MIRAMAR, Fla., June 21, 2019 (GLOBE NEWSWIRE) — Generex Biotechnology Corporation (www.generex.com) (OTCQB:GNBT) (https://www.otcmarkets.com/stock/GNBT/quote) today announced that the “Pool” shares controlled for the benefit of Generex by Joe Moscato, President and Chief Executive Officer of Generex, and consisting of shares contributed by Mr. Moscato and three others, will be retired; the 20,375,900 million shares remaining in the Pool will be returned to Generex and put back into the Generex treasury once Generex achieves its up-list to NASDAQ and the dividend is paid. Generex noted that Mr. Moscato previously waived the dividend for the Pool shares.
For clarity, there are currently 60,307,396 shares outstanding. Of these only 34,542,338 shares are eligible for the dividend. Post dividend, there will be 69,084,676 shares in the market, as the 20,375,900 Pool shares will be retired and returned to the Generex treasury, leaving only 9 million additional shares in the market than pre-dividend.
Mr. Moscato stated, “As Trustee of the Pool shares that have been set up for the benefit of Generex, and to further demonstrate my commitment to our shareholders, we have decided to retire the Pool upon payment of the 1:1 dividend and up-listing to NASDAQ, and return 20+ million shares to the Generex Treasury. The retirement of over 20 million shares is huge for shareholders, as it significantly reduces investor dilution by one-third. As we approach our goal of bringing Generex back to a national exchange, I am happy to share our success with our shareholders and provide Generex with a strong foundation for growth.”
About Generex Biotechnology Corporation
Generex Biotechnology Corporation 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 immuno‐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.
Revenue from the Company’s subsidiaries will support clinical advancement of its wholly owned therapeutic products with a focus in immunotherapeutics based on stimulating critical members of the immune response, known as T helper cells, and its proprietary buccal administration of insulin.
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.