Generex Announces Closing of Acquisition of Controlling Equity Interest in Hema Diagnostic Systems
Company Also Announces New Management Slate
January 23, 2017 10:58 AM Eastern Standard Time
MIRAMAR, Fla. & TORONTO--(BUSINESS WIRE)--Generex Biotechnology Corporation (OTCPink:GNBT) is pleased to announce that on January 19, 2017 it consummated the previously announced acquisition of a controlling equity interest in Hema Diagnostic Systems, LLC (www.hemadiagnosticsystems.com) (“HDS”). The Company filed a Form 8-K Current Report in respect of the acquisition with the U.S. Securities and Exchange Commission (www.sec.gov) on Friday, January 20, 2017. That 8-K provides comprehensive and detailed descriptions of the transaction terms and the business of HDS. It also includes the audited financial statements of HDS.
“The consummation of this significant acquisition and the establishment of a fresh and dynamic management team and Board represents a new beginning for Generex Biotechnology Corporation and its stockholders. I look forward to unveiling the Company’s strategic vision and plans over the course of the coming weeks and months.”
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Hema Diagnostic Systems
HDS, a Florida corporation headquartered in a Food and Drug Administration (FDA)-registered facility in Miramar, Florida, develops, manufactures, and distributes proprietary in-vitro rapid diagnostics tests that address the global medical community’s need for simple, accurate, and affordable rapid diagnostic tests for infectious diseases such as HIV, tuberculosis, malaria, hepatitis, syphilis, typhoid, dengue, and others.
Pursuant to a formal Acquisition Agreement, Generex has acquired 51% of the issued and outstanding equity securities in the capital of HDS in exchange for shares of Generex common stock.
Dr. Jason Terrell, MD, Generex’s new Chief Scientific Officer and Medical Director, stated: “I’m thrilled to see Generex make this Hema Diagnostic Systems acquisition, along with its strong team and proven track record. Global utilization of diagnostics is always limited by cost and accessibility. HDS addresses these limitations through its affordable, rapid result, point-of-care platform technology systems. Generex and HDS will work together to expand the existing catalog of tests by applying the platform to additional areas of unmet need. This partnership has the potential to deliver a consistent stream of valuable products to patients worldwide.”
New Generex Management Slate
In concert with this acquisition, Generex is also pleased to announce a new slate of Directors and Executive Officers:
Name
Office(s) Held
Joseph Moscato
President, Chief Executive Officer, Chairman of the Board of Directors
Andrew Greene, Esq.
Chief Operating Officer, Director
Andrew Ro
Chief Investment Officer, Director
Lawrence Salvo
President and CEO of HDS, Senior Vice-President – Diagnostics, Director
Dr. Craig Eagle, MD
Independent Director
Dr. Gary H. Lyman, MD
Independent Director
Brian McGee
Independent Director, Chairman of the Audit Committee of the Board of Directors
Dr. James H. Anderson, Jr., MD
Independent Director
Dr. Jason Terrell, MD
Chief Scientific Officer, Chief Medical Director
Dr. Jacob Dagan, Ph.D.
Executive Vice-President – Development
Mark Corrao
Chief Financial Officer, Treasurer
Richard Purcell
Senior Vice-President – Research & Drug Development
Mark Fletcher, Esq.
Executive Vice-President, General Counsel, Secretary
Newly minted Generex President & Chief Executive Officer Joseph Moscato stated: “The consummation of this significant acquisition and the establishment of a fresh and dynamic management team and Board represents a new beginning for Generex Biotechnology Corporation and its stockholders. I look forward to unveiling the Company’s strategic vision and plans over the course of the coming weeks and months.”
Biographical information in respect of the Generex slate of executive officers and directors can be reviewed in the Form 8-K Current Report at www.sec.gov or www.otcmarkets.com.
