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JANL on OTC

JANEL CORP

JANEL CORP is an American business services company based in New York, incorporated in Nevada.2 Its shares trade on OTC under the symbol JANL.2

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Last updated Oct 21, 2026.

Overview

$183.8MRevenue, fiscal 20253
$5.7MNet income, fiscal 20253

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  • TickerJANL on OTC2
  • IndustryServices-Business Services, NEC2
  • HeadquartersNew York, United States2
  • Incorporated inNV4
  • Business address80 Eighth Avenue, New York, Ny 100114
  • Filer categoryNon-accelerated filer, Smaller reporting company4
  • Legal formCorporation2
  • LEI549300X6RI8E7P244Y412
  • StatusActive2
  • LEI statusIssued and current2
  • Registered addressC/O CORPORATION SERVICE COMPANY, 89703 Carson City, United States2
  • Registered withBusiness Center (Secretary of State), NV200014055102

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Janel Corporation (“Janel,” the “Company” or the “Registrant”) is a holding company with subsidiaries in three business segments: Logistics, Life Sciences and Manufacturing. The Company strives to create shareholder value primarily through three strategic priorities: supporting its businesses’ efforts to make investments and to build long-term profits, allocating Janel capital at high risk-adjusted rates of return, and attracting and retaining exceptional talent.5 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

35.4%Gross margin3
3.5%Operating margin3
3.1%Net margin3
14.9%Revenue growth, 20253
21.9%Return on equity3

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Logistics brought in 89% of the revenue JANEL CORP broke down this way in fiscal 2025.

  1. Logistics$183.8M389%up 15% from 2024
  2. Life Sciences And Manufacturing$23.6M311%up 2% from 2024
Products and services by year
Products and services20242025
Logistics$160.0M$183.8M
Life Sciences And Manufacturing$23.2M$23.6M

Business segments

Trucking brought in 35% of the revenue JANEL CORP broke down this way in fiscal 2025.

  1. Trucking$71.8M335%down 2% from 2024
  2. Ocean Import And Export$49.4M324%up 22% from 2024
  3. Custom Brokerage And Other$33.8M316%up 74% from 2024
  4. Air Import And Export$28.9M314%up 8% from 2024
  5. Life Sciences$14.1M37%up 7% from 2024
  6. Manufacturing$9.5M35%down 6% from 2024
Business segments by year
Business segments20242025
Trucking$73.2M$71.8M
Ocean Import And Export$40.6M$49.4M
Custom Brokerage And Other$19.4M$33.8M
Air Import And Export$26.8M$28.9M
Life Sciences$13.2M$14.1M
Manufacturing$10.1M$9.5M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue69¢$142.4M
  • Selling, general and admin27¢$55.9M
  • Income tax1¢$1.2M
  • Profit3¢$5.7M

Out of $183.8M in revenue.3

Where each dollar of operating cash went, fiscal 2025

  • Kept or used elsewhere100¢$43.1M

Out of $43.1M of cash from operations.3

Financial statements

Revenue678910113$183.8M in 2025+172% since 2018
0$100.0M$200.0M$300.0M$400.0M2018: $67.5M$67.5M20182019: $84.4M$84.4M2019+25%2020: $82.4M$82.4M2020−2%2021: $146.4M$146.4M2021+78%2022: $316.9M$316.9M2022+116%2023: $186.4M$186.4M2023−41%2024: $160.0M$160.0M2024−14%2025: $183.8M$183.8M2025+15%
Gross profit678910113$65.0M in 2025+220% since 2018
0$20.0M$40.0M$60.0M$80.0M2018: $20.3M$20.3M20182019: $25.1M$25.1M2019+24%2020: $23.5M$23.5M2020−6%2021: $32.4M$32.4M2021+38%2022: $66.2M$66.2M2022+104%2023: $55.7M$55.7M2023−16%2024: $58.4M$58.4M2024+5%2025: $65.0M$65.0M2025+11%
Operating income678910113$6.4M in 2025+625% since 2018
-$5.0M0$5.0M$10.0M2018: $887.0K$887.0K20182019: $1.6M$1.6M2019+78%2020: -$1.7M-$1.7M20202021: $4.0M$4.0M20212022: $9.5M$9.5M2022+140%2023: $2.6M$2.6M2023−73%2024: $3.8M$3.8M2024+45%2025: $6.4M$6.4M2025+71%
Net income678910113$5.7M in 2025+2181% since 2018
-$4.0M-$2.0M0$2.0M$4.0M$6.0M2018: $248.0K$248.0K20182019: $616.0K$616.0K2019+148%2020: -$1.7M-$1.7M20202021: $5.2M$5.2M20212022: -$2.1M-$2.1M20222023: $723.0K$723.0K20232024: $551.0K$551.0K2024−24%2025: $5.7M$5.7M2025+927%

Every line of the income statement as filed: the last 2 fiscal years, latest first.3

Period ending2025-09-302024-09-30
Total Revenues$207.4M$183.2M
Total forwarding expenses and cost of revenues$142.4M$124.8M
Gross profit$65.0M$58.4M
Selling, general and administrative$55.9M$52.3M
Amortization of intangible assets$2.7M$2.3M
Total Operating Expenses$58.6M$54.6M
Income from Operations$6.4M$3.8M
Interest expense net of interest income-$2.1M-$2.3M
Other income (expense)$2.5M-$346.0K
Income Before Income Taxes$6.9M$1.1M
Income tax benefit (expense)-$1.2M-$543.0K
Net income (loss)$5.7M$551.0K
Preferred stock dividends-$384.0K-$328.0K
Non-controlling interest dividends-$243.0K$0
Net Income Available to Common Stockholders$5.0M$223.0K
Basic (in Dollars per share)$5$0
Diluted (in Dollars per share)$5$0
Basic (in Dollars per share)$4.24$0.19
Diluted (in Dollars per share)$4.17$0.18
Basic (in Shares)1.2M shares1.2M shares
Diluted (in Shares)1.2M shares1.2M shares

Compare JANEL CORP with another company

Corporate structure

JANEL CORP sits at the top of its group. 2 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of JANEL CORP

  • JANEL CORP New York, New York, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); major holders from Schedules 13D and 13G; stakes of 5% or more it reported on Schedules 13D and 13G (1 companies). Each entity in the chart links to its source.

What it owns

What JANEL CORP reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$9.9M3 Sep 30, 2025$8.8M3 Sep 30, 2024+12.8%
Accumulated depreciation$3.9M3 Sep 30, 2025$3.3M3 Sep 30, 2024+19.6%
Property and equipment, net$6.0M3 Sep 30, 2025$5.5M3 Sep 30, 2024+8.7%
Operating-lease assets (leased space)$7.8M3 Sep 30, 2025$8.6M3 Sep 30, 2024−10.0%

Investments

ItemLatestA year beforeChange
Stakes in other companies (equity method)$4.7M3 Sep 30, 2025$1.5M3 Sep 30, 2024+207.2%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$31.6M3 Sep 30, 2025$23.0M3 Sep 30, 2024+37.2%
Intangible assets, net (excluding goodwill)$31.0M3 Sep 30, 2025$25.1M3 Sep 30, 2024+23.4%
Accumulated amortization$14.6M3 Sep 30, 2025$11.9M3 Sep 30, 2024+22.7%
Finite-lived intangibles, net$30.5M3 Sep 30, 2025$24.6M11 Sep 30, 2024+23.9%

Inventory

ItemLatestA year beforeChange
Inventory, total$4.2M3 Sep 30, 2025$4.5M3 Sep 30, 2024−6.1%
Raw materials$1.7M3 Sep 30, 2025$1.9M3 Sep 30, 2024−10.9%
Work in process$1.4M3 Sep 30, 2025$1.2M3 Sep 30, 2024+15.2%
Finished goods$1.5M3 Sep 30, 2025$1.9M3 Sep 30, 2024−18.6%

Properties, in its own words

PROPERTIES

Janel’s executive offices are located in approximately 3,300 square feet of leased space in New York, New York. The lease term ends December 31, 2028.

The rest of Item 2

As of September 30, 2025, Logistics leased 6,900 square feet of office space in Garden City, New York. This location serves as the executive offices of the Logistics segment. The lease term ends August 31, 2030.

As of September 30, 2025, Logistics leased twenty-seven additional office spaces, some of which are on a month-to-month basis, in seventeen states located in the United States. Lease terms for these locations expire at various dates through August 31, 2030.

As of September 30, 2025, Indco owned an approximately 12,600 square-foot manufacturing facility on a 1.2-acre parcel of land in New Albany, Indiana.

As of September 30, 2025, Life Sciences owned an approximately 25,000 square-foot manufacturing facility on a 40-acre parcel of land in Davis, California. The Life Sciences segment also leases two other offices in the United States and one in Australia.

The Company believes that its owned and leased properties are adequate to meet its occupancy needs in the foreseeable future.

Item 2 of the 10-K filed Dec 5, 2025.5

Leadership

Who has led JANEL CORP, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. James N. Jannello2010
  2. William J. Lally2013
  3. Brendan James Killackey2015–2018
  4. Darren Clay Seirer2025–now

Chair

  1. Darren Clay Seirer2025–now

President

  1. William J. Lally2010–2013
  2. Darren Clay Seirer2025–now

Chief financial officer

  1. Philip J. Dubato2013–2015
  2. Brian Aronson2016
  3. Carlos Pla2017
  4. Vincent Verde2022
  5. Joseph Raymond Ferrara2024
  6. Nathan Colin Shandy2025–now

Chief operating officer

  1. William J. Lally2010
  2. Vincent Iacopella2013
201520202025
Board members and other officers (18)

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • DirectorGerard van Kesteren named Nov 2, 2021 to Aug 16, 202242
  • DirectorKaren Joseph Miller Ryan named Nov 2, 2021 to Aug 16, 202242

Former names

  • JANEL WORLD TRADE LTDAug 1, 2002 to Apr 21, 20154
  • WINE SYSTEMS DESIGN INCJul 6, 2001 to Jul 30, 20024

Timeline

  1. Feb 6, 20268-K Shareholder vote43
  2. Jan 5, 20268-K Change of auditor44
  3. Jan 2, 20268-K Entered a material agreement; New debt or obligation45
  4. Dec 3, 2025New chief executive Darren Clay Seirer becomes CEO15
  5. Oct 14, 20258-K Completed an acquisition or sale; Regulation FD disclosure; Other events46
  6. Aug 22, 20258-K Entered a material agreement; Shareholder vote47
  7. Aug 21, 20258-K Regulation FD disclosure48
  8. Aug 1, 20258-K Executive or director change49
  9. Feb 16, 20248-K Executive or director change50
  10. Aug 24, 20238-K Executive or director change51
  11. Jul 28, 20238-K Executive or director change52
  12. Jun 2, 20238-K Executive or director change53
  13. Apr 28, 20238-K Entered a material agreement; New debt or obligation54
  14. Mar 19, 2015New chief executive Brendan James Killackey becomes CEO16
  15. Nov 1, 2013New chief executive William J. Lally becomes CEO17
  16. Oct 21, 2010New chief executive James N. Jannello becomes CEO18
  17. Aug 31, 2000Founded JANEL CORP is founded2

Filings

147 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 21 major events, 89 insider forms, 5 large holders, 2 private raises, 10 other. The latest 20:

  1. Oct 2, 20264 PRIMARY DOCUMENT EDGAR
  2. Oct 2, 20264 PRIMARY DOCUMENT EDGAR
  3. Oct 2, 20264 PRIMARY DOCUMENT EDGAR
  4. Oct 2, 20264 PRIMARY DOCUMENT EDGAR
  5. Oct 2, 20264 PRIMARY DOCUMENT EDGAR
  6. Sep 15, 20264 PRIMARY DOCUMENT EDGAR
  7. Sep 11, 20264 PRIMARY DOCUMENT EDGAR
  8. Aug 7, 202610-Q EDGAR
  9. Jun 4, 20264 PRIMARY DOCUMENT EDGAR
  10. May 29, 20264 PRIMARY DOCUMENT EDGAR
  11. May 15, 20264 PRIMARY DOCUMENT EDGAR
  12. May 8, 202610-Q EDGAR
  13. Feb 13, 202610-Q EDGAR
  14. Feb 6, 20268-K EDGAR
  15. Jan 5, 20268-K EDGAR
  16. Jan 2, 20268-K EDGAR
  17. Dec 18, 2025ARS EDGAR
  18. Dec 18, 2025DEF 14A EDGAR
  19. Dec 5, 202510-K EDGAR
  20. Dec 3, 20253 EDGAR

The 147 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

59 open-market trades by officers, directors and large owners since October 2021: 58 buys and 1 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 14, 2026GRAVES GREGORY BDirectorBuy300$50.00$15.0KForm 4
Sep 11, 2026GRAVES GREGORY BDirectorBuy95$48.00$4.6KForm 4
Sep 9, 2026GRAVES GREGORY BDirectorBuy400$50.00$20.0KForm 4
Jun 2, 2026GRAVES GREGORY BDirectorBuy225$42.00$9.4KForm 4
May 28, 2026GRAVES GREGORY BDirectorBuy900$44.11$39.7KForm 4
May 14, 2026GRAVES GREGORY BDirectorBuy205$47.50$9.7KForm 4
May 13, 2026GRAVES GREGORY BDirectorBuy270$48.00$13.0KForm 4
Mar 11, 2025GRAVES GREGORY BDirectorBuy207$32.00$6.6KForm 4
Mar 10, 2025GRAVES GREGORY BDirectorBuy300$33.00$9.9KForm 4
Feb 21, 2025GRAVES GREGORY BDirectorBuy200$36.25$7.2KForm 4
Feb 20, 2025GRAVES GREGORY BDirectorBuy129$35.25$4.5KForm 4
Feb 19, 2025GRAVES GREGORY BDirectorBuy250$34.40$8.6KForm 4
Feb 18, 2025GRAVES GREGORY BDirectorBuy200$38.00$7.6KForm 4
Dec 12, 2024GRAVES GREGORY BDirectorBuy439$35.44$15.6KForm 4
Dec 11, 2024GRAVES GREGORY BDirectorBuy700$35.45$24.8KForm 4
Sep 19, 2024GRAVES GREGORY BDirectorBuy100$40.50$4.0KForm 4
Sep 5, 2024GRAVES GREGORY BDirectorBuy200$41.00$8.2KForm 4
Sep 4, 2024GRAVES GREGORY BDirectorBuy300$40.00$12.0KForm 4
Aug 19, 2024GRAVES GREGORY BDirectorBuy182$39.00$7.1KForm 4
Aug 5, 2024van Kesteren GerardDirectorBuy13,000$35.00$455.0KForm 4

All 59 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Stakes it holds

JANEL CORP has told the SEC it owns more than 5% of 1 company, latest first (Schedules 13D and 13G).

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Joseph R. FerraraFormer Principal Financial Officer, Treasurer and Secretary$250.0K$376.0K60
2025Nathan C. ShandyChief Financial Officer, Treasurer and Secretary38$245.4K$279.0K60
2025John EidingerVice Chairman45$200.0K60
2025Darren C. SeirerChief Executive Officer and President51$100.0K$101.3K60
2024Joseph R. FerraraFormer Principal Financial Officer, Treasurer and Secretary$155.8K$184.0K60
2024John EidingerVice Chairman45$144.0K60
2024Darren C. SeirerChief Executive Officer and President51$100.0K$101.3K60

Funding

Where the company's money came from, by calendar year: private offerings filed with the SEC, federal grants, loans, contracts and other assistance from USAspending.gov, and PPP loans from the SBA. Each bar links to the records below.

Money received by year$4.6M 2021–2022
Money received by yearMoney received by year, 2021–2022: $4.6M in all. Private raises (Form D) $4.6M.$0$1M$2M$3M$4M2021 · Private raises (Form D): $600.0K20212022 · Private raises (Form D): $4.0M2022
Figures by year
YearPrivate raises (Form D)Total
2022$4.0M$4.0M
2021$600.0K$600.0K

Private raises

Private offerings the company reported to the SEC on Form D. The amount is what the latest filing says was sold so far, charted in the year of the first sale. Covers filings since Oct 1, 2021.

  1. Aug 10, 2022Raised $4 million in a private offering of equity42 Form D: 10 investors so far Form D
  2. Sep 30, 2021Raised $600,000 in a private offering of equity61 Form D: 1 investor so far Form D

SEC filer profile

How JANEL CORP is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARJANEL CORP1
  • CIK0001133062
  • Employer ID (EIN)86-10052915
  • Filer statusNon-accelerated filer not an emerging growth company; a smaller reporting company; not a shell company5
  • Incorporated inNevada5
  • Fiscal year endsSeptember 301
  • Industry code (SIC)7389 Services-Business Services, NEC1
  • SEC reviewing officeOffice of Trade & Services, Division of Corporation Finance1
  • Business address80 Eighth Avenue, New York, NY 100111
  • Phone718-527-38001
  • Shares outstanding1,186,354 as of Aug 7, 202613
  • Public float$9.5M as of Mar 31, 20255
  • AuditorPrager Metis CPAs, LLC, New Jersey PCAOB ID 273; no auditor attestation of internal control over financial reporting5
  • On EDGAR sinceMay 10, 20011
  • Filings481 in all: 4 (125), 8-K (94), 10-Q (73), 10-K (24), 3 (24), UPLOAD (12), 10-Q/A (11), D (11)1
    All 39 form types

    NT 10-Q (11), CORRESP (10), NT 10-K (10), 8-K/A (9), 10-K/A (8), 4/A (8), SC 13D/A (6), SB-2/A (5), 10QSB (4), S-1/A (4), S-8 (3), SC 13D (3), 10QSB/A (2), AW (2), DEF 14C (2), PRE 14C (2), SC 13G (2), SC TO-C (2), SC TO-T/A (2), ARS (1), DEF 14A (1), NT 10-K/A (1), NTN 10Q (1), POS AM (1), REGDEX (1), RW (1), S-1 (1), SB-2 (1), SC 13G/A (1), SC TO-T (1), SCHEDULE 13D/A (1)

  • Latest filingsAnnual report (10-K) Dec 5, 2025
    Quarterly report (10-Q) Aug 7, 2026
    Proxy statement (DEF 14A) Dec 18, 2025
    Latest 8-K (8-K) Feb 6, 2026

Risk factors and legal proceedings

The risks JANEL CORP names in Item 1A of its 10-K filed Dec 5, 2025: 41 risks under these headings, as written.5

  • Janel's strategy of expanding its business through acquisitions of other businesses presents special risks.
  • Janel may be required to record a significant charge to earnings if its goodwill and other amortizable intangible assets, or other investments, become impaired, which could have a material adverse effect on the company’s financial condition and/or stock price.
  • Janel might fail to realize the expected benefits or strategic objectives of any acquisition it undertakes, or it may spend resources exploring acquisitions that are not consummated.
  • Litigation, indemnification claims and other unforeseen claims and liabilities may arise from the acquisition or operation of acquired businesses.
  • Our subsidiaries may not be able to fully utilize their tax benefits, which could result in increased cash payments for taxes in future periods.
  • Volatile or changing interest rates may negatively impact our investments and have a material adverse effect on our business and operations.
  • We may experience conflicts of interest with the minority shareholders of our businesses.
  • Janel may not have sufficient working capital to continue operations, and our current asset-based lending facility is dependent upon an accounts receivable balance that may fluctuate as a result of national and global events.
  • Our subsidiaries do not have long-term contracts with all of their customers, and the loss of customers with which we do not have long-term contracts may have a material adverse effect on our business and operations.
  • Significant changes or developments in U.S. laws or policies, including changes in U.S. trade policies and tariffs and the reaction of other countries thereto, may have a material adverse effect on our business and financial statements.
  • Janel’s businesses face aggressive competition from other companies with greater financial resources and from companies that operate in areas in which our companies plan to expand in the future.
  • Janel’s businesses are dependent upon technically skilled employees, and failure to obtain and retain skilled technical personnel could materially adversely affect their operations.
The other 29 risks
  • Climate change and increased focus by governmental and non-governmental organizations, stockholders and customers on sustainability issues, including those related to climate change, may have a material adverse effect on our business and operations.
  • Janel may face competition from parties who sell their businesses to Janel and from professionals who cease working for Janel.
  • Our inability to successfully recover should we experience a catastrophic event, disaster or other business continuity problem could cause material financial loss, loss of human capital, regulatory actions, reputational harm or legal liability.
  • Janel may be subject to product and other liability risks for which it may not have adequate insurance coverage.
  • If we fail to comply with applicable privacy, security and data laws, regulations and standards, our business and reputation may be materially adversely affected.
  • Our management information and financial reporting systems are spread across diverse platforms and geographies.
  • Our Logistics business depends on third-party carriers to transport our customers’ cargo.
  • We may be subject to claims arising from transportation of freight by the carriers with which we contract, and increased insurance premium costs may have a material adverse effect on our results of operations.
  • Higher carrier prices may result in decreased adjusted gross profit.
  • A determination that owner-operators are employees, rather than independent contractors, could expose us to various liabilities and additional costs.
  • Recessions and other economic developments that reduce freight volumes could have a material adverse impact on our Logistics business.
  • Other events affecting the volume of international trade and international operations may have a material adverse effect on our Logistics international operations.
  • Failure to comply with governmental permit and licensing requirements or statutory and regulatory requirements could result in civil and criminal sanctions, fines or revocation of our Logistics business’s operating authorities, and changes in these requirements may have a material adverse effect on our Logistics business.
  • Our Logistics business is subject to seasonal trends and other factors beyond our control.
  • Changes in governmental regulations may reduce demand for our products and/or increase our expenses.
  • The success of Life Sciences depends on its ability to continually produce products that meet high quality standards such as purity, reproducibility and/or absence of cross- reactivity.
  • The success of Life Sciences is affected by its ability to maintain its intellectual property rights. If we are unable to adequately protect our intellectual property, if third parties infringe on our intellectual property rights, or if we are involved in disputes to determine the scope and validity of others' proprietary rights, we may suffer competitive injury or expend significant resources enforcing our rights.
  • The biomedical and life sciences industries that we serve are under constant pressure to increase the predictability of or reduce healthcare costs, all of which may materially adversely affect our business and financial results due to our role in the healthcare supply chain.
  • Any decrease in the availability, or increase in the cost, of raw materials could materially affect Indco’s revenues and earnings.
  • The extensive environmental, health and safety regulatory regimes applicable to Indco’s operations create potential exposure to significant liabilities.
  • Indco relies on a single location to manufacture its products.
  • A small number of Janel’s stockholders have a controlling influence over Janel.
  • It is unlikely that Janel will issue dividends on its common stock in the foreseeable future.
  • Janel’s stock price is subject to volatility.
  • We have issued, and may continue to issue, shares of preferred stock with greater rights than our common stock.
  • Janel has no assurance of a continued public trading market.
  • Janel incurs significant costs to comply with the laws and regulations affecting public companies, which could harm its business and results of operations.
  • General Risk Factors
  • Terrorist attacks and other acts of violence or war may affect any market on which the Company’s shares trade, the markets in which the Company’s subsidiaries operate and the Company’s business operations and profitability.
  • Security breaches or cybersecurity attacks may have a material adverse effect on Janel’s ability to operate, could result in personal information being misappropriated and may cause Janel to be held liable or suffer harm to its reputation.

Legal proceedings

LEGAL PROCEEDINGS

Janel is occasionally subject to claims and lawsuits that typically arise in the normal course of business. While the outcome of these claims cannot be predicted with certainty, management does not believe that the outcome of any of these legal matters will have a material adverse effect on the Company’s business, results of operations, financial condition or cash flows. The information otherwise called for by this item is incorporated herein by reference to Note 19, Risks and Uncertainties, in the notes to the consolidated financial statements included in Part II, Item 8 of this Form 10-K.

The opening of Item 3, Legal Proceedings.5

Sources

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