LOS ANGELES, July 13, 2015 /PRNewswire/ -- Tauriga Sciences, Inc. (OTCQB: TAUG) or ("Tauriga" or "the Company"), a diversified life sciences company with interests in the natural wellness sector and in developing a proprietary synthetic biology platform technology, today announced that it intends to fully divest its natural wellness business within the next two months. The Company has entered into a Letter of Intent to sell the assets of its natural wellness business. As part of the proposed transaction, Dr. Stella Sung would run the natural wellness business under its new corporate ownership, and Lawrence A. May, M.D. would serve as Chief Medical Officer. Accordingly, Dr. Sung has resigned her position as Tauriga's Chairman & CEO effective July 9, 2015 and Dr. May has resigned his position as Tauriga's Chief Medical Officer effective July 10, 2015. Dr. Sung will continue to support Tauriga in the important role of Chairman of the Medical Advisory Board.
Tauriga's outgoing Chairman & CEO Dr. Stella Sung stated, "The Tauriga Board of Directors, current and previous management are absolutely unified in our belief that the strategic plan to divest the natural wellness business will strengthen Tauriga. This strategic plan is designed to give the natural wellness business the opportunity to expand while enabling Tauriga to focus its resources on exciting new, near term initiatives with different risk profiles. We are proud of our natural wellness product line, and we recognize that it is in a unique sector that is both poised for explosive growth and subject to uncertainty due to the rapidly evolving regulatory landscape of cannabidiol (CBD) and medical cannabis."
Tauriga's natural wellness business currently consists of six products. Two of these products, CannaCaviar and TopiCanna, utilize cannabidiol (CBD) oil extracted from non-GMO industrial hemp as their key active ingredient. TopiCanna is a proprietary topical medicinal cannabis cream. Many who have used topical cannabis creams have reported decreased musculoskeletal pain. CannaCaviar is the Company's line of cannabidiol (CBD) soft gels. Both TopiCanna and CannaCaviar are designed to provide potential natural wellness and healing properties without psychoactive effects. In addition to CannaCaviar and TopiCanna, there is a non-cannabis containing line of natural wellness dietary supplements. These natural supplements include IndiCalm, natural calming formula without inducing cognitive impairment; ClearNaze, a natural decongestant without stimulant or drowsiness effects; Satietiva, an amino acid-based appetite suppressant; and Mend-Can, a highly pure, potent and palatable Omega 3 supplement.
Details on the terms of the transaction, including the counterparty, will be provided immediately upon closing.
About Tauriga Sciences, Inc.:
Tauriga Sciences, Inc. (TAUG) is a diversified life sciences company focused on generating profitable revenues in the natural wellness sector and in developing a proprietary synthetic biology platform technology. 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. Please visit the Company's corporate website at www.tauriga.com and the Company's e-commerce website at www.taurigastore.com.
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, 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.
Food and Drug Administration Disclaimer: None of the statements contained in this press release regarding any of the products either offered or to be offered in the future by the Company have been evaluated by the Food and Drug Administration. Additionally, none of the products is intended to diagnose, treat, cure, or prevent any disease.
Mr. Seth M. Shaw
Chairman and Chief Executive Officer
Tauriga Sciences, Inc.
New York City: + 1-917-796-9926
SOURCE Tauriga Sciences, Inc.