NEW YORK, NY -- (Marketwired) -- 10/13/17 -- Tauriga Sciences, Inc. (OTC PINK: TAUG) ("Tauriga" or the "Company"), a company engaged in building businesses in the life sciences space, today announced that it has fully retired the original face value of $96,000 USD 12.00% convertible debenture (the "Note") issued by the Company to Group 10 Holdings, LLC ("Group 10" or "Lender") on July 14, 2015. Accordingly, this debt will be removed from the Company's balance sheet.
This Note was retired exclusively through conversions (5 distinct conversions on 5 distinct dates) by Group 10 from April 6, 2017 through October 10, 2017 for an aggregate of 396,249,200 shares of Tauriga's common stock.
With the application of default penalties and interest (applied as a result of the Company's July 31, 2015 failure to be current in its Securities and Exchange Commission filings), the Company repaid this Note for total consideration of $129,781.07 USD (the "Total"). At least $11,260.36 USD of the Total reflected the default damages and default interest relating to default referenced above.
While the original July 14, 2015 convertible debenture has now been fully retired, the liquidated damage total of $348,000 USD (calculated at $1,000 per day while in default), assessed by Group 10 to Tauriga, remains as a liability on the Company's financial statement. This $1,000 per day default penalty was assessed by Group 10, for the period July 21, 2015 through December 6, 2016, or 348 business days. On December 6, 2016 Tauriga again became current in its periodic filings with the Securities and Exchange Commission and has remained current ever since.
As of today's date, other than the above mentioned liquidated damage total, the entirety of the convertible debt issued to Group 10 (since July 14, 2015) has been fully repaid and retired (either through cash payments or conversions).
ABOUT TAURIGA SCIENCES, INC.
Tauriga Sciences, Inc. (OTC PINK: TAUG ) is engaged in building life sciences company through the development, marketing, distribution and potential licensing of a broad array of products and technologies. The Company is presently focused on its upcoming contemplated launch of a Cupacu Butter based lip balm product branded under the name: Herman. The Company has previously disclosed that it plans to launch this product to the retail marketplace during mid-late Autumn of 2017. 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 malpractice lawsuit against its predecessor audit firm, for which it's seeking monetary damages in excess of $4,000,000. The Federal District Court New Jersey has confirmed that this Trial shall commence at 10:00am EST on November 14, 2017 (Trenton, New Jersey).
This press release does not constitute an offer to sell or the solicitation of an offer to buy any of these securities, nor will there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale is not permitted. Any securities offered or issued in connection with the above-referenced merger and/or investment have not been registered, and will be offered pursuant to an exemption from registration.
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, expects, anticipates, believes, hopes, beliefs, plans and objectives regarding the development, use and marketability of products as well as the attainment of certain corporate goals and milestones (i.e. SEC Periodic Filings, Filing of Proxies, etc.). Such forward-looking statements are based on present circumstances and on Tauriga'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 Tauriga has little or no control. 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. 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 Tauriga 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.
Mr. Seth M. Shaw
Chief Executive Officer
Tauriga Sciences Inc.
Cell # 917-796-9926