Generex Biotechnology (GNBTQ) 8-K Generex Provides Update on Deal to Acquire

  21250 Hawthorne Blvd., Suite 800
Torrance, CA 90503
Tel    310.214.0065
Fax    310.214.0075
www.emmauslifesciences.com

February 6, 2017

Joseph Moscato

Generex Biotechnology Corporation

President & Chief Executive Officer

4145 North Service Road, Suite 200

Burlington, Ontario

Canada L7L 6A3

Dear Mr. Moscato,

Reference is made to that binding Letter of Intent dated January 16, 2017 between Emmaus Life Sciences, Inc. ("Emmaus") and Generex Biotechnology Corporation ("Generex") (the "LOI").

The LOI at section 1.c provides that Generex shall pay One Million Five Hundred Thousand Dollars ($1,500,000) to Emmaus within three (3) weeks of January 16, 2017, which is today, February 6, 2017. You have informed us that Generex will not be able to make this payment, which constitutes a breach of the LOI by Generex.

At your request, we have agreed to waive the breach of the LOI for a period of ten days, until February 16, 2017. The foregoing waiver shall not be deemed or constitute a waiver of any of the other provisions of the LOI, whether or not similar to such clause, nor shall the foregoing waiver constitute a continuing waiver extending beyond February 16, 2017.

Sincerely,

 

Chairman & CEO, EMMAUS LIFE SCIENCES, INC.