Generex Addresses Shareholder Concern Over 8-K and Quarterly Filing
April 04 2019 - 3:55PM
InvestorsHub NewsWire
Generex Addresses Shareholder Concern Over 8-K and Quarterly Filing
Source: Generex Biotechnology Corp.
MIRAMAR, FL -- April 4, 2019 -- InvestorsHub NewsWire -- 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.
Generex Contact:
Generex Biotechnology Corporation
Joseph Moscato
646-599-6222
Todd Falls
1-800-391-6755 Extension 222
investor@generex.com
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