On March 4, 2013, the company announced it was changing its name to Tauriga Sciences, Inc. and set out on its new business plan. The new business focus is stated on Tauriga's website (www.tauriga.com):
Tauriga Sciences Inc. ("the Company") is a diversified company that operates in the biotechnology space, which includes medical devices and development of proprietary drug compounds. The mission of the Company is to acquire a diversified portfolio of medical technologies with the aim of providing financial and human capital resources, to unlock significant value for the shareholders. The Company's business model entails 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.
Since the beginning of March Mr. Shaw has added several people to assist him in building Tauriga. Tauriga added its first 2 Board of Directors in Dr. David L. Wolitzky and former Nevada First Lady, Dawn Gibbons, who is an accomplished businesswoman and philanthropist. The company also began building their medical advisory board adding Dr. Lawrence A May, a prestigious physician with 35 years of clinical experience in internal medicine. Also, Stella M. Sung, Ph.D. joined the advisory board, and then Dr. Sung was appointed to the position of Chief Operating Officer. Dr. Sung has over 20 years of experience in operations and venture capital for early life science companies and received her Ph.D. in Chemistry from Harvard University. In a short period of time, Mr. Shaw has built a team of people to assist him in evaluating and developing companies and products for Tauriga to partner with and invest.
On April 26, 2013, Tauriga announced it had established 4 Board of Director Oversight Committees and the Corporate Code of Ethics. In the press release Tauriga's Chief Executive Officer Seth M. Shaw commented, "The Company is working hard to create shareholder value through the acquisition of potentially lucrative assets in the life sciences space. Additionally, one of the Company's goals in the relatively near-term is to become a NASDAQ listed company. As such, management has begun to take meaningful steps to gain compliance with respect to corporate governance and oversight requirements. In doing so, management believes that the profile and effectiveness of the Company will be substantially improved."
Most important to shareholders, Tauriga has already announced two initial non-binding agreements for licensing, product rights and Joint Ventures that will begin to add value to the company in the near-term and the long-term. The first of the agreements is with Marvanal Inc., a company with lactose-free dairy products, which are approved for the State of Connecticut Public Food Lunch Program. Marvanal's food protein based concentration technology focuses on the elimination of fat from dairy products, thereby lowering the caloric content without compromising any nutritional benefits. With the Memorandum of Understanding (MOU) between Marvanal and Tauriga, Tauriga is seeking to acquire exclusive marketing rights for the State of New York for Marvanal's lactose-free dairy products. Tauriga can turn the rights into near-term revenues with the management's pre-existing relationships with several State of New York entities. Mr. Shaw commented at the time that, "A number of prospective target markets have already been identified for these products and both management teams will work diligently towards the signing of a definitive agreement and the shared goal of a commercial product launch during the summer of 2013." If Tauriga can turn this investment into $1-3 million in a year, or more, in annual revenues, the deal will be very beneficial for shareholders as this deal alone could pay for annual operations of Tauriga.
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