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Generex Reaches Agreement to Acquire 51% Stake in Global Medical Direct, a Nationwide Durable Medical Equipment and Pharmaceutical Provider Specializing in Direct-to-Consumer Diabetes Supplies
Date:10/11/2010

ors.  Generex sees great value in GMD's expertise in reimbursement issues in connection with the commercialization of Generex Oral-lyn™, Metformin gum, and the other products in its pipeline.

The closing of the transaction is subject to a number of terms and conditions, including the completion of a two-year financial audit, agreement upon ancillary agreements, favorable completion of due diligence, and attainment of sufficient financing by Generex. The acquisition is anticipated to close in early January, 2011.  Terms of the acquisition will be included in a Form 8-K to be filed by Generex.

Based on a continuation of revenue and net income growth rates to date, GMD's management estimates its 2010 revenue will be approximately $30 million with net income exceeding $8 million, after successful double digit growth rates over the previous five years.  GMD's 2009 revenue was over $22 million.  The foregoing financial information is derived from management-prepared financial statements and has not yet been audited or reviewed by independent auditors.

In addition to providing a significant, profitable revenue stream to enhance Generex's bottom line, Generex believes the acquisition of GMD will bring  a number of strategic benefits to accelerate revenue growth at Generex, including:

  • The means to expose patients, doctors, and insurers to the existence and benefit of the Food and Drug Administration's Treatment IND program.
  • The creation of a pre-launch platform with an in-house marketing, education, and distribution environment in the event of potential full FDA approval of Generex Oral-lyn™ and new Metformin products.
  • Placement of Generex's own brands of glucometers, strips, and lancets into GMD's sales and marketing engine, as well as the popular Glucose RapidSpray™ product.
  • A platform for Generex's diabetes related support products including so
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SOURCE Generex Biotechnology Corporation
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