JanOne announces strategic realignment, including name change

JanOne 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.”