BOCA RATON, Fla., Oct 03, 2007 (BUSINESS WIRE) -- Med Gen Inc. (OTCBB:MGEN), manufacturers of nationally branded OTC healthier life products and specialty financial services, reports that unaudited revenue for the year ending September 30, 2007 topped $1.7 million, an increase of 598% over the previous year. Liquidity in the form of cash on hand or cash equivalents exceeds $1.1 million.
The company reports that the Therapedic(TM) Innersole commercials that have been testing during the month of August and September have not produced sufficient revenue in their current format and have been discontinued until a new format can be developed. New commercials for Snorenz(R) and Painenz(R) will be aired in October and November pending airtime availability.
Fabulust(TM), female stimulant, the company's newest product, will be marketed in print advertisements in national magazines during the late fall and winter of 2007. Fabulust(TM) will also be featured on its own internet site as well as on www.medgen.com, the company site.
About Med Gen Inc.
Med Gen Inc., in business since 1996, manufactures and markets specialty products using its proprietary delivery system Spray's the Way ("STW"). It is best known for producing the world's first patented liquid spray snoring relief formula, Snorenz(R). Since its existence, Med Gen has continued to develop its STW technology, introducing Good Nights Sleep(R) and the UnDiet(R) system into its family of brands. Fabulust(TM), the company's newest product, a female sexual stimulant, is scheduled to launch in the late fall of 2007. While STW technology is mainly used, the company also produces other products that deal with common health issues using other delivery systems. Recently, the company formed a joint venture to market TheraPedic CS(TM), an innovative and patented innersole, that amongst other attributes, cools and comforts the feet. The company markets its products to distributors, major chain and drug stores, direct sales via the company web site and direct to consumer television, radio and print advertising. The company also distributes its brands internationally under various private labels or existing names. The Company also offers specialty services to small emerging public companies in similar fields as a way of adding assets to its base business.
Med Gen Inc. is a fully reporting company whose stock trades on the OTCBB under the symbol "MGEN". For information contact Investor Relations, 561-750-1100 or www.medgen.com.
This Press Release contains or incorporates by reference "forward looking" statements including certain information with respect to plans and strategies of Med Gen Inc. For this purpose, any statements contained herein or incorporated herein by references that are not statements of historical fact may be deemed forward looking statements. Without limiting the foregoing, the words "believes", "suggests", "anticipates", "plans", "expects", and similar expressions are intended to identify forward looking statements. There are a number of events or actual results of Med Gen operations that could differ materially from those indicated by such forward looking statements.
SOURCE: Med Gen Inc.
Med Gen Inc., Boca Raton Paul Kravitz, 561-750-1100 www.medgen.com
Copyright Business Wire 2007
Posted by FrankNitti on :
HUGE news!!!
Posted by FrankNitti on :
Down on good news? Dilution? Any ideas? Perhaps filling the gap?
Posted by Homersbud on :
A proposal to amend our Restated Certificate of Incorporation to increase the authorized capital stock of Med Gen, Inc. from 2,500,000,000 shares to 12,500,000,000 shares, consisting of 12,495,000,000 shares of common stock and 5,000,000 of preferred stock, which Certificate of Amendment was approved by the Board of Directors on November 12th,2007;and such other business as may properly come before the special meeting, or any adjournment thereof.
Posted by RCAnalyst2007 on :
Not much outstanding shares left.. "At present the Company has 2,500,000,000 shares authorized. There are presently 1,709,820,341 shares of common stock outstanding. The balance of the shares are reserved for issuance to the lender and are available to the lender in the event the lender converts his debt to freely tradeable common shares.
Management believes that it will have sufficient revenue in the third quarter of fiscal 2007 to pay down the debt of the Lender and effectively cease his conversions. "
Posted by Homersbud on :
RCA,
They increased the A/S from 2.5b to 12.5b. Which means they'll do what they do best and dilute until the R/S because it's bound to happen with a huge OS like this.