LOS ANGELES, Aug. 29, 2013 (GLOBE NEWSWIRE) -- Tauriga Sciences Inc. (OTCQB:TAUG) ("Tauriga" or "the Company"), a diversified life sciences company focused on investing in proprietary biotherapeutics and diagnostics, novel medical devices and consumer healthcare, has today announced the full satisfaction of all material terms of the 5 year exclusive license agreement ("License Agreement") with Green Hygienics, Inc. ("Green Hygienics") for the commercialization of 100% tree-free bamboo-based products to the North American marketplace.
The 100% tree-free bamboo-based products eligible to be marketed, under terms of the License Agreement, include, but are not limited to: hospital grade wipes, paper towels, napkins, bath tissue, sanitary napkins, diapers, adult care products, cosmetic wipes and copy paper. This License Agreement, executed by the companies on May 31, 2013, provides Tauriga with the opportunity to generate meaningful revenues during calendar year 2013 and beyond. The License Agreement is described in detail in the Current Report on Form 8-K filed with the Securities and Exchange Commission on June 6, 2013.
In addition, Tauriga has received 625,000 restricted shares of common stock of Green Innovations Ltd., the parent company of Green Hygienics, Inc.
The Company plans to focus its marketing efforts relating to the License Agreement on medical practices, hospitals, adult care facilities, school districts, small businesses, and large corporations.
Commenting on the completed License Agreement, Tauriga's CEO Seth M. Shaw expressed, "This License Agreement provides the Company and its shareholders with the opportunity to market a unique product line that is both environmentally friendly and socially responsible. The revenue opportunity for Tauriga is potentially quite robust and management is optimistic that the net margins will be healthy, especially as customer orders and volumes increase. The Company has already had a number of meaningful conversations with potential customers and the interest level has been very encouraging. The final steps to commercialization are establishing reliable dates for final product delivery and finalizing the pricing for each component of the product line."
Tauriga Sciences shall realize 100% of the revenues generated from the potential North American sales. The two companies will equally split all potential net profits and jointly assume marketing costs.
About Tauriga Sciences, Inc. (TAUG):
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.tauriga.com.
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 marketplace for tissue paper products, diapers, wet wipes, feminine care products, and adult care products, is in excess of $29 billion annually in the United States. The Company is committed to providing consumers with quality products that are designed and manufactured to the highest standards in FDA-accepted manufacturing facilities without compromising product performance. Green Innovations is a member of the International Green Energy Council (IGEC) and dedicated to ensuring a more healthy and sustainable planet.
Website: www.greeninnovationsltd.com and www.greenhygienics.com
DISCLAIMER
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 TAUG'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 TAUG has little or no control. Such forward-looking statements are made only as of the date of this release, and TAUG 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 TAUG 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.