Generex Announces Date for Annual Shareholder Meeting and Pending Retirement of 20,375,900 GNBT "Pool Shares"
MIRAMAR, Fla., Sept. 06, 2019 (GLOBE NEWSWIRE) -- Generex Biotechnology Corporation (www.generex.com) (OTCQB:GNBT) (http://www.otcmarkets.com/stock/GNBT/quote) today announced that the annual shareholder meeting is set for October 25, 2019. Shareholders of record as of September 3, 2019 are eligible to vote at the shareholders meeting. In the next two weeks, shareholders will receive proxy materials from the Company’s transfer agent Broadridge together with voting instructions. Details of the time and location for the meeting will be announced in the near future.
Also today, Generex is pleased to announce that Joe Moscato, President and Chief Executive Officer today began the legal and regulatory process to retire the 20,375,900 “Pool” shares he controls for the benefit of Generex. The process is expected to be completed next week. For clarity, prior to retiring the shares, there are 63,793,955 shares outstanding; with the retirement of the Pool, there will be 43,418,055 shares outstanding. The 20,375,900 shares remaining in the Pool will be returned to the Generex treasury.
Mr. Moscato stated, “Having made significant progress in our strategic plan to bring Generex back to the Nasdaq, and in line with our corporate governance, we are happy to announce the date for the annual shareholders meeting to be held on October 25, 2019, prior to the payment of the 1:1 shareholder dividend on October 29th. As always, we look forward to hearing from our loyal shareholders who continue to support our initiatives, and in turn have been rewarded not only with the appreciation of our share price, but also with our 20:1 and soon to be paid 1:1 stock dividend.”
“Further, 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, today I have initiated the process to retire the Pool shares, which is expected to be completed next week. As we approach our goal of bringing Generex back to the Nasdaq stock exchange, I am happy to share our success with our shareholders by retiring nearly 32% of the outstanding shares of GNBT. Together with the upcoming 1:1 stock dividend to be paid to shareholders on October 29th, the Pool retirement solidifies our shareholder commitment and puts Generex on solid footing as we execute on our strategic plan to build an integrated life science and healthcare company that provides end-to-end solutions for the benefit of physicians and their patients.”
“Finally, I would like to invite everyone to tune in to our live webcast (http://wsw.com/webcast/hcw5/gnbt) from the H.C. Wainwright conference on Monday September 9th at 3:25 PM, where I will present the Generex enterprise and our strategic plans including the announcement of a new, major acquisition in diabetes care.”
About Generex Biotechnology Corp.
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.
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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