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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

aps, vitamins, etc.
  • Direct informational engagement of patients, doctors, and insurers using GMD's educational platform and call center.
  • A staff experienced in dealing with the intricacies of the reimbursement policies and paperwork for diabetes-related products across U.S. state and federal governments.
  • An in-house pharmacy and dispensary that dovetails with GMD's national scale shipping and distribution facility.

  • Approval of Reverse Stock Split

    Generex management is asking its stockholders to approve a reverse stock split proposal on October 15.  Management believes that a reverse stock split will put Generex in a stronger position to aggressively pursue commercialization opportunities for its buccal drug delivery and immunotherapeutic vaccine platform technologies.  Based on the current price of the stock, it is anticipated that the reverse stock split ratio would not exceed 1-for-4.

    If the reverse stock split is not approved, Generex's common stock will not remain listed for trading on the Nasdaq Capital Market.  While the stock would then be eligible for quotation on the Over-The-Counter (OTC) Bulletin Board (OTCBB), management believes that a Nasdaq listing will afford the Company a wider variety of potentially less dilutive financing alternatives.  As a development stage company, Generex must look to the capital markets to fund its on-going product development initiatives.  In addition, the greater visibility and liquidity offered by a Nasdaq listing will enhance the Company's bargaining power with prospective partners and collaborators who will want comfort that Generex will have access to the capital necessary to support it contributions.

    Management recognizes that many stockholders are concerned that a reverse stock split might compromise share value.  However, management is not seeking the reverse stock split in a vacuum.  We believe that
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    SOURCE Generex Biotechnology Corporation
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