Generex Biotechnology Corp. (OTCPK:GNBT) entered into letter of intent to acquire 50.97% stake in Hema Diagnostic Systems LLC from Stephen L. Berkman, Lawrence Salvo and Luis Agudelo on August 26, 2016. On January 17, 2017, Generex Biotechnology Corp. (OTCPK:GNBT) entered into agreement to acquire 50.97% stake in Hema Diagnostic Systems LLC from Stephen L. Berkman, Lawrence Salvo and Luis Agudelo. At Closing, Stephen L. Berkman, Lawrence Salvo and Luis Agudelo shall transfer to Generex Biotechnology the legal and beneficial title to 4950 million membership units for 53.2 million shares of Generex Biotechnology, of which 4939 units will be transferred by Stephen L. Berkman, 10 units by Lawrence Salvo and 1 unit by Luis Agudelo. After closing, upon Generex Biotechnology contributing 0.02 million shares of Generex Biotechnology’s common stock and shall receive additional 300 Hema Diagnostic Systems newly issued membership units in exchange so that Generex Biotechnology will have a total of 51% of the outstanding Hema Diagnostic Systems Membership Units. Generex Biotechnology issue warrants in connection with the Stephen L. Berkman debt, exercisable for 15 million shares of common stock at an exercise price equal to $2.50 per a share. The transaction is subject to satisfactory completion by Generex Biotechnology and Hema Diagnostic Systems of all necessary due diligence, consummation of all required definitive agreements, obtaining all necessary board of Generex Biotechnology and Hema Diagnostic Systems, and third party consents, Joseph Moscato shall be appointed as Generex Biotechnology’s President and Chief Executive Officer; and each of Hema Diagnostic Systems’s designees shall be appointed to serve on the Board of Directors of Generex Biotechnology. Jan Neiman of Lamont Neiman & Interian, P.A. acted as legal advisor for Hema Diagnostic Systems. Gary Miller of Eckert Seamans Cherin & Mellott, LLC acted as legal advisor for Generex Biotechnology.