Tauriga Sciences Inc. (OTC PINK: TAUG), a Company engaged in building businesses in the life sciences space, has today announced that it has secured additional financing in excess of $100,000 USD from two existing institutional investors as well as one accredited individual investor. This is a significant development for the Company, at this time, because it enables the Company to commence the audit work pertaining to its Fiscal Year 2017 Year End (Period Ending March 31, 2017) in a timely manner. This substantially reduces the possibility of the Company becoming delinquent in filing its upcoming periodic SEC Filing(s). It also helps the Company work towards the achievement of its most important corporate milestones; defined as: the successful prosecution of its ongoing litigation against its predecessor audit firm Cowan Gunteski & Co. PA and the evaluation of potentially lucrative business opportunities to create shareholder value. The Company also believes that it has effectively preempted a major potential risk to shareholders by successfully addressing the issue of financing its FY '17 audit work at this relatively early period of time.
Structurally this $100,000+ USD financing consisted of two convertible debentures and two equity private placements (priced at $.0025 per share). A Form 8-K will be filed by the Company within the next few days, fully disclosing the terms and conditions of this financing.
MOST RECENT UPDATE ON THE LAWSUIT (Case No. 15-CV-62334):
The lawsuit is titled "Tauriga Sciences, Inc. v. Cowan, Gunteski & Co. P.A. et al" and is being tried in Federal District Court of New Jersey ("the Court" or "New Jersey Federal"); Case No. 15-CV-62334. As mentioned in the Company's recent press release dated March 7, 2017, a Trial Status Conference ("Status Conference") has been scheduled for the date April 17, 2017. The Company is hopeful that the date of the Trial ("Trial Date") will be set during this April 17th Status Conference. The Company is seeking monetary damages at Trial in excess of $4,500,000 USD and the Company firmly believes in the merits of its case as well as the evidentiary record.
Tauriga's CEO, Mr. Seth M. Shaw, commented, "The Company believes that both maintaining its fully reporting status as well as successfully prosecuting its ongoing litigation are of extreme long term importance to its shareholders. It is crucially important that Tauriga makes it to the finish line with respect to this ongoing litigation and subsequent to that management can focus exclusively on creating business opportunities to enhance shareholder value. Despite suffering severe damage as a result of its July 31, 2015 delisting, the Company has preserved and strongly believes that its shareholders deserve a successful future."
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 malpract ice lawsuit against its predecessor audit firm, for which it's seeking monetary damages in excess of $4,500,000 USD.
