Loading, Please Wait...
MIRAMAR, Fla., July 29, 2019 (GLOBE NEWSWIRE) -- Generex Biotechnology Corporation (www.generex.com) (OTCQB:GNBT) today provided guidance for investors on the company’s plans for the GNBT up-list to Nasdaq and the payment of the 1:1 share dividend to shareholders.
Joseph Moscato, Generex President & Chief Executive Officer stated, “Many thanks to our shareholders and interested parties for participating in our conference call last Thursday, July 25. Since then, I have received a number of calls pertaining to the 1:1 shareholder dividend, so I want to provide some clarity with this release. First, in regard to the timing of the dividend payment, please note that the dividend will be paid the day after Generex is up-listed to the Nasdaq stock exchange. I cannot provide a set date at this time, as our up-list application still needs to go through the review process at Nasdaq, which is expected to take 30 to 60 days.”
“Also, there seems to be confusion in the market based on a question that was asked on the conference call pertaining to dilution and free-trading stock. Please note the dividend will only be paid to shareholders in the float. Insiders will not be taking the dividend, as the management team has waived their rights to the dividend. As recently reported, Generex retired an old debt of $3.1 million that has been carried on the books for 9 years, with the note holder opting to receive the full payment in Generex stock at $2.81 per share; these are restricted shares that will not be unrestricted for at least 6 months and are not eligible for the dividend. Similarly, if any other note holders convert their stock, those shares will also be restricted with the same restrictions. There are no features in any of Generex’s current notes that allow for automatic conversion to free-trading stock, as any such transaction requires a legal process to remove the “restricted” legend. Generex does not have an S1 nor an S3 filed with SEC at this time, which means that no free-trading stock has been granted to date. Plus, as previously reported, I am retiring the roughly 21 million “Pool Shares” such that the effect of the dividend on dilution is significantly minimized.”
“Lastly, it is important to note that if anyone sells their shares between now and the ex-date, which is expected to be two days after the pay date, the dividend shares will be transferred to the purchaser of your shares.”
As I have said since our shareholders permitted us to clean up the company, I am committed to building the value of Generex and sharing our successes with our loyal shareholders through the payment of share dividends. This final 1:1 share dividend that will only be paid to shareholders but not insiders, is another demonstration of that commitment. We look forward to the next chapter of Generex on the Nasdaq national exchange.”
The full recording of the conference call , including the Q&A session is now available on the Generex corporate web site, and the transcript will be available later today.
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.
About Olaregen Therapeutics
Olaregen Therapeutix, Inc. is a regenerative medicine company focused on the development, manufacturing and commercialization of products that fill unmet needs in the current wound care market. Generex aims to provide advanced healing solutions that substantially improve medical outcomes while lowering the overall cost of care. Olaregen's first product introduction, Excellagen (flowable dermal matrix) is a topically applied product for dermal wounds and other indications. Excellagen is a FDA 510K cleared device for a broad array of dermal wounds, including partial and full thickness wounds, pressure ulcers, venous ulcers, diabetic ulcers, chronic vascular ulcers, tunneled/undermined wounds, surgical wounds (donor sites/ grafts, post-Mohs surgery, post-laser surgery, podiatric, wound dehiscence), trauma wounds (abrasions, lacerations, second-degree burns and skin tears) and draining wounds, enabling Olaregen to market Excellagen in multiple vertical markets. Additionally, Excellagen can serve as an Enabling Delivery Platform for pluripotent stem cells, antimicrobial agents, small molecule drugs, DNA-Based Biologics, conditioned cell media and peptides. Olaregen's initial focus will be in advanced wound care including diabetic foot ulcers (DFU), venous leg ulcers and pressure ulcers. Future products focusing on innovative therapies in bone and joint regeneration comprise the current pipeline. Generex's mission is to become a significant force in regenerative medicine and advance the science of healing.
About our Service-Disabled Veteran-Owned Small Business (SDVOSB)
This a Service-Disabled Veteran-Owned Small Business (SDVOSB) that specializes in the sale, marketing, and distribution of innovative medical products through a nationwide network of veteran owned distribution services.
About Pantheon Medical
Pantheon Medical is a manufacturer of a physician friendly, “all-in-one”, integrated kit that includes plates, screws, and tools required for orthopedic surgeons and podiatrists conducting foot and ankle surgeries. Generex is developing and submitting several new product lines to the FDA which will include cannulated surgical screws, plates, and implants.
About MediSource Partners
MediSource Partners is a 10-year-old private company, currently contracted with over 25 vendors (including Pantheon Medical) for nationwide distribution of implants and devices for spine, hips, knees, foot, ankle, hand, and wrist surgeries. Additional product lines include biologics (blood, bone, tissue, stem cells), durable medical equipment, and soft goods. Generex also supplies kits to process bone marrow aspirates and platelet rich plasma biologics at the time of surgery.
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
1-800-391-6755 Extension 222