-The board approved a strategic review of the biotechnology activities and ALT5 Sigma will be the main focus for the future-

-The company intends to change its name and stock symbol to reflect this decision-

LAS VEGAS, July 10, 2024 /PRNewswire/ — JanOne Inc. (Nasdaq: JAN), a multidisciplinary organization focused on fintech and healthcare, announced plans to enhance shareholder value through a visionary strategic realignment, including a realignment of its biotechnology assets and a name change.

The plan, unanimously approved by the company’s board of directors 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 complete spin-off, entering into one or more strategic alliances, or negotiating a partial or complete sale, while focusing on its recently acquired fintech ALT5 Sigma as the company’s primary driver of revenue growth.

Tony Isaac, CEO of JanOne, stated that “the company’s strategy continues to be to increase shareholder value from both the recent acquisition of ALT5 and the potential monetization of the biotech business. In the few weeks since the ALT5 acquisition closed, we have seen a significant increase in the opportunity funnel for ALT5, which made the decision to increase focus on that business an easy one.” He added, “We are executing on our strategic options and continue to move quickly toward unlocking the full potential of both parts 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.” Additionally, 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-based technologies to enable a migration to a new global financial paradigm through ALT5 Pay, a cryptocurrency payment gateway, and ALT5 Prime, an over-the-counter electronic trading platform.

As announced last August for its biotechnology business, the company has been granted a U.S. patent for its innovative formulation of low-dose naltrexone, Jan123, for the treatment of pain.

Vay Tham, Chief Revenue Officer of JanOne and President of ALT5 Sigma, Inc., its wholly owned subsidiary, commented, “Today’s changes highlight the growing opportunities we see at JanOne. By seeking to separate the two businesses, each with its own unique opportunities and requirements, they will be able to reach their true market potential without constraints.”

Outlining the new strategic actions, JanOne CEO Isaac noted, “While our biotechnology trajectory remains on track, we have diversified into fintech for the benefit of our shareholders. We have demonstrated once again our ability to move quickly, which is a hallmark of having an innovative leadership team and an agile company that responds quickly to opportunities that present themselves to us. We continue to work this way toward our goal of unlocking shareholder value.”

About JanOne

JanOne is a unique, multidisciplinary organization publicly traded on Nasdaq, focused on healthcare and fintech. JanOne is a component of the Russell Microcap Index, effective June 28, 2024. Through its biotechnology businesses, JanOne is developing innovative and actionable solutions to end the opioid crisis. JanOne is dedicated to funding innovation, technology and education resources to find a key solution to the nation’s opioid epidemic, 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.

ALT5, a subsidiary of JanOne, is a global fintech that provides next-generation blockchain technologies for trading, clearing, settlement, payment and custody of digital instruments.

Please visit www.janone.com for more information.

About ALT5

Launched in 2018, ALT5 Sigma Inc. is a fintech company that provides next-generation blockchain-based technologies to enable a migration to a new global financial paradigm. ALT5, through its subsidiaries, offers two main platforms to its customers: “ALT5 Pay” and “ALT5 Prime”. The company processed over $1.2 billion in cryptocurrency transactions in 2023.

ALT5 Pay is a cryptocurrency payment gateway that allows registered and approved global merchants to accept and make cryptocurrency payments or integrate the ALT5 Pay payment platform into their application or operations using the WooCommerce plugin and/or ALT5 Pay checkout widgets and APIs. Merchants have the option to automatically convert to fiat currency or receive payment in digital assets.

ALT5 Prime is an over-the-counter electronic trading platform that allows registered and approved clients to buy and sell digital assets. Clients can buy digital assets with fiat and, similarly, can sell digital assets and receive fiat. ALT5 Prime is available through a browser-based mobile application called “ALT5 Pro” that can be downloaded from the Apple App Store, Google Play, via ALT5 Prime’s FIX API, as well as via Broadridge Financial Solutions’ NYFIX Gateway for approved clients.

Forward-Looking Statements

This press release contains statements that are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements relating to claims that JAN 101 will cure PAD, that JAN 123 will cure CRPS, the timing of initiation of clinical trials, that the FDA will permit approval via 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,” “could,” “potential” and other similar expressions. This press release also contains statements and links relating to the profitability and prospective growth of ALT5’s platforms and business, including, but not limited to, international currency risks, third-party or customer credit risks, liability claims arising from ALT5’s services, and technological challenges to future growth or expansion. Such statements reflect JanOne’s current view of future events, are subject to risks and uncertainties, and are necessarily based on 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 may include, among others, those detailed in the Company’s periodic reports filed with the Securities and Exchange Commission (the “SEC”). If one or more of these risks or uncertainties materialize, or if assumptions set forth in the section entitled “Risk Factors” in JanOne’s filings with the SEC that underlie such forward-looking statements prove incorrect, actual results could vary materially from those described herein. Such forward-looking statements are made as of the date of this press release and JanOne does not intend and undertakes no obligation to update such forward-looking statements except as required by law. JanOne cannot assure you that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Investors are cautioned that forward-looking statements are not guarantees of future performance and, accordingly, they are cautioned not to place undue reliance on such statements because of the inherent uncertainty therein.

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