WORCESTER, Mass. and TORONTO, April 3, 2013 /PRNewswire/ -- Generex Biotechnology Corporation ( www.generex.com) (OTCBB: GNBT) today commented on the results of the meeting of the Company`s stockholders held on March 28, 2013. On April 1, 2013, the Company filed a Form 8-K Current Report with the United States Securities and Exchange Commission detailing the voting results in respect of each of the proposals put forward at the meeting. That report is publicly available in the online EDGAR database at www.sec.gov.
The slate of directors put forward in the Company`s proxy statement in respect of the meeting was elected: John P. Barratt (Chairman of the Board); Brian T. McGee (Chairman of the Audit Committee of the Board of Directors); Dr. James H. Anderson, MD (Chief Scientific Advisor); Dr. Eric von Hofe, PhD (President of Antigen Express, Inc.); and, Mark A. Fletcher (President & Chief Executive Officer).
The proposals to (a) amend the Company`s Restated Certificate of Incorporation to increase the number of shares of common stock authorized thereunder, and (b) authorize the Board to effect a reverse stock split of the Company`s common stock (up until September 27, 2014), were approved by holders of a majority of the Company`s outstanding stock. The proposal to amend the Company`s stock plan by increasing the number of shares of common stock available thereunder was also approved by the Company`s stockholders.
"We very much appreciate the support and confidence of our stockholders," Mr. Fletcher commented. "These adjustments to the Generex capital structure will set the stage for the next phase in the life of Generex. The approval of an increase in authorized capital permits Generex to continue to access the capital markets for the funding necessary to carry on our work. The approval of a reverse stock split affords the Board flexibility in managing the Company`s capital structure for the benefit of their fellow stockholders. The amendment of the stock plan will facilitate the retention and engagement of employees and consultants who will play a vital role in the future successes of Generex and Antigen Express. These initiatives, as a package, will provide a solid foundation upon which our future successes can be securely built."
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