Generex Biotechnology Confirms Record Date for 1:1 Dividend
- Record date of August 30, 2019 confirmed
- Shareholders must hold shares through October 30, 2019 to receive dividend
- Dividend Waived by insiders, note holders, acquisitions, and pool shares
- Pool shares being retired on October 30, 2019
MIRAMAR, Fla., Sept. 03, 2019 (GLOBE NEWSWIRE) -- Generex Biotechnology Corporation (OTCQB:GNBT) today confirmed that the record date for the 1:1 (100%) stock dividend was recorded on August 30, 2019, and the dividend will be paid on October 29th to all shareholders who hold their shares through the ex-date of October 30, 2019. Anyone who sells their shares before the market close on October 30th will lose the dividend, which will be transferred to the buyer of your shares, just as anyone buying shares from now through October 30th will receive the 1:1 (100%) dividend from the seller of the shares.
Management and company insiders, note holders, acquisition partners, and the pool shares controlled by Generex President & CEO Joe Moscato on behalf of the Pool owners have waived their rights to the dividend. Therefore, if any of these entities or persons sells their shares, they will receive a “Pay Due Bill” and personally owe the dividend shares to the buyer, which is their sole responsibility to pay; Generex will not pay the dividend for those who have waived the dividend.
Mr. Moscato stated, “It is official, and congratulations to all current shareholders and any new shareholders who purchase GNBT stock through October 30, 2019. This dividend and our Nasdaq up-listing, which is currently in review, highlight the end of our 3-phase plan put forth to shareholders in January 2017 to transform GNBT into an integrated life science and healthcare company with a focus on end to end solutions for physicians and patients who battle chronic, costly, and debilitating diseases like arthritis, diabetes, and cancer. Additionally, on the pay date, I will be retiring the nearly 21 million pool shares to significantly limit the dilution effect of the dividend on shareholders. These events are the catalysts in furthering our acquisition strategy, and we have a number of new announcements slated over the coming weeks that will further our mission! It is exciting times for Generex and our shareholders, and we look forward to continued growth and execution for our long-term plans.”
As previously announced, Mr. Moscato will present an overview and corporate update on Generex and the NuGenerex family of companies at the H.C. Wainright Annual Healthcare Investor Conference at 3:25 on Monday September 9, 2019 in the Holmes II Room at The Lotte New York Palace Hotel, New York, NY.
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.
About Olaregen Therapeutix
Olaregen Therapeutix, Inc. is a regenerative medicine company focused on the development, manufacturing and commercialization of products that fill unmet needs in the current wound care market. Generex aims to provide advanced healing solutions that substantially improve medical outcomes while lowering the overall cost of care. Olaregen's first product introduction, Excellagen (flowable dermal matrix) is a topically applied product for dermal wounds and other indications. Excellagen is a FDA 510K cleared device for a broad array of dermal wounds, including partial and full thickness wounds, pressure ulcers, venous ulcers, diabetic ulcers, chronic vascular ulcers, tunneled/undermined wounds, surgical wounds (donor sites/ grafts, post-Mohs surgery, post-laser surgery, podiatric, wound dehiscence), trauma wounds (abrasions, lacerations, second-degree burns and skin tears) and draining wounds, enabling Olaregen to market Excellagen in multiple vertical markets. Additionally, Excellagen can serve as an Enabling Delivery Platform for pluripotent stem cells, antimicrobial agents, small molecule drugs, DNA-Based Biologics, conditioned cell media and peptides. Olaregen's initial focus will be in advanced wound care including diabetic foot ulcers (DFU), venous leg ulcers and pressure ulcers. Future products focusing on innovative therapies in bone and joint regeneration comprise the current pipeline. Generex's mission is to become a significant force in regenerative medicine and advance the science of healing.
About our Service-Disabled Veteran-Owned Small Business (SDVOSB)
This a Service-Disabled Veteran-Owned Small Business (SDVOSB) that specializes in the sale, marketing, and distribution of innovative medical products through a nationwide network of veteran owned distribution services.
About Pantheon Medical
Pantheon Medical is a manufacturer of a physician friendly, “all-in-one”, integrated kit that includes plates, screws, and tools required for orthopedic surgeons and podiatrists conducting foot and ankle surgeries. Generex is developing and submitting several new product lines to the FDA which will include cannulated surgical screws, plates, and implants.
About MediSource Partners
MediSource Partners is a 10-year-old private company, currently contracted with over 25 vendors (including Pantheon Medical) for nationwide distribution of implants and devices for spine, hips, knees, foot, ankle, hand, and wrist surgeries. Additional product lines include biologics (blood, bone, tissue, stem cells), durable medical equipment, and soft goods. Generex also supplies kits to process bone marrow aspirates and platelet rich plasma biologics at the time of surgery.
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
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