LAS
VEGAS, May 16, 2024 /PRNewswire/ -- JanOne
Inc. (Nasdaq: JAN) announced today it has closed its previously
announced acquisition of blockchain financial technology provider,
ALT 5 Sigma Inc., and each of its wholly-owned subsidiaries.
Launched in 2018, ALT 5 is a fintech that provides next
generation blockchain-powered technologies to enable a migration to
a new global financial paradigm. ALT 5, through its subsidiaries,
offers two main platforms to its customers: "ALT 5 Pay" and "ALT 5
Prime." ALT 5 Pay is a crypto-currency payment gateway
and ALT 5 Prime is an electronic over-the-counter trading platform.
For more details concerning ALT 5 and its platforms and business,
please visit https://alt5sigma.com/.
"We are delighted to have closed this acquisition and to be able
to welcome ALT 5 officially into the JanOne family," said
Tony Isaac, President and CEO of
JanOne Inc. "This opens an exciting chapter of diversification and
growth of JanOne. We will now work closely together with the team
at Alt 5 to identify opportunities for growth of the overall
company."
Mr. Andre Beauchesne, President
of ALT 5 Sigma Inc., stated, "We are excited to become part of the
JanOne public company family. With the completion of this
transaction, we will continue to work diligently on expanding our
business and leveraging the many benefits of being part of a NASDAQ
publicly listed company." Andre further noted that, "ALT 5's
transactional processing volume exceeded $1.1 billion last year and was greater than
$450 million just in the first
quarter of this year. Having built that base of business provides
us with a strong starting point for future growth."
Overview of the transaction
At closing, JanOne issued
to the former stockholders of ALT 5 an aggregate of (i) 1,799,100
shares of its common stock, which represents approximately 19.9% of
JanOne's issued and outstanding common stock as of May 10, the date on which the definitive
agreements were executed and delivered and the parties were bound,
and (ii) 34,207 shares of its Series B non-convertible,
non-redeemable preferred stock. ALT 5 Sigma Inc. and its
subsidiaries are now wholly-owned subsidiaries of JanOne.
Additional details about the acquisition can be found on
JanOne's website at https://ir.janone.com/sec-filings or in
JanOne's filings with the Securities and Exchange Commission at
https://www.sec.gov/edgar/browse/?CIK=862861&owner=exclude.
About JanOne Inc. — JanOne is a unique Nasdaq-listed
company offering 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.
About Alt 5 Sigma Inc.
ALT 5 Sigma is a global fintech that provides next generation
blockchain powered technologies for the trading, clearing,
settlement, payment, and custodianship of digital instruments. ALT
5 was founded by financial industry specialists out of the
necessity to provide the digital asset economy with security,
accessibility, transparency, and compliance. ALT 5 provides its
clients with the ability to buy, sell and hold digital assets in a
safe and secure environment deployed with the best practices of the
financial industry. ALT 5 Sigma products and services are available
to Banks, Broker Dealers, Funds, Family Offices, Professional
Traders, Merchants, Digital Asset Exchanges, Digital Asset Brokers,
Blockchain Developers, and Financial Information Providers.
Please visit www.janone.com and
https://alt5sigma.com/ for additional information.
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 ALT 5's platforms and
business, including, but not limited to international currency
risks, third-party or customer credit risks, liability claims
stemming from Alt 5'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.