Generex Biotechnology Announces Postponement of Pending 1:1 Dividend
MIRAMAR, Fla., Nov. 27, 2019 (GLOBE NEWSWIRE) -- Generex Biotechnology Corporation (OTCQB: GNBT) today announced that due to the issues announced yesterday in a shareholder alert, and because of the resulting sharp decline of over 150% in our share price, the Company has decided to postpone the 1:1 dividend. Generex President and CEO, Joe Moscato will address this delay in the dividend payment on the shareholder call to be held on Friday November 29, 2019 at 9:30 AM. In an effort to protect shareholders, Generex is reviewing the situation with legal and regulatory counsel to determine the best path forward.
Mr. Moscato stated, “ It is unfortunate and with deep sadness that I have to postpone this dividend due to the actions of certain parties that have resulted in a significant decline in our share value. On Friday’s call, I will provide details of the actions and circumstances that have caused this postponement and discuss options for new dates to issue the dividend. Because one investment group that signed the dividend waiver engaged in questionable business practices on the sale of GNBT shares in this pre-dividend period, shareholders, and other stakeholders who signed waivers, including investors, management, acquisitions, and subsidiaries have been disadvantaged. We have focused our efforts over the last three years to to build value in Generex, and we are committed to sharing our successes with our shareholders in the form of dividends. However, paying a dividend now will not build value, and it may restrict our ability to complete our plan to bring Generex back to Nasdaq. I will discuss this with our shareholders on Friday’s call, and will provide additional information as it becomes available. And as always, I look forward to answering all of your questions.”
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.
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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