Under terms of the Agreement the companies will jointly develop a nuclear industry-specific Bacterial Robot ("BactoBots™"). BactoBots are ubiquitous microscopic robots applicable to therapeutics, wastewater, and chemicals. Specifically, Bacterial Robotics owns a family of intellectual property beginning with U.S Patent # 8,354,267 B2 that relates generally to genetically enhanced bacteria that conduct specific functions. Bacterial Robotics initial focus with Tauriga is developing a proprietary BactoBot to remediate wastewater generated by nuclear energy production ("Field of Use").
Heavy metals and salts accumulate in the water used in all power plant systems, including nuclear ones. These water pollutants, as well as the higher temperature of the water discharged from the power plant, can negatively affect water quality. This destroys aquatic life. Additionally, there are significant regulatory fines paid annually by power plants for the water pollution that results from their power plant operations. This represents the addressable market for Tauriga's initial product development.
Lastly Bacterial Robotics desires to grant to Tauriga a 10-year, fully paid, worldwide exclusive license agreement for the Bacterial Robotics technology. In addition, Tauriga gains potential access to represent other Bacterial Robotics products and intellectual property. Tauriga will disclose to its shareholders, through a press release, the completion of the exclusive license agreement pertaining to the Field of Use. Additionally, agreements that extend Tauriga's ability to integrate with Bacterial Robotics subsidiary,
In exchange for the rights to develop a nuclear wastewater BactoBot, Tauriga paid Bacterial Robotics 75,000,000 shares of TAUG common stock and a one-time cash payment.
The global water industry is currently estimated at
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