-The board has approved a strategic review of
the biotech assets and ALT5 Sigma being the core focus going
forward-
-The company is intending a name and stock
symbol change to reflect this decision-
LAS
VEGAS, July 10, 2024 /PRNewswire/ -- JanOne Inc.
(Nasdaq: JAN), a multidisciplinary organization with a focus on
fintech and healthcare, has announced plans to enhance stockholder
value through a visionary strategic realignment, entailing a
redeployment of biotech assets and a change of its name.
The plan, unanimously approved by the company's board and
following the May acquisition of fintech innovator, ALT5 Sigma, is
intended to complete a strategic review with the goal of monetizing
the company's biotech assets. The company will explore a
variety of alternatives that could include a partial or full
spin-off, entry into one or more strategic alliances, or
negotiation of a partial or full sale, while focusing on the
recently acquired, ALT5 Sigma fintech as the company's core engine
for revenue growth.
Tony Isaac, JanOne's CEO, stated
"the company's strategy continues to be to enhance value for
stockholders both from the recent ALT5 acquisition and the
potential monetization of the biotech assets. In the short
few weeks since closing the ALT5 acquisition, we have seen a
significant increase in the funnel of opportunities for ALT5, which
made the decision to increase the focus on that business an easy
one." Adding, "We are taking advantage of our strategic
options and continuing to move swiftly toward unlocking the full
potential of both sides of our company."
In connection with the realignment, the company will change its
name from JanOne Inc. to ALT5 Sigma Corporation. Its ticker
symbol will change from "JAN" to "ALTS". Further, the company
will change its website address from "janone.com" to
"alt5sigma.com." The company will provide the timing of these
changes in a subsequent press release.
In May, the company completed the acquisition of blockchain
fintech provider, ALT5 Sigma Inc., and its subsidiaries. ALT5
provides next generation blockchain-powered technologies to enable
a migration to a new global financial paradigm through ALT5 Pay, a
crypto-currency payment gateway, and ALT5 Prime, an
electronic over-the-counter trading platform.
As previously announced last August for its biotech business,
the company was awarded a US patent for its innovative formulation
of low-dose naltrexone, Jan123, for treating pain.
Vay Tham, JanOne's Chief Revenue
Officer and President of ALT5 Sigma, Inc., its wholly-owned
subsidiary, commented, "Today's changes highlight the growing
opportunities we see within JanOne. By seeking to uncouple
the two businesses, each with their own unique opportunities and
requirements, they will be able to reach their true market
potentials without constraints."
Marking the new strategic actions, JanOne CEO Isaac observed,
"While our biotech's trajectory stays on track, we have diversified
into fintech for the benefit of our stockholders. We have
proven again that we can move quickly, which is the attribute of
having an innovative leadership team and a nimble company that
responds quickly to opportunities that become available to us.
We continue to work in this manner toward our goal of
unlocking stockholder value."
About JanOne
JanOne is a unique Nasdaq-listed multidisciplinary organization
with a focus on healthcare and fintech. JanOne is one of the
constituents of the Russell Microcap Index, starting June 28, 2024. Through its biotech
activities, JanOne is developing innovative, actionable solutions
intended to help end the opioid crisis. JanOne is dedicated
to funding resources toward innovation, technology, and education
to find a key resolution to the national opioid epidemic, which is
one of the deadliest and most widespread in the nation's
history. Its drugs in the clinical trial pipeline have shown
promise for their innovative targeting of the causes of pain as a
strategic option for physicians averse to exposing patients to
addictive opioids.
JanOne's ALT5 subsidiary is a global fintech that provides next
generation blockchain powered technologies for the trading,
clearing, settlement, payment, and custodianship of digital
instruments.
Please visit www.janone.com for additional information.
About ALT5
Launched in 2018, ALT5 Sigma Inc. is a fintech company that
provides next generation blockchain- powered technologies to enable
a migration to a new global financial paradigm. ALT5, through
its subsidiaries, offers two main platforms to its customers: "ALT5
Pay" and "ALT5 Prime". The Company processed over
US$1.2 billion in
cryptocurrency transactions in 2023.
ALT5 Pay is a crypto-currency payment gateway that
enables registered and approved global merchants to accept and make
crypto-currency payments or to integrate the ALT5 Pay
payment platform into their application or operations using the
plugin with WooCommerce and or ALT5 Pay's checkout widgets and
APIs. Merchants have the option to convert to fiat currency
(s) automatically or to receive their payment in digital
assets.
ALT5 Prime is an electronic over-the-counter trading platform
that enables registered and approved customers to buy and sell
digital assets. Customers can purchase digital assets with
fiat and, equally, can sell digital assets and receive fiat.
ALT5 Prime is available through a browser-based access mobile phone
application named "ALT5 Pro" that can be downloaded from the Apple
App Store, from Google Play, through ALT5 Prime's FIX API, as well
as through Broadridge Financial Solutions' NYFIX gateway for
approved customers.
Forward Looking Statements
This press release contains statements that are forward-looking
statements as defined within the Private Securities Litigation
Reform Act of 1995, including, but not limited to, statements
relating to the statements that JAN 101 will treat PAD, that JAN
123 will treat CRPS, the timing of the commencement of clinical
trials, that the FDA will permit approval through a 505(b)(2)
pathway for JAN 123, that upon approval JAN 101 will immediately
disrupt the PAD market, and other statements, including words such
as "continue", "expect", "intend", "will", "hope", "should",
"would", "may", "potential", and other similar expressions.
This press release also contains statements and links relating to
the profitability and prospective growth of ALT5's platforms and
business, including, but not limited to international currency
risks, third-party or customer credit risks, liability claims
stemming from ALT5's services, and technology challenges for future
growth or expansion. Such statements reflect JanOne's current
view with respect to future events, are subject to risks and
uncertainties, and are necessarily based upon a number of estimates
and assumptions that, while considered reasonable by JanOne, are
inherently subject to significant business, economic, competitive,
political, and social uncertainties, and contingencies.
Many factors could cause JanOne's actual results, performance,
or achievements to be materially different from any future results,
performance or achievements described in this press release.
Such factors could include, among others, those detailed in the
Company's periodic reports filed with the Securities and Exchange
Commission (the "SEC"). Should one or more of these risks or
uncertainties materialize, or should the assumptions set out in the
section entitled "Risk Factors" in JanOne's filings with the SEC
underlying those forward-looking statements prove incorrect, actual
results may vary materially from those described herein.
These forward-looking statements are made as of the date of this
press release and JanOne does not intend, and does not assume any
obligation, to update these forward-looking statements, except as
required by law. JanOne cannot assure that such statements
will prove to be accurate as actual results and future events could
differ materially from those anticipated in such statements.
Individuals are cautioned that forward-looking statements are not
guarantees of future performance and accordingly investors are
cautioned not to put undue reliance on forward-looking statements
due to the inherent uncertainty therein.
Media Contact Investor Relations
IR@janone.com
1-800-400-2247
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SOURCE JanOne Inc.