Generex Reaches Agreement to Acquire 51% Stake in Global Medical Direct

Generex Biotechnology Corporation (Nasdaq: GNBT) today announced that it has entered into a definitive agreement to acquire a majority interest (51%) in Global Medical Direct, LLC.The closing of the transaction is subject to a number of terms and conditions, including the completion of a two-year financial audit, agreement upon ancillary agreements, favorable completion of due diligence, and attainment of sufficient financing by Generex. The acquisition is anticipated to close in early January, 2011. Terms of the acquisition will be included in a Form 8-K to be filed by Generex.