Tauriga Sciences, Inc., engaged in building its business through the development, distribution, and licensing of proprietary products as well as the evaluation of potential acquisition opportunities and equity investments, today announced that the Company has entered into a Memorandum of Understanding to acquire a California based revenue generating OMEGA-3 product and technology. This MOU, executed on October 3, 2018, is valid for a period of 45 days and closing is subject to satisfactory completion of due diligence by all parties.
Description of Product and Technology:
This OMEGA-3 Product is a pure potent and better tolerated fish oil. It is prepared and formulated through molecular distillation of the best fish sources. The proprietary technology to refine for purity and concentrate for high levels of docosahexaenoic acid and eicosapentaenoic acid has been developed in Norway. The Product is distilled in a plant located on the coast of Chile, thereby avoiding the transportation of “fish oil” back to Scandinavia. The concentration of the health promoting long chain fatty acids vary, but are always greater than 400mg of EPA and 300mg of DHA. These levels are similar to those of the prescription Lovaza – manufactured by GlaxoSmithKline.
Should this proposed transaction successfully be completed, Tauriga expects to proceed in the filing of intellectual property pertaining to the above-mentioned molecular distillation technology. The Company believes that such patent(s) may be relevant to the pharmaceutical industry and therefore could be of significant importance.
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General Background Info on OMEGA-3 fatty acids (“Fish Oil”):
Over past 10+ years, many Americans have turned to OMEGA-3 fish oil supplements, which have potential benefits for healthy people and also those with heart disease. OMEGA-3 fish oil contains both DHA and EPA. OMEGA-3 fatty acids are essential nutrients that are important in preventing and managing heart disease. Findings have shown that OMEGA-3 fatty acids may also help to: lower blood pressure, reduce triglycerides, slow the development of plaque in the arteries, and reduce the chance of abnormal heart rhythm. The American Heart Association recommends that everyone eats fish at least twice a week.
Tauriga’s CEO Mr. Seth M. Shaw expressed, “Over the past two months, the Company has been evaluating this opportunity as a potential acquisition candidate aimed at restoring and creating shareholder value. After careful consideration and due diligence, Tauriga has decided to move forward with the opportunity and progress to this MOU. In addition to the acquisition of a high-quality existing revenue generating OMEGA-3 product, there is the potential to establish Intellectual Property that may be relevant to the Pharmaceutical industry.”
Lastly, Tauriga wishes to express to its shareholders that it has great confidence in its current balance sheet holdings. The Company believes that its balance sheet has the potential to help create shareholder value in a complimentary manner to potential merger & acquisition activity.
Date: October 8, 2018
Source: Nasdaq
