Generex Biotechnology Corporation (OTCMKTS:GNBT) through its President & Chief Executive Officer, Joseph Moscato has issued a letters to shareholders. The letter offered a summary of the initiaves and achievements which the company has made in 2017. The letter was issued just a few moments before an investor conference call which will be hosted by Mr. Moscato.
In the letter, Mr. Moscato acknowledges that the company has experienced a lot of change in 2017 and made a lot of progress in executing its targets and the strategic plan. He said that the company successfully completed its reorganization and restructuring in November. This reorganization laid the foundation for the implementation of the new business strategy which is aimed at driving growth and immersing more value for shareholders and flourish in the coming years.
Mr. Moscato that the management is very proud of what was achieved in 2017 and very pleased to have realized the vision of rebuilding the company as diversified and strategic life sciences holding company. He announced that the company will have a new name in 2018- NuGenerex Life Sciences Holdings, Inc. Mr. Moscato also said the company will have a new mission of building a modern organizational platform for the development, financing, commercializing and distribution of potential therapeutic and diagnostic products which are aimed at improving the health of people and returning value to the shareholders.
The CEO noted that as they company embarks on implementing the new plan, it started an aggressive reorganization of the executive leadership structure as well as the public securities structure which started in January 2017. Throughout the year, the management took all the necessary steps to get the company back to a stable and strong financial and operational position so that it can be in a position to build value from its undeveloped assets portfolio. The company also targeted significant partnerships and acquisitions; all aimed at adding value to the shareholders and attract new investments.
Some of the steps taken to that effect include reshuffling the Board of Directors, recruiting a solid and competent management team, negotiated with some of the company’s investors to settle derivative liabilities and securities encumbrances which were weighing down on the company’s security structure and filing the company’s quarterly financial results.