINK : TAUG ) (“Tauriga” or “the Company”), a company engaged in building businesses in the life sciences space, today provided an update to shareholders about its ongoing efforts to uplist to the OTCQB Tier. As previously disclosed, the Company was delisted from the OTCQB as a result of its failure to file its Form 10-K for the period ended March 31, 2015 due to what the Company strongly believes to be malpractice committed by its predecessor audit firm, Cowan Gunteski & Co., P.A. (“Cowan Gunteski”). At that time, Tauriga was not delisted due to the price of its stock. On December 5, 2016 Tauriga became current with its periodic filings with the Securities and Exchange Commission and was upgraded to the OTC Pink Current Info Tier at open of trading the subsequent day, December 6, 2016.
On Thursday December 8, 2016 at 2:00 pm EST, the Company petitioned OTC Markets Group, Inc. (“OTC Markets”) to uplist Tauriga’s shares to the OTCQB Exchange based on the extenuating circumstances that faced the Company at the time of its delisting. OTC Markets indicated in order for Tauriga’s shares to be re-listed on the OTCQB the Company’s stock price would need to close over $0.01 for 30 consecutive trading days. Alternatively, OTC Markets indicated Tauriga could potentially enact a reverse stock split to increase the Company’s share price above a $0.01. In such case, the Company’s shares would need to trade above $0.01 for 5 consecutive trading days to become immediately eligible to uplist to the OTCQB. In response, the Company obtained Board of Director approval for a 1 for 8 reverse split under the condition that its authorized shares would also be reduced by the same ratio. The Company believes that it would likely be successful in its efforts to uplist under this method.
However, after carefully contemplating the available options, the Company has decided that it will not enact a reverse stock split and will focus on building its fundamental value as well as prosecuting its ongoing federal lawsuit against Cowan Gunteski. The Company is hopeful that it will be successful in choosing this path forward.
The Company believes that Cowan Gunteski is solely responsible for its current listing status as well as its listing status since July 31, 2015. The Company believes Cowan Gunteski made a conscious decision to conceal all information regarding its PACOB investigation in the months leading up to the PCAOB public censure of July 23, 2015. As a result, the Company believes that Cowan Gunteski is liable for the collateral damage associated with the July 31, 2015 delisting of Tauriga’s common stock and all the associated negative consequences.
ABOUT TAURIGA SCIENCES, INC.
Tauriga Sciences, Inc. ( OTC PINK : TAUG ) is a fully reporting life sciences company engaged in the development, marketing, distribution and potential licensing of a broad array of products and technologies that may help individuals who are affected by muscle tension. The Company has already identified potential products and technologies of interest and is actively working towards the goal of creating an innovative product line to launch the business activities of ColluMauxil Therapeutics LLC (The Company’s previously announced new planned wholly owned subsidiary). The Company believes that one of its most important strengths is its access to and relationships with potentially substantial distribution systems and networks. The Company intends to capitalize on distribution opportunities and will continually update shareholders on such developments. The Company is also prosecuting (as Plaintiff) its ongoing malpractice lawsuit against its predecessor audit firm, for which it’s seeking monetary damages in excess of $4,000,000 USD.
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, expects, anticipates, believes, hopes, beliefs, plans and objectives regarding the development, use and marketability of products as well as the attainment of certain corporate goals and milestones (i.e. SEC Periodic Filings, Filing of Proxies, etc.). 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.