LAS VEGAS, Sept. 16, 2020 /PRNewswire/ -- JanOne Inc.
(Nasdaq: JAN), a company focused on developing treatments for
conditions that cause severe pain and drugs with non-addictive,
pain-relieving properties, provided an update today regarding its
initiatives to pursue a strategic alternative process for its
legacy businesses first announced in June
2020. The Company has received interest from third parties
with respect to the sale of its legacy recycling business and is
currently reviewing these opportunities.
Tony Isaac, President and Chief
Executive Officer of JanOne commented, "We remain highly focused on
continued advancement of our clinical candidate, JAN101, to treat
peripheral artery disease (PAD) and to find non-addictive
alternatives to pain. In addition, we are continuing to
pursue JAN101's potential to treat vascular complications related
to Covid-19. We believe a successful transaction related to
the disposition of our legacy recycling business will enhance
shareholder value and enable us to concentrate our efforts on
advancing JAN101."
The strategic alternative review process is being conducted with
the goal of maximizing stockholder value. JanOne will provide
further disclosure as appropriate. The actual terms of any
potential transaction are still to be negotiated between the
parties and will be set forth in a letter of intent. There are no
assurances that JanOne will be successful in negotiating an
acceptable definitive agreement, when or whether a definitive
agreement will be reached between the parties, or that any
transaction with respect to its legacy businesses will be
consummated. Even if a definitive agreement is executed, the terms
of the transaction may change materially from the terms set forth
in a non-binding letter of intent and will have many conditions to
closing, some of which may be outside of the parties' control and
we cannot predict whether these conditions will be satisfied. There
are no assurances when or if closing will occur, even if the
parties successfully negotiate and sign a definitive agreement.
About JanOne
JanOne (NASDAQ: JAN) is focused on
developing treatments for diseases that cause severe pain. By
alleviating pain at the source, JanOne aims to reduce the need for
opioid prescriptions to treat disease associated pain that can lead
to opioid abuse. The company is also exploring solutions for
non-addictive pain medications. Its lead candidate JAN101 is for
treating peripheral artery disease (PAD), a condition that affects
over 8.5 million Americans. JAN101 demonstrated positive results in
a Phase 2a clinical trial, and Phase 2b trials are expected to begin in early 2021.
JanOne is dedicated to funding resources toward innovation,
technology, and education for PAD, associated vascular conditions
and neuropathic pain. JanOne continues to operate its legacy
businesses under their current brand names, which are undergoing
review to determine appropriate strategic alternatives. For more
information, visit janone.com
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, including statements relating to (i)
whether JAN101 can treat vascular complications in Covid-19
patients, and (ii) whether the company can consummate a sale or
other disposition of its legacy businesses, including the recycling
business. These forward-looking statements can be identified by
terminology such as "will," "aims," "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 for the fiscal
year ended December 28, 2019
(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.
Investor Relations & Media Contact
IR@Janone.com
1 (800) 400-2247
View original content to download
multimedia:http://www.prnewswire.com/news-releases/janone-announces-strategic-plan-to-divest-its-legacy-businesses-301132581.html
SOURCE JanOne