Generex Addresses Shareholder Concern Over 8-K and Quarterly Filing
MIRAMAR, FL, April 04, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Generex would like to clarify the discussions surrounding the filed 10-Q ending the period of January 31, 2019, or the second quarter, filed on March 25, 2019, and its subsequent non-reliance 8-K filed on March 28, 2019.
The non-reliance 8-K stemmed from the Veneto business lines misposting inter-company revenue as actual revenue. Generex learned of this after the 10-Q was filed, and soon thereafter filed a non-reliance 8-K to safeguard its shareholders. Inter-company revenue are sales between the companies under Generex’s purview, and actual revenue are generated from sales to third parties.
Generex has been diligently working with its auditor to overcome accounting problems to rectify the situation as soon as possible, and expects the 10-Q/A to be filed shortly.
Generex believes that over expansion and multiple acquisitions a short period has been major contributing cause to this situation. Generex believes that once this is resolved, the process will be streamlined and will not be a significant concern in the future and we do not believe there is a problem right now.
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.
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.
CONTACT: Generex Contact: Generex Biotechnology Corporation Joseph Moscato 646-599-6222 Todd Falls 1-800-391-6755 Extension 222 firstname.lastname@example.org
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