NEW YORK, NY, Jan. 04, 2018 (GLOBE NEWSWIRE) -- Tauriga Sciences, Inc. (OTC PINK:TAUG) ("Tauriga" or the "Company"), engaged in building its business through the development, distribution, and licensing of proprietary products as well as the evaluation of potential acquisition opportunities and equity investments, today announced that the Company has established a wholly-owned subsidiary to acquire interest(s) in patents and other intellectual property pertaining to Blockchain technology (“Blockchain”). The Company’s Board of Directors has decided to fund up to $300,000 towards this corporate initiative; these funds will come from the Company’s available cash position.
While Tauriga has already disclosed one relatively small diversification into a specific cryptocurrency (Groestlcoin), the Company believes that the acquisition of patents or interests in intellectual property relating to Blockchain, with an aim towards commercialization, provides shareholders with the best opportunity for long-term and accretive exposure to this market sector. The Company has yet to definitively identify any specific patents or technologies that may qualify for investment from the above-mentioned initiative. There can also be no guarantees that the Company will determine that any intellectual property under evaluation is worthy of acquisition or investment, or that the Company will ultimately acquire Blockchain technologies at all.
Tauriga’s Chief Executive Officer, Seth M. Shaw, expressed, “The Company believes that there is a potentially significant opportunity for its shareholders in acquiring patent interests that cover certain aspects of Blockchain technology. The Company has worked hard the past 2 ½ years and built the financial strength to execute on these compelling types of potential opportunities. A rigorous due diligence process would precede any future prospective investment(s). Tauriga is pleased to have available, as much as $300,000 in cash to put towards meaningful exposure to this burgeoning field.”
The Subsidiary has been named “Tauriga IP Acquisition Corp.” and the initial legal work will be completed by the international law firm of Nixon Peabody LLP. This new subsidiary has been incorporated under the laws of the State of Delaware.
Lastly, the Board of Directors of the Company voted unanimously in favor of the formation of the above-referenced corporate initiative.
ABOUT TAURIGA SCIENCES, INC.
Tauriga Sciences, Inc. (OTC PINK:TAUG) is engaged in building business through the development, distribution, and licensing of proprietary products as well as the evaluation of potential acquisition opportunities/equity investments. 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 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. Please visit our corporate website at www.tauriga.com
This press release contains certain "forward-looking statements" as defined by the Private Securities Litigation Reform Act of 1995 which represent management’s beliefs and assumptions concerning future events. These forward-looking statements are often indicated by using words such as “may,” “will,” “expects,” “anticipates,” believes, “hopes,” “believes,” or plans, and may include statements regarding corporate objectives as well as the attainment of certain corporate goals and milestones. Forward-looking statements are based on present circumstances and on management’s present beliefs with respect to events that have not occurred, that may not occur, or that may occur with different consequences or timing than those now assumed or anticipated. Actual results may differ materially from those expressed in forward looking statements due to known and unknown risks and uncertainties, such as are not guarantees of general economic and business conditions, the ability to successfully develop and market products, consumer and business consumption habits, the ability to consummate successful acquisition and licensing transactions, fluctuations in exchange rates, and other factors over which Tauriga has little or no control. Many of these risks and uncertainties are discussed in greater detail in the “Risk Factors” section of Tauriga’s Form 10-K and other filings made from time to time with the Securities and Exchange Commission. 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. You should not place undue reliance on these forward-looking statements.