LAS VEGAS, June 18, 2020 /PRNewswire/ -- JanOne Inc.
(Nasdaq:JAN), a company focused on bringing treatments to market
for conditions that cause severe pain and drugs with non-addictive
pain relieving properties, today announced the commencement of a
strategic alternative process for its legacy businesses in an
effort to enhance shareholder value. This review process will
be conducted with the assistance of the company's financial and
legal advisors and will consider the full range of potential
strategic alternatives with respect to its legacy businesses. This
will include but is not limited to, acquisitions, business
combinations, joint ventures, spinoffs, public and private capital
raises, recapitalization, and sale transaction options.
Tony Isaac, Chief Executive
Officer of JanOne, commented, "Having successfully made a strategic
shift into the biopharma sector, we believe it is now the right
time to review the company's strategic alternatives for our legacy
businesses. Most important is to assess how we can best create
continued value for our stockholders. During this time, our team
remains highly focused on continued advancement of our clinical
candidate, TV1001SR, to treat Peripheral Artery Disease (PAD) and
to find non-addictive alternatives to pain."
There can be no assurances that the exploration of strategic
alternatives will result in any transaction. The company does not
intend to discuss or disclose developments with respect to the
process until it is determined that further disclosure is
appropriate or required by regulation or law. No formalized
timetable has been established for the completion of the strategic
review.
About JanOne
JanOne is a unique NASDAQ-listed company that is focused on
bringing medications to market to treat diseases that cause severe
pain in an effort to reduce the need for prescriptions opioids
often used to treat disease associated pain. The company is also
exploring solutions for non-addictive pain medications. The lead
candidate is for treating peripheral artery disease (PAD), a
condition that affects over 8.5 million Americans, with plans
currently underway for phase 2b
trials. JanOne is currently dedicated to funding resources toward
innovation, technology, and education for PAD and neuropathic pain.
The company continues to operate its legacy businesses, ARCA
Recycling and GeoTraq, under their current brand names. ARCA
Recycling provides turnkey recycling and replacement services for
utilities and other sponsors of energy efficiency programs. GeoTraq
engages in the development, design and, ultimately, the company
expects, sale of Mobile IoT modules. Please visit www.janone.com
for additional information.
Forward-Looking and Cautionary Statements
This press release contains "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of
1995. In accordance with the safe harbor provisions of this
Act, statements contained herein that look forward in time that
include everything other than historical information, involve risks
and uncertainties that may affect the company's actual results.
These forward-looking statements can be identified by terminology
such as "will," "expects," "anticipates," "future," "intends,"
"plans," "believes," "estimates" and similar
statements. JanOne may also make written or oral
forward-looking statements in its periodic reports to the U.S.
Securities and Exchange Commission (the "SEC") on Forms 10-K and
10-Q, Current Reports on Form 8-K, in its annual report to
stockholders, in press releases, and other written materials and in
oral statements made by its officers, directors or employees to
third parties. There can be no assurance that such statements will
prove to be accurate and there are a number of important factors
that could cause actual results to differ materially from those
expressed in any forward-looking statements made by the company,
including, but not limited to, plans and objectives of
management for future operations or products, the market acceptance
or future success of our products, and our future financial
performance. The company cautions that these forward-looking
statements are further qualified by other factors including, but
not limited to, those set forth in the company's Annual Report on
Form 10-K, as amended, for the fiscal year ended September 30, 2017 (available
at http://www.sec.gov). JanOne undertakes no obligation to
publicly update or revise any statements in this release, whether
as a result of new information, future events, or otherwise.
Media contact:
Michael J. Stein, In-house Counsel
and Corporate Secretary
michael@janone.com
(702) 997-5968
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SOURCE JanOne