LOS ANGELES, Aug. 29, 2013 (GLOBE NEWSWIRE) -- Tauriga Sciences Inc. (OTCQB:TAUG) ("Tauriga" or "the Company"), a diversified life sciences company focused on investing in proprietary biotherapeutics and diagnostics, novel medical devices and consumer healthcare, has today announced the full satisfaction of all material terms of the 5 year exclusive license agreement ("License Agreement") with Green Hygienics, Inc. ("Green Hygienics") for the commercialization of 100% tree-free bamboo-based products to the North American marketplace.
The 100% tree-free bamboo-based products eligible to be marketed, under terms of the License Agreement, include, but are not limited to: hospital grade wipes, paper towels, napkins, bath tissue, sanitary napkins, diapers, adult care products, cosmetic wipes and copy paper. This License Agreement, executed by the companies on May 31, 2013, provides Tauriga with the opportunity to generate meaningful revenues during calendar year 2013 and beyond. The License Agreement is described in detail in the Current Report on Form 8-K filed with the Securities and Exchange Commission on June 6, 2013.
In addition, Tauriga has received 625,000 restricted shares of common stock of Green Innovations Ltd., the parent company of Green Hygienics, Inc.
The Company plans to focus its marketing efforts relating to the License Agreement on medical practices, hospitals, adult care facilities, school districts, small businesses, and large corporations.
Commenting on the completed License Agreement, Tauriga's CEO Seth M. Shaw expressed, "This License Agreement provides the Company and its shareholders with the opportunity to market a unique product line that is both environmentally friendly and socially responsible. The revenue opportunity for Tauriga is potentially quite robust and management is optimistic that the net margins will be healthy, especially as customer orders and volumes increase. The Company has already had a number of meaningful conversations with potential customers and the interest level has been very encouraging. The final steps to commercialization are establishing reliable dates for final product delivery and finalizing the pricing for each component of the product line."
Tauriga Sciences shall realize 100% of the revenues generated from the potential North American sales. The two companies will equally split all potential net profits and jointly assume marketing costs.
About Tauriga Sciences, Inc. (TAUG):
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.tauriga.com.