LOS ANGELES, March 24, 2014 (GLOBE NEWSWIRE) -- Tauriga Sciences Inc. (OTCQB:TAUG) or ("Tauriga" or "the Company"), a diversified life sciences company with key assets that include license agreements, topical medicinal cannabis lotions, and a proprietary technology platform in the nanorobotics space, today announced that it has fully retired a convertible note held by Typenex Co-Investment, LLC ("Typenex") for the principal amount of $555,000 USD. On June 24, 2013, the Company entered into a Securities Purchase Agreement with Typenex, for the sale of an 8% convertible promissory note (the "Note") in the principal amount of $550,000 (which included Typenex's legal expenses in the amount of $7,500 and a $50,000 original issue discount). By retiring the Note, the Company has removed the corresponding debt from its balance sheet. Additionally the Company is working diligently to repay and retire the entirety of its remaining convertible debt and will update shareholders, once this important goal is accomplished.
Please see the Current Report on Form 8-K previously filed with the Securities and Exchange Commission on June 28, 2013 that fully disclosed the terms and provisions of the Note (http://yahoo.brand.edgar-online.com/displayfilinginfo.aspx?FilingID=9376668-1183-9085&type=sect&dcn=0001354488-13-003687).
About Tauriga Sciences, Inc.:
Tauriga Sciences, Inc. (TAUG) is a diversified company focused on generating profitable revenues through license agreements and the development of a proprietary technology platform in the nano-robotics space. 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.
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.