Tauriga Sciences Inc. or ("Tauriga" or "the Company"), a diversified company focused on generating profitable revenues through license agreements and the development of a proprietary technology platform in the nano-robotics space, has today announced the execution of a comprehensive Strategic Alliance Agreement ("the Agreement") with Cincinnati, Ohio-based synthetic biology pioneer Bacterial Robotics, LLC. ("Bacterial Robotics"). This agreement with Bacterial Robotics was unanimously ratified by the Company's Board of Directors ("BOD").
Under terms of the Agreement the companies will jointly develop a nuclear industry-specific Bacterial Robot ("BactoBots™"). BactoBots are ubiquitous microscopic robots applicable to therapeutics, wastewater, and chemicals. Specifically, Bacterial Robotics owns a family of intellectual property beginning with U.S Patent # 8,354,267 B2 that relates generally to genetically enhanced bacteria that conduct specific functions. Bacterial Robotics initial focus with Tauriga is developing a proprietary BactoBot to remediate wastewater generated by nuclear energy production ("Field of Use").
Heavy metals and salts accumulate in the water used in all power plant systems, including nuclear ones. These water pollutants, as well as the higher temperature of the water discharged from the power plant, can negatively affect water quality. This destroys aquatic life. Additionally, there are significant regulatory fines paid annually by power plants for the water pollution that results from their power plant operations. This represents the addressable market for Tauriga's initial product development.
A Joint Venture Partnership ("JVP") will form in which Tauriga will be the majority and controlling owner and pursuant to which the Company will utilize the Bacterial Robotics' technology to develop a BactoBot for the Field of Use. During the development process, which includes Research and Development ("R & D") and pilot testing, the Company anticipates the filing of new patents. All future intellectual property pertaining to the NuclearBot will be owned by the JVP.
Lastly Bacterial Robotics desires to grant to Tauriga a 10-year, fully paid, worldwide exclusive license agreement for the Bacterial Robotics technology. In addition, Tauriga gains potential access to represent other Bacterial Robotics products and intellectual property. Tauriga will disclose to its shareholders, through a press release, the completion of the exclusive license agreement pertaining to the Field of Use. Additionally, agreements that extend Tauriga's ability to integrate with Bacterial Robotics subsidiary, Pilus Energy LLC ("Pilus Energy"), may also be announced. Pilus Energy is a wastewater-to-value global intellectual property portfolio. Pilus Energy's value proposition extracts economically important chemicals, gasses, and precious metals as a byproduct of treating wastewater.
In exchange for the rights to develop a nuclear wastewater BactoBot, Tauriga paid Bacterial Robotics 75,000,000 shares of TAUG common stock and a one-time cash payment.
The global water industry is currently estimated at $450 Billion per year, with an approximate annual growth rate of 6%. The global wastewater-to-value market is currently estimated at $10 Billion and expected to grow to $27 Billion by the year 2021. In addition, there are currently more than 150,000 water treatment facilities in the United States as well as more than 54,000 wastewater utilities.
Tauriga's Chief Operating Officer Dr. Stella Sung stated, "The Company is enthusiastic about this strategic alliance, because the BactoBot technology platform represents a novel way to apply next generation life science technology to solve economically important industrial problems. This propels the company to the leading edge of low cost high value application of scientific innovation."
Bacterial Robotics CEO Jason Barkeloo expressed, "This partnership accelerates Bacterial Robotics and Pilus Energy into the marketplace and clearly aligns the interests of both companies. I'm excited to work closely with Tauriga's dedicated management team to begin unlocking shareholder value."
Tauriga's CEO Seth M. Shaw added, "After an extensive period of due diligence and subsequent negotiations, Tauriga has the opportunity to build an excellent corporate foundation with the integration of an innovative microbiology technology platform. The Strategic Alliance is both multi-faceted and diversified. There are a number of parallel pathways to generate lasting value. The future success of Tauriga is not dependent on a single market or product. I thank all of our shareholders for their steadfast support over the past months."
The Global 100 law firm, Nixon Peabody LLP advised Tauriga Sciences Inc. on this Strategic Alliance transaction with Bacterial Robotics and will continue to represent the company moving forward.