Generex Provides Update to Pending 1:1 Stock DividendPosted on June 10, 2019
MIRAMAR, Fla., June 07, 2019 (GLOBE NEWSWIRE) — Generex Biotechnology Corporation (www.generex.com) (OTCQB:GNBT) (http://www.otcmarkets.com/stock/GNBT/quote), in response to the large volume of investor calls, today provided an update on its new 1:1 dividend that has been approved by the Generex Board of Directors and as previously announced, will be declared on June 20, 2019, subject to any necessary regulatory approvals. This dividend will be tied to a NASDAQ or NYSE stock listing and will be paid on the day the Company is up-listed. The Company plans to submit an up-list application to an exchange shortly after the June 21, 2019 shareholders conference call. Please note, for the dividend to be declared, certain non-float holding shareholders will have to waive their rights to receive the dividend; not all have provided written agreement at this time.
Joe Moscato, President and Chief Executive Officer of Generex said, “When we took control of Generex in January 2017, we had a 3-step plan to return the Company to a national stock exchange through reorganization as a healthcare and life science holding company: 1) transformation from a development company to an end-to-end solutions provider with products and services that flow through to proprietary market channels; 2) an acquisition strategy that integrates product and service companies that generate revenues, profits and intracompany synergies among the NuGenerex family of companies; and 3) building out the end-to-end healthcare model with an HMO. We hope to accomplish this last objective through establishing NuGenerex Chronic Care Solutions, an ophthalmology, podiatry, and chronic care management company with a multi-clinic endocrinology group in Arizona, and with the buildout of NuGenerex Health in conjunction with industry leaders in the space who have launched and sold multiple successful HMOs in the past.”
Mr. Moscato continued, “Paying this dividend to our shareholders upon the up-listing to a major exchange will complete our 3-stage plan and will set the future growth strategy in place. Our up-listing will enable Generex to advance our acquisition strategy and to complete the buildout of our planned managed care organization, grow our revenue streams, expand and develop our distribution channels, complete the geographic expansion of our MSO, and build a New Life Sciences Company. Management is confident that we will continue to execute on our plans, and with this dividend to shareholders, I’m quite happy to share our successes and future opportunities with our valuable shareholders. I look forward to providing further details and answering questions on our shareholders conference call on June 21, 2019. We will provide call-in information in a future announcement.”
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 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.
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. In particular, no statement about the intention to list Generex stock on a national exchange should be taken as a guarantee that we will qualify for and be accepted by any such exchange. 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