Tauriga Sciences, Inc. Updates Shareholders on Status of Litigation and Efforts to Regain OTCQB Listing
NEW YORK, NY / ACCESSWIRE / February 5, 2016 / Tauriga Sciences, Inc. (OTC PINK: TAUG) or (“Tauriga” or the “Company”), a diversified life sciences company focused on building its existing technologies and evaluating potential acquisition candidates, today provided shareholders with two important updates relating to its ongoing litigation with its predecessor audit firm Cowan Gunteski & Co. PA (“Cowan Gunteski”) and its efforts to regain its status as a fully reporting OTCQB listed company. The Company is also actively evaluating potential acquisition candidate(s) in the life sciences space, should the Company be successful in its current initiatives.
On Wednesday, February 3, 2016, Tauriga spent the day with Cowan Gunteski, including the firm’s Managing Partner (“Donald Cowan”), the former auditing partner William Meyler (“Bill Meyler”), and the malpractice insurance company adjuster (“insurance adjuster”) during an all-day mediation session in New York City. While the parties spent hours discussing the pertinent facts as well as potential settlement figures, the parties were unable to reach a resolution. Tauriga, through its legal counsel Silverberg & Weiss (“Paul Silverberg”), was able to determine significant weaknesses in Cowan Gunteski’s defense and is increasingly confident in the Company’s ability to collect on a substantial judgment. The above-mentioned parties will spend the next few weeks continuing the settlement efforts and expect to move forward with litigation thereafter, if no settlement is reached. It is expected that if litigation continues, that this matter would be concluded in approximately 18 months. Tauriga has requested a trial by jury (Federal Court, Southern District Florida) and expects this will be to its advantage.
With respect to its efforts to regain compliance with the SEC rules that govern fully reporting U.S. based public companies, Tauriga expects that it will finally be in possession of the Fiscal Year 2014 (“FY 2014”) work papers that are required by the Company’s new audit firm (“current auditor”) to re-audit FY 2014 financial statements. The Company, as well as its current auditor, have been requesting that the predecessor audit firm return these FY 2014 work papers since June of 2015. After the predecessor audit firm was publicly censured by PCAOB on July 23, 2015, the current auditor requested the release of the FY 2014 work papers multiple times (this occurred during early August 2015). The Company is hopeful that it will obtain these FY 2014 work papers, in their entirety, in the near term and once in possession of such work papers, the Company will work as quickly as it can to regain its OTCQB listing status as a fully reporting U.S. public Company.
Tauriga’s CEO Seth M. Shaw commented “The Company has been working diligently to protect its shareholders through the prosecution of its ongoing litigation against the predecessor audit firm Cowan Gunteski. The Company has been unable to reliably secure funding since its removal from the OTCQB on July 31, 2015, due to the fact that potential investors can no longer depend on Rule 144 exemptions as they pertain to direct investments. The Company is extremely confident in its ability to collect any potential future judgement awarded to Tauriga as a result of the jury trial in Federal Court. Lastly, the Company is not planning any reverse splits at this time and remains hopeful that it will not be necessary to implement one.”
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.