TAUG just posted a press release that updates the pending acquisition. Note that there is a favorable update to the cash position.
Tauriga Sciences Inc. Showcases its Acquisition of Revenue Generating California Based Developer of Topical and Medicinal Cannabis Creams
Oakland, CA -- March 21, 2014 (GLOBE NEWSWIRE) -- Tauriga Sciences Inc. (OTCQB: TAUG) or ("Tauriga" or "the Company"), a diversified life sciences company with key assets that include license agreements, topical medicinal cannabis lotions, and a proprietary technology platform in the nanorobotics space, is pleased to disclose to shareholders that the Company entered into the March 11, 2014 definitive merger agreement ("definitive agreement") with Oakland, California based Honeywood LLC ("Honeywood"), an affiliate of Doc Green's Healing Collective ("Doc Green's"). Honeywood, co-founded by Daniel Kosmal, Elie Green, and Ramona Rubin, is a visionary enterprise that has been researching and developing cannabis based healing products since 2010. Honeywood's main business models and industry capabilities include: the ability to manufacture medicinal Cannabis based products, the licensing of brands and delivery technologies, and the infrastructure to provide valuable laboratory services to the fast growing medicinal cannabis industry. Honeywood currently generates revenues through the development of proprietary formulations, such as Doc Green's Therapeutic Healing Cream (www.docgreens.org). Since 2009, the Doc Green's brand has been distributed to more than 100 dispensing cooperatives and collectives (http://www.docgreens.org/find) fully compliant with California State medicinal cannabis laws and regulations.
Since its inception in 2010, Honeywood has been responsible for overseeing the product development of Doc Green's Healing Collective, formulating and licensing its line of Doc Green's Therapeutic Healing Cream, a cannabis infused shea butter lotion, that delivers the healing power of cannabis through the skin, without psychoactive side effects. Doc Green's itself is a California not for profit entity that strictly adheres to all pertinent California laws, regulations, and guidelines applicable to the State's medicinal cannabis industry. Doc Green's lotion was the first professionally packaged and widely distributed cannabis product on the California market, and has won much acclaim including a first ("1st") prize award at the 2013 High Times Cannabis Cup ("Cannabis Cup") for Best Non-Edible Medically Infused Product.
Honeywood is currently focused on increasing its capacity to produce and develop products, and is actively pursuing intra-state expansion opportunities in the 27 states where state law allows for medicinal cannabis products, and especially in the two states, Washington and Colorado, that allow sales of cannabis for profit. Honeywood has already developed strong relationships with current cannabis producers and distributors in many states, and is in the process of procuring a custom spec large scale supercritical CO2 extraction technology (“CO2 extractor”) to meet the increasing demand for high grade medically sterile cannabis extracts that can be infused into its topical and other medicinal cannabis products. The market for cannabis products is emerging rapidly since the federal government has signaled an intention to refrain from enforcement activity against businesses complying with state laws. By completing the merger with Tauriga, Honeywood is confident that the significant influx of working capital will enable both the acceleration of organic growth and expansion to new markets.
People around the world have been healing and relieving pain with the cannabis plant for millennia. A common preparation of cannabis was to extract the medicinal elements of the cannabis by soaking the plants flowers in oil or other substances to dissolve the medicinal compounds into the oil. These cannabis extracts were then applied to the skin (topical application) where the medicinal cannabinoids would enter the skin and body tissues, bringing the medicine directly to the area of the body that was in need of healing and pain relief from injury, tension, inflammation muscle strain, bruising, and other ailments. Modern scientific researchers have discovered that cannabis interacts with a network of pain regulatory receptors that can be found all over the body, called "CB2" receptors (http://www.docgreens.org/product-information).
Cannabinols, the medicinal molecules produced by the cannabis plant, have been found to bind with the CB2 receptors in the body, activating the body's own systems for reducing inflammation and pain. Doc Green's Therapeutic Healing Cream combines the active properties of select strains of cannabis into deep penetrating shea butter lotion that quickly and effectively delivers the cannabinols to injured and painful areas of the body, anecdotally providing relief within seconds that lasts for hours. Quick absorption into the skin and tissues means the cream can be reapplied as needed to calibrate the healing effect. The cannabis is absorbed and remains substantially in local body tissues, and does not cause the psychoactive "high" associated with smoking or ingesting marijuana/cannabis. Preliminary tests have shown that even heavy usage of Doc Green's cream did not show up in urine-analysis screens for cannabis. However Doc Green's cannot guarantee undetectable amounts of THC in blood or urine samples after use.
Doc Green's Therapeutic Healing Cream has a light and pleasant scent of Vanilla or Lavender (from essential oils) and is now also available in "Unscented". The cream absorbs quickly into the skin, and does not leave an oily residue on the skin that stains clothes. One application of Doc Green's when in pain, or every few hours, is usually sufficient. Many people experience great benefits from applying the cream before bed and first thing in the morning, reporting that Doc Greens Therapeutic Healing Cream provides relief to their muscles and aches, while keeping them clear-headed.
Please See Below Personal Bio(s) for Three Principals of Honeywood LLC
Daniel Kosmal, Esq. age 41 (President, co-Founder)
Daniel Kosmal, Esq. grew up in Los Angeles. He has a foundation in chemistry and biology from his undergraduate degree in Resource Conservation at UC Berkeley, class of 1999, and was admitted to the California State Bar in 2003.
Elie Green, age 35 (co-Founder)
Elie Green grew up in the New York area and attended business school at Touro College. He has been involved in the cannabis industry in California since 2007, cultivating deep connections throughout the emerging industry.
Ramona Rubin, age 36 (co-Founder)
Ramona Rubin is a health-focused researcher and epidemiologist. She grew up in California and comes from a long line of prolific scientists. Ramona has a Masters in Public Health from the University of Michigan, class of 2005 and a BA in Cultural Ecology from UC Santa Cruz, 1999.
Honeywood LLC President Mr. Daniel Kosmal stated, "Our flagship brand Doc Green's has been pioneering the topical cannabis market for several years, and has recently experienced a surge in market interest and demand. We have been approached by a number of interested investors and companies and our principals have confidently made the decision to combine our business with Tauriga Sciences Inc. and its impressive and talented management team. We believe that integrating our business into Tauriga's can provide us with the requisite capital resources and expertise to increase revenues in the State of California as well as expand into other states in an accelerated and efficient manner. Tauriga's successful completion of its acquisition of Pilus Energy was also a major factor in our decision, because we were impressed with that business model and the potential diversification that it may represent to us long term."
Tauriga CEO Dr. Stella Sung commented, "We are pleased to be adding Honeywood and the Doc Green’s product line to our portfolio of assets. The topical cannabis space is compelling from a scientific standpoint, and there is a large addressable and growing market for this legitimate product.”
As of March 21, 2014, the Company has paid a total of $175,000 USD to Honeywood pursuant to the definitive agreement, all of which has been credited towards Tauriga's financing obligations at closing. In addition, as of today's date, the Company reports that its current cash position (inclusive of approximately $70,000 USD in marketable securities) exceeds $1,000,000 USD; its highest reported cash level since October 2012. The Company has decided to disclose its current cash position, due to several recently published articles that are relying on historical financial figures (from the Form 10Q ending 12/31/2013) that no longer accurately reflect the fundamentals of the Company.
On March 10, 2014, Tauriga Sciences signed a definitive agreement to Acquire California based Honeywood LLC (“Honeywood”). Founded in 2009, Honeywood has developed both an extensive line of medicinal cannabis products as well as delivery technologies. Honeywood is a revenue generating company whose formulas have been distributed to more than 100 cannabis dispensaries in the State of California. This definitive agreement is in effect for a period of 120 days (from the date of signing) and both parties are working diligently to complete the transaction.
About Tauriga Sciences, Inc.:
Tauriga Sciences, Inc. (TAUG) is a diversified company focused on generating profitable revenues through license agreements and the development of a proprietary technology platform in the nano-robotics space. 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. On January 28, 2014 the Company completed its acquisition of Cincinnati, Ohio based Pilus Energy LLC ("Pilus Energy"), a developer of alternative cleantech energy platforms using proprietary microbial solutions that creates electricity while consuming polluting molecules from wastewater. The Company's corporate website can be found at (www.tauriga.com).
About Honeywood LLC
Oakland, California headquartered Honeywood LLC, co-founded by Daniel Kosmal, Elie Green, and Ramona Rubin, is a visionary enterprise that has been researching and developing cannabis based healing products since 2010. Honeywood's main business models and industry capabilities include: the ability to manufacture medicinal Cannabis based products, the licensing of brands and delivery technologies, and the infrastructure to provide valuable laboratory services to the fast growing medicinal cannabis industry. Honeywood currently generates revenues through the development of proprietary formulations, such as Doc Green's Therapeutic Healing Cream (www.docgreens.org). The Doc Green's brand has been distributed to more than 100 dispensing cooperatives and collectives (http://www.docgreens.org/find) fully compliant with California State medicinal cannabis laws and regulations.
DISCLAIMER:
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.
Contact:
Tauriga Sciences, Inc.:
Dr. Stella M. Sung
Chairman and Chief Executive Officer
Tauriga Sciences, Inc.
www.tauriga.com
San Diego: + 1-858-353-5749
Montreal: + 1-514-840-3697
Email: ssung@tauriga.com
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