Tauriga Sciences, Inc.’s Board of
Directors Unanimously Votes to Terminate Its Equity Line of Credit
Due to Substantially Improved Fundamentals, Macro-Business Outlook,
and Balance Sheet
NEW YORK, NY -- January 7, 2021 -- InvestorsHub NewsWire --
Tauriga Sciences, Inc. (OTCQB: TAUG)
(“Tauriga” or the “Company”), a revenue generating, diversified
life sciences company, with a proprietary line of functional
“supplement” chewing gums (Flavors: Pomegranate, Blood Orange,
Peach-Lemon, Pear Bellini, Mint, Black Currant) as well as two
ongoing Biotechnologies initiatives, today announced that its Board
of Directors (“BOD”) has unanimously voted to terminate its Equity
Line of Credit (“ELOC” or “investment Agreement”) due to
substantially improved fundamentals, macro-business outlook, and
corporate balance sheet. On November 18, 2020 the Company had
filed a Form 8-K, disclosing its decision to amend its Investment
Agreement to reduce the maximum number of registered shares that
are salable thereunder from 76,000,000 shares to 43,000,000 shares
(corresponding maximum ELOC dollar amount was reduced from
$5,000,000 to $3,000,000 – at that time).
However, due to the recent improvements noted above, the
Company’s BOD has further determined to terminate the Investment
Agreement Entirely – pursuant to which the ELOC was
established. Accordingly, the Company will withdraw its S-1
Registration Statement related to this ELOC.
Link to Form 8-K (Filed on 11/18/2020): https://www.sec.gov/Archives/edgar/data/1142790/000149315220022012/form8k.htm)
Once this termination is complete, the 43,000,000 shares of TAUG
common stock (reserved for the ELOC), will be returned to Treasury
and available for future issuance or reserve, if and as needed.
The Company believes that this corporate action sends a message
to the investing public, that management is becoming increasingly
confident about the Company’s future. Management has
eliminated, through this corporate action, the potential open
market pressure that an ELOC may create.
ABOUT TAURIGA SCIENCES, INC.
Tauriga Sciences, Inc. (TAUG)
is a revenue generating, diversified life sciences company, engaged
in several major business activities and
initiatives. The company manufactures and distributes
several proprietary retail products and product lines, mainly
focused on the Cannabidiol (“CBD”) and Cannabigerol (“CBG”) Edibles
market segment. The main product line, branded as
Tauri-Gum™, consists of a proprietary supplement chewing gum that
is Kosher certified, Halal certified, and Vegan Formulated (CBD
Infused Tauri-Gum™ Flavors: Mint, Blood Orange, Pomegranate), (CBG
Infused Tauri-Gum™ Flavors: Peach-Lemon, Black Currant) &
(Vitamin C + Zinc “Immune Booster” Tauri-Gum™ Flavor: Pear
Bellini). The Company’s commercialization strategy
consists of a broad array of retail customers, distributors, and a
fast-growing E-Commerce business segment (E-Commerce website:
www.taurigum.com). Please visit our corporate website, for
additional information, as well as inquiries, at http://www.tauriga.com
Complementary to the Company’s retail business, are its two
ongoing biotechnology initiatives. The first one relates
to the development of a Pharmaceutical grade version of Tauri-Gum™,
for nausea regulation (specifically designed to help patients that
are subjected to ongoing chemotherapy treatment). On March 18,
2020, the Company announced that it filed a provisional U.S. patent
application covering its pharmaceutical grade version of
Tauri-Gum™. The Patent, filed with the U.S.P.T.O. is
Titled “MEDICATED CBD COMPOSITIONS, METHODS OF MANUFACTURING, AND
METHODS OF TREATMENT”. The second one relates to a
collaboration agreement with Aegea Biotechnologies Inc. for the
co-development of a rapid, multiplexed, Novel Coronavirus
(COVID-19) test with superior sensitivity and
selectivity.
On October 6, 2020, the Company announced that it has been
approved to operate as a U.S. Government Vendor (CAGE CODE #
8QXV4)
On October 7, 2020 the Company disclosed a Strategic Alliance
with Think BIG, LLC, Social Impact Startup Founded by CJ Wallace,
Son of Christopher “The Notorious B.I.G.” Wallace.
The Company is headquartered in New York City and operates a
regional office in Barcelona, Spain. In addition, the
Company operates a full time E-Commerce fulfillment center located
in LaGrangeville, New York.
DISCLAIMER -- Forward-Looking Statements
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.
Contact:
Tauriga Sciences, Inc.
555 Madison Avenue, 5th Floor
New York, NY 10022
Chief Executive Officer
Mr. Seth M. Shaw
Email: sshaw@tauriga.com
Cell # (917) 796 9926
Instagram: @taurigum
Twitter: @SethMShaw
Corp. Website: www.tauriga.com
E-Commerce Website: www.taurigum.com
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