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May 23, 2013 /PRNewswire/ -- Green Innovations Ltd. (OTCQB: GNIN) (OTCBB: GNIN) ("Green Innovations" or the "Company") is pleased to announce that its wholly-owned subsidiary, Green Hygienics, Inc. ("Green Hygienics"), has entered into a Letter of Intent ("LOI") with Tauriga Sciences Inc. (OTCQB: TAUG) ("Tauriga") for the commercial launch of hospital grade products including 100% tree-free bamboo-based disinfectant wipes. All bamboo-based products under development by GHI are completely biodegradable and of equal or superior quality when compared to existing lines of products.
"Our company is looking forward to working with the very talented management team of Tauriga Sciences to commercialize a product line with excellent potential to generate meaningful revenues," stated
Philip Rundle, CEO of Green Innovations. "Both companies have established a mutual trust for one another and will work as a team to successfully fund and launch our innovative product lines to numerous medical institutions."
Also commenting on the LOI, Tauriga's CEO
Seth M. Shaw expressed, "Tauriga is pleased to joint venture with GHI to launch an exciting medical product to the marketplace with potentially both economic and social benefits. This type of business fits in well in our business model, as the company is interested in short-term revenue opportunities as well as investing in innovative life sciences technologies."
The financial terms of the JV Partnership will be negotiated and disclosed in the anticipated JV Agreement. The companies expect to advance to a definitive Joint Venture Partnership Agreement ("JV Agreement") by
June 7, 2013. There can be no assurance that any transaction will be completed as proposed or at all.
About Green Innovations Ltd.
Green Innovations Ltd., through its wholly-owned subsidiary Green Hygienics, Inc., is the exclusive licensed North American distributor of American Hygienics Corporation's 100% tree-free bamboo-based product line, including personal care and paper-based goods. The Company provides consumers the opportunity to enjoy high-quality and performance eco-friendly goods from dedicated experts that have been producing bamboo products for over a decade, along with the cost-benefit of local raw material manufacturing, and the satisfaction of knowing that by using these products they are doing their part to reduce their carbon footprint and to continue the movement towards a more healthy and sustainable planet.