MIRAMAR, Fla., Jan. 15, 2020 (GLOBE NEWSWIRE) -- G
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Posted On: 01/15/2020 3:17:05 PM
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.
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.
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