Green Innovations And Tauriga Sciences, Inc. Execute Exclusive North American Licensing Agreement For The Commercialization Of Hospital Grade Products Including 100% Tree-Free Bamboo-Based Disinfectant Wipes
CAPE CORAL, Fla., June 3, 2013 /PRNewswire/ -- Green Innovations Ltd. (OTCQB: GNIN) (OTCBB: GNIN) ("Green Innovations" or the "Company") is pleased to announce that on May 31, 2013, its wholly-owned subsidiary, Green Hygienics, Inc. ("Green Hygienics"), executed an exclusive North American licensing agreement with Tauriga Sciences Inc. (OTCQB: TAUG) ("Tauriga") (the "Licensing Agreement") for the commercial launch of hospital grade products including 100% tree-free bamboo-based biodegradable disinfectant wipes. "With the completion of this strategic relationship with Tauriga Sciences, we have taken an important step in joining forces with an expanded sales force to reach commercial entities for an exclusive line of our products," stated Philip Rundle, CEO of Green Innovations. "Tauriga Sciences has an established network in place reach to hospitals, nursing homes, schools, and other potential commercial/institutional purchasers of our products across the country. We look forward to working together with them to reach new customers in new markets for the benefit of both companies." According to the American Hospital Association (AHA), as of 2011, there were 5,724 registered U.S. hospitals and, according to the U.S. Census Bureau Statistical Abstract of the United States: 2012, as of 2009, there were 15,700 nursing homes in the U.S. with approximately 1.4 million residents. Tauriga's CEO, Seth M. Shaw, expressed, "The exclusive North American licensing agreement with Green Hygienics provides Tauriga with an important potential revenue stream in the short, intermediate, and long terms. According to industry research, the annual market for disinfectant wipes by hospitals, nursing homes, and other health care facilities is quite large. Considering the overall market size, the potential sales to be achieved by the Green Hygienics and Tauriga Sciences partnership would represent a significant boost in revenues and shareholder value." The terms of the Licensing Agreement provide for an equal share of the profits between the two companies following an initial $65,000 cash payment to Green Hygienics from Tauriga (due at signing) which has already been received by the Company. The companies currently anticipate having the first hospital grade products available for sale to wholesalers, retailers, and for direct purchase during Fall 2013.