MIAMI, May 23, 2013 /PRNewswire/ -- Green Innovations Ltd. (OTCQB: GNIN) (OTCBB: GNIN) ("Green Innovations" or the "Company") is pleased to announce that its wholly-owned subsidiary, Green Hygienics, Inc. ("Green Hygienics"), has entered into a Letter of Intent ("LOI") with Tauriga Sciences Inc. (OTCQB: TAUG) ("Tauriga") for the commercial launch of hospital grade products including 100% tree-free bamboo-based disinfectant wipes. All bamboo-based products under development by GHI are completely biodegradable and of equal or superior quality when compared to existing lines of products.
"Our company is looking forward to working with the very talented management team of Tauriga Sciences to commercialize a product line with excellent potential to generate meaningful revenues," stated Philip Rundle, CEO of Green Innovations. "Both companies have established a mutual trust for one another and will work as a team to successfully fund and launch our innovative product lines to numerous medical institutions."
Also commenting on the LOI, Tauriga's CEO Seth M. Shaw expressed, "Tauriga is pleased to joint venture with GHI to launch an exciting medical product to the marketplace with potentially both economic and social benefits. This type of business fits in well in our business model, as the company is interested in short-term revenue opportunities as well as investing in innovative life sciences technologies."
The financial terms of the JV Partnership will be negotiated and disclosed in the anticipated JV Agreement. The companies expect to advance to a definitive Joint Venture Partnership Agreement ("JV Agreement") by June 7, 2013. There can be no assurance that any transaction will be completed as proposed or at all.
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 Company provides consumers the opportunity to enjoy high-quality and performance eco-friendly goods from dedicated experts that have been producing bamboo products for over a decade, along with the cost-benefit of local raw material manufacturing, and the satisfaction of knowing that by using these products they are doing their part to reduce their carbon footprint and to continue the movement towards a more healthy and sustainable planet.
About Tauriga Sciences
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.taurigasciences.com
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This press release contains "forward-looking statements". Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future, and specifically references to commercialization of new hospital grade products. The reader can identify these forward-looking statements by forward-looking words such as "may," "will," "expect," "potential," "anticipate," "forecast," "believe," "estimate," "project," "plan," "continue" or similar words. The reader should read statements that contain these words carefully because they discuss future expectations, contain projections of future results of operations or of financial condition, or state other forward-looking information. Forward-looking statements include, but are not limited to, statements regarding potential products, customers, revenues, expansion efforts, and future plans and objectives of Green Innovations Ltd. ("Green Innovations"). The risk factors listed in our disclosure documents and the cautionary language on this website provide examples of risks, uncertainties and events that may cause actual results to differ materially from the expectations and projections described by Green Innovations in its forward-looking statements. Actual results relating to, among other things, product launch, sales, customer acceptance and market share could differ materially from those currently anticipated in such statements. Factors affecting forward-looking statements include: consumer preferences, competition from more established brands, ability to develop market share; changes in the operating costs; changes in economic conditions, foreign exchange and other financial markets; changes of the interest rates on borrowings; hedging activities that Green Innovations develops or produces; changes in the investments levels; litigation; legislation; environmental, judicial, regulatory, political and competitive developments in areas in which Green Innovations operates; technological, mechanical and operational difficulties encountered in connection with Green Innovations' development activities; and labor relation matters and costs. The reader should refer to the risk disclosures set out in the periodic reports and other disclosure documents filed by Green Innovations from time to time with the Securities and Exchange Commission and other regulatory authorities.
SOURCE Green Innovations Ltd.