LOS ANGELES, May 22, 2013 (GLOBE NEWSWIRE) -- Tauriga Sciences Inc. (OTCQB:TAUG) or ("Tauriga" or "the Company"), a life sciences company creating a diversified portfolio of medical technology assets, has today announced the execution of a Letter of Intent ("LOI") with Green Innovations Ltd. (OTCQB:GNIN) subsidiary, Green Hygienics Inc. ("GHI"), 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. The Companies expect to advance to a definitive Joint Venture Partnership Agreement ("JV Agreement") by June 7, 2013. The financial terms of the JV Partnership will be negotiated and disclosed in the anticipated JV Agreement.
Commenting on the LOI, Tauriga's CEO Seth M. Shaw expressed, "The Company 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."
Green Innovations' Chief Executive Officer, Philip Rundle, stated "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. The 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."
About Tauriga Sciences, Inc.
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
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.
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.
Source:Tauriga Sciences Inc