MIAMI, May 23, 2013 /PRNewswire/ -- Green
Innovations Ltd. (OTCQB: GNIN) (OTCBB: GNIN) ("Green Innovations"
or the "Company") is pleased to announce that its wholly-owned
subsidiary, Green Hygienics, Inc. ("Green Hygienics"), has entered
into a Letter of Intent ("LOI") with Tauriga Sciences Inc.
(OTCQB: TAUG) ("Tauriga") for the commercial launch of
hospital grade products including 100% tree-free bamboo-based
disinfectant wipes. All bamboo-based products under
development by GHI are completely biodegradable and of equal or
superior quality when compared to existing lines of
products.
"Our company is looking forward to working with the very
talented management team of Tauriga Sciences to commercialize a
product line with excellent potential to generate meaningful
revenues," stated Philip Rundle, CEO
of Green Innovations. "Both companies have established a
mutual trust for one another and will work as a team to
successfully fund and launch our innovative product lines to
numerous medical institutions."
Also commenting on the LOI, Tauriga's CEO Seth M. Shaw expressed, "Tauriga is pleased to
joint venture with GHI to launch an exciting medical product to the
marketplace with potentially both economic and social
benefits. This type of business fits in well in our business
model, as the company is interested in short-term revenue
opportunities as well as investing in innovative life sciences
technologies."
The financial terms of the JV Partnership will be negotiated and
disclosed in the anticipated JV Agreement. The companies
expect to advance to a definitive Joint Venture Partnership
Agreement ("JV Agreement") by June 7,
2013. There can be no assurance that any transaction will be
completed as proposed or at all.
About Green Innovations Ltd.
Green Innovations Ltd., through its wholly-owned subsidiary
Green Hygienics, Inc., is the exclusive licensed North American
distributor of American Hygienics Corporation's 100% tree-free
bamboo-based product line, including personal care and paper-based
goods. The Company provides consumers the opportunity to
enjoy high-quality and performance eco-friendly goods from
dedicated experts that have been producing bamboo products for over
a decade, along with the cost-benefit of local raw material
manufacturing, and the satisfaction of knowing that by using these
products they are doing their part to reduce their carbon footprint
and to continue the movement towards a more healthy and sustainable
planet.
About Tauriga Sciences
Tauriga Sciences, Inc. is a life sciences company that focuses
on proprietary biotherapeutics and diagnostics, novel medical
devices and consumer healthcare. The mission of the Company
is to acquire and build a diversified portfolio of medical
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.
The Company's new corporate website can be found at
www.taurigasciences.com
For further information regarding Green Innovations Ltd.,
contact:
Green Innovations Investor Relations
(866) 947-5567
(Toll-free)
E-mail: investor@greeninnovationsltd.com
Website: www.greeninnovationsltd.com
Disclaimer
This press release contains "forward-looking statements".
Statements in this press release which are not purely historical
are forward-looking statements and include any statements regarding
beliefs, plans, expectations or intentions regarding the future,
and specifically references to commercialization of new hospital
grade products. The reader can identify these forward-looking
statements by forward-looking words such as "may," "will,"
"expect," "potential," "anticipate," "forecast," "believe,"
"estimate," "project," "plan," "continue" or similar words.
The reader should read statements that contain these words
carefully because they discuss future expectations, contain
projections of future results of operations or of financial
condition, or state other forward-looking information.
Forward-looking statements include, but are not limited to,
statements regarding potential products, customers, revenues,
expansion efforts, and future plans and objectives of Green
Innovations Ltd. ("Green Innovations"). The risk factors
listed in our disclosure documents and the cautionary language on
this website provide examples of risks, uncertainties and events
that may cause actual results to differ materially from the
expectations and projections described by Green Innovations in its
forward-looking statements. Actual results relating to, among other
things, product launch, sales, customer acceptance and market share
could differ materially from those currently anticipated in such
statements. Factors affecting forward-looking statements
include: consumer preferences, competition from more established
brands, ability to develop market share; changes in the operating
costs; changes in economic conditions, foreign exchange and other
financial markets; changes of the interest rates on borrowings;
hedging activities that Green Innovations develops or produces;
changes in the investments levels; litigation; legislation;
environmental, judicial, regulatory, political and competitive
developments in areas in which Green Innovations operates;
technological, mechanical and operational difficulties encountered
in connection with Green Innovations' development activities; and
labor relation matters and costs. The reader should refer to
the risk disclosures set out in the periodic reports and other
disclosure documents filed by Green Innovations from time to time
with the Securities and Exchange Commission and other regulatory
authorities.
SOURCE Green Innovations Ltd.