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MIRAMAR, Fla., May 31, 2019 (GLOBE NEWSWIRE) -- Generex Biotechnology Corporation (www.generex.com) (OTCQB:GNBT) (http://www.otcmarkets.com/stock/GNBT/quote) is pleased to announce that the company plans to declare a 1:1 stock dividend, contingent upon the successful up listing to NASDAQ, to complete the strategic reorganization from a pure development company to a an end-to-end solutions provider for physicians and patients.
Joseph Moscato, CEO of Generex stated, “On June 20th, Generex plans to declare a 1 for 1 dividend for shareholders of record with certain conditions, noting that verbal commitments have been given that the dividend will be waived by all insiders and other major equity holders not in the public float. Once that is formalized, this dividend will be the last dividend from the company in conjunction with its completion of its current overall three-stage development plan.
As promised, when the shareholders approved the reverse stock split in 2017, allowing us to clean up the company’s security structure, I followed through on our commitment to give back to our shareholders for allowing us to execute on our plan, creating significant value in the company. When we have achieved certain milestones, we have made a point to give back to our valuable shareholders in the form of dividends, including the 20:1 dividend in Generex shares and the 1:4 dividend in NuGenerex Immuno-Oncology. This final dividend in this cycle is a symbol of our success and thanks, and our continued commitment to give back to our shareholders.”
Over the last three months, Generex has made significant strides in executing on its strategic plans, and intends to file an S1 registration statement with the SEC in the coming weeks. The company’s subsidiary Olaregen launched Excellagen, which is FDA cleared for wound management, selling out the first commercial lot in less than a month. The company is reorganizing its MSO model with expanded controls and compliance standards and expanding into new geographic territories. In the last few weeks, Generex has finalized terms for the acquisitions of Pantheon Medical and Medicsource Partners, which are expected to close shortly. Generex is also expanding the NuGenerex family of companies with the formation of NuGenerex Chronic Care Solutions that will provide ancillary health services for a multi-clinic endocrinology practice that serves a large population of patients with diabetes and metabolic disorders.
Mr. Moscato added, “The final future piece of our corporate vision is the establishment of an HMO, NuGenerex Health, in partnership with Dr. Kiran Patel, who most recently sold his prior HMO, Freedom Health to Anthem for $1.8 billion. This exciting opportunity with Dr. Patel demonstrates our commitment to build a new kind of healthcare company that develops and delivers innovative new products like Excellagen and specialty health services like NuGenerex Chronic Care Solutions to provide end-to-end solutions for physicians and patients in our HMO network. Dr. Patel has done seven successful HMOs and I am honored to have the preeminent leader in the HMO sector and utilize his world class experience in creating NuGenerex Health Services.”
The company will provide complete details of the dividend on Thursday June 20th as well as declaration, pay date and ex-date.
About Generex Biotechnology Corp.
Generex Biotechnology is an integrated healthcare holding company with end-to-end solutions for patient centric care from rapid diagnosis through delivery of personalized therapies. Generex is building a new kind of healthcare company that extends beyond traditional models providing support to physicians in an MSO network, and ongoing relationships with patients to improve the patient experience and access to optimal care.
In addition to advancing a legacy portfolio of immune-oncology assets, medical devices, and diagnostics, the Company is focused on an acquisition strategy of strategic businesses that complement existing assets and provide immediate sources of revenue and working capital. Recent acquisitions include a management services organization, a network of pharmacies, clinical laboratory, and medical device companies with new and approved products.
Our newly formed, wholly-owned subsidiary, NuGenerex Distribution Solutions (NDS), integrates our MSO network with a pharmacy network, clinical diagnostic lab, durable medical equipment company (DME-IQ) and dedicated call center.
Cautionary Note Regarding Forward-Looking Statements
This release and oral statements made from time to time by Generex representatives in respect of the same subject matter may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by introductory words such as "expects," "plan," "believes," "will," "achieve," "anticipate," "would," "should," "subject to" or words of similar meaning, and by the fact that they do not relate strictly to historical or current facts. Forward-looking statements frequently are used in discussing potential product applications, potential collaborations, product development activities, clinical studies, regulatory submissions and approvals, and similar operating matters. Many factors may cause actual results to differ from forward-looking statements, including inaccurate assumptions and a broad variety of risks and uncertainties, some of which are known and others of which are not. Known risks and uncertainties include those identified from time to time in the reports filed by Generex with the Securities and Exchange Commission, which should be considered together with any forward-looking statement. No forward-looking statement is a guarantee of future results or events, and one should avoid placing undue reliance on such statements. Generex undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. Generex claims the protection of the safe harbor for forward-looking statements that is contained in the Private Securities Litigation Reform Act.
Generex Biotechnology Corporation
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