The illegal selling of 8.4 million shares by the Veneto partners and update on all legal remedies the company is seeking due to the major downside pressure on the stock that eroded share price.
MIRAMAR, Fla., Jan. 15, 2020 (GLOBE NEWSWIRE) -- Generex Biotechnology Corporation (www.generex.com) (OTCQB:GNBT) today announced that it will hold an investor conference call on Tuesday January 21, 2020 at 9:30 am.
Topics that will be covered in the call;
- The illegal selling of 8.4 million shares by the Veneto partners and update on all legal remedies the company is seeking due to the major downside pressure on the stock that eroded share price.
- The 4 million shares illegally sold by Creek Mountain and the Generex remedies
- The dividend and FINRA approval process
- The NuGenerex Immuno-Oncology (NGIO) spinout update
- Funding update
- ALTuCELL closing update
Joseph Moscato, Generex President & Chief Executive Officer, stated: “I look forward to this conference call and invite all of our valuable shareholders to attend. This call will address the sharp decline in our share price since September resulting from illegal trading by two groups: Creek Mountain Fund from whom we acquired 20% of Olaregen in exchange for 4 million shares of Generex stock, and Veneto Holdings who owned 8.4 million restricted shares of Generex stock despite never transferring the associated Veneto assets to Generex. Neither of these groups filed the requisite forms with the regulatory authorities to have legends removed from restricted shares, nor did they notify nor obtain permission from Generex to have those shares unrestricted. Further, fraudulent opinion letters were written and processed to get legends removed, and under rule 144, those shares were never fully paid for, as the assets were not delivered. Generex is pursuing all civil and criminal remedies to rectify this matter. Our attorneys have contacted the SEC in regard to these matters, and we expect a favorable outcome. I believe these two groups have finally sold their positions, which they have been doing since September, so now we expect the stock to stabilize and begin to trade normally again based on all of the new and exciting things we are working on. I look forward to a full update on Tuesday January 21, 2020 and to answer all your questions.”
Dial-in instructions for the investor conference call will be announced prior to the meeting 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.
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 Contact:
Generex Biotechnology Corporation
Joseph Moscato
646-599-6222
Todd Falls
1-800-391-6755 Extension 222
investor@generex.com
