Allstocks.com's Bulletin Board Post New Topic  New Poll  Post A Reply
my profile login | register | search | faq | forum home

  next oldest topic   next newest topic
» Allstocks.com's Bulletin Board » Micro Penny Stocks, Penny Stocks $0.10 & Under » MGEN low float/un-noticed! (Page 1)

 - UBBFriend: Email this page to someone!   This topic comprises 2 pages: 1  2   
Author Topic: MGEN low float/un-noticed!
Jelly
Member


Icon 1 posted      Profile for Jelly         Edit/Delete Post   Reply With Quote 
SUPER SLOW FLOATER….Keep your eyes on this one!

MGEN - MED GEN INC NEW

Company Info:
Med Gen, Inc. is a manufacturer and marketer of the first liquid snoring relief formula: Snorenz(R), snore relief throat spray and Good Nights Sleep(R), sleep aid throat spray.

Med Gen, Inc.
7284 W. Palmetto Park Road
Suite 207
Boca Raton, FL 33433
United States

Phone: 561-750-1100
Paul B. Kravitz, CB/CEO/SEC/DIR

Authorized Shares 50,000,000
Outstanding Shares 4,208,777

November 28, 2005 13:37:01 (ET)

BOCA RATON, Fla., Nov 28, 2005 (BUSINESS WIRE) -- Med Gen Inc. (MGEN, Trade), manufacturers of the national brands Snorenz(R), snore relief throat spray and Good Nights Sleep(R), sleep aid throat spray, announced today that it has received an initial order from its Australian distributor, Aurora Pharmaceuticals, Pty Ltd for 20,000 Units of its snoring relief formula marketed in the United States as Snorenz(R).
The Non-Disclosure and Cooperation Agreement protects Med Gen's patented formula and technologies and prevents Aurora from marketing any similar snoring relief formula. At the same time, it allows Aurora to market and promote Med Gen's technology as its own private label brand throughout the Pacific Rim where it has a very strong foothold. Aurora Pharmaceuticals' mission (as published) is to work with the leading edge biotech and research companies in the world to make available in the Asia Pacific region pharmaceutical products that are truly innovative, superior therapies, in efficacy, convenience or cost. "This partnership represents a real opportunity for Med Gen to capture a very significant market for all its products," said Paul Kravitz, company Chairman and CEO. The Asian Pacific Rim countries, which includes China, Taiwan, Korea, Singapore, Japan, Australia and New Zealand, Indonesia, Philippines and Thailand, represent a population that is approximately 15 times larger than the United States or 4 billion people.
About Med Gen Inc.
Med Gen Inc., in business since 1996, manufactures and markets the world's first liquid spray snoring relief formula, Snorenz(R) for which it received a patent in 1998. Since its existence, Med Gen has continued to develop its "sprays the way" technology, and in 2003 introduced Good Night's Sleep(R) to the $1.5 billion sleep-aid market. Both Snorenz(R) and Good Night's Sleep(R) are nationally advertised and marketed to major chain and drug stores as well as direct sales via the company web site. The company is now testing a direct sales program featuring full-page print advertisement inserts within Sunday newspapers in key geographical regions. Following this strategy, Med Gen expects to service its present loyal customer base, and attract new customers, without incurring the huge costs involved in securing and keeping shelf space at major retailers. Implementing this marketing strategy is expected to have a very positive impact on the company's profitability. IRI, a retail data reporting service, suggests that the combined market for snoring and sleep aides could exceed $500 million.
For further information on Med Gen Inc., please visit http://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.
Med Gen, Inc. is a publicly traded company on the OTCBB exchange "MGEN".
SOURCE: Med Gen Inc.
Med Gen Inc., Boca Raton
Paul B. Kravitz, 561-750-1100
paulk*medgen.com
Copyright Business Wire 2005

Posts: 1632 | From: NJ | Registered: Nov 2005  |  IP: Logged | Report this post to a Moderator
lilpennypincher
Member


Member Rated:
4
Icon 1 posted      Profile for lilpennypincher         Edit/Delete Post   Reply With Quote 
bout' time you posted a pick Jelly!

And a good one at that!

Nice find!

--------------------
Lil,

Dont LOSE more than you can afford to invest....LOL

I'm buying low and selling into the run...

Posts: 8024 | From: Joisey....see attitude above | Registered: Jan 2004  |  IP: Logged | Report this post to a Moderator
Jelly
Member


Icon 1 posted      Profile for Jelly         Edit/Delete Post   Reply With Quote 
From the website. Last year this time the stock was trading at 3.30 NOT A PINK, but at PINK's prices!
http://www. medgen.com/letterfromchairman .asp

Summary and Investment Opportunity

· Established Presence In Large Growth Market Segments

Med Gen Inc. (MGEN) participates in the large steadily growing market for non-prescription alternative healthcare products that are generally purchased by consumers over-the-counter (OTC) or through direct marketing campaigns. The total available market for the Company’s current and potential future products is very large and could approach the $60-80 billion range. With target markets of this size, even a very small market share can potentially translate into significant revenues.

· Differentiated Delivery Method Sets Products Apart

MGEN’s signature “Sprays The Way” (“STW”) technology provides several advantages over traditional competitive liquid, powder or tablet formulations. Primary selling points include ease of use, easy absorption, fast action and unique formulations that increase effectiveness compared to the usual approaches. The Company has also demonstrated the ability to leverage the delivery technology by applying the same template to different products in related market segments.

· Strong Intellectual Property Position Provides Protection

The Company has patent protection on the formulation of certain core products and also has considerable unique expertise developed over time which are viewed by management as a competitive advantage that would be difficult for competitors to duplicate.

· New Product Initiatives Provide Growth Catalyst

Management intends to leverage the underlying STW technology platform by expanding into the very large market for weight loss and control products with its soon to be launched UNDIET™ product line. The market opportunity in this segment is estimated to be over $50 billion and has been growing steadily for the last several years.

Posts: 1632 | From: NJ | Registered: Nov 2005  |  IP: Logged | Report this post to a Moderator
lilpennypincher
Member


Member Rated:
4
Icon 1 posted      Profile for lilpennypincher         Edit/Delete Post   Reply With Quote 
WOW Jelly, Sweeeeeeeeeet!

Got all my attention now!

--------------------
Lil,

Dont LOSE more than you can afford to invest....LOL

I'm buying low and selling into the run...

Posts: 8024 | From: Joisey....see attitude above | Registered: Jan 2004  |  IP: Logged | Report this post to a Moderator
will
Member


Icon 1 posted      Profile for will     Send New Private Message       Edit/Delete Post   Reply With Quote 
http://www.pinksheets.com/quote/print_filings.jsp?url=%2Fredirect.asp%3Ffilename%3D0000943440%252D05%252D000507%252Etxt%26filepath%3D%255C2005%255C11%255C25%255C&symbol=MGEN
The Company has 5,788,777 shares issued and outstanding (As of 11/22/05 8K Filing)

http://www.pinksheets.com/quote/print_filings.jsp?url=%2Fredirect.asp%3Ffilename%3D0000943440%252D05%252D000437%252Etxt%26filepath%3D%255C2005%255C10%255C31%255C&symbol=MGEN

http://www.pinksheets.com/quote/print_filings.jsp?url=%2Fredirect.asp%3Ffilename%3D0000943440%252D05%252D000417%252Etxt%26filepath%3D%255C2005%255C10%255C07%255C&symbol=MGEN

--------------------
A million seconds is 13 days.
A billion seconds is 31 years.

Posts: 4893 | From: Burbank IL USA | Registered: Feb 2004  |  IP: Logged | Report this post to a Moderator
lilpennypincher
Member


Member Rated:
4
Icon 1 posted      Profile for lilpennypincher         Edit/Delete Post   Reply With Quote 
I was just reading them and It still seems like a gem to me. The company is taking all of the right steps and making their payments as well as this.

Management believes that with these proceeds they can increase sales thru the new marketing program and revitalize its product recognition.

Finally the Company will be launching the 800 call in campaign as follows:
The first target market is the greater NY Metropolitan area with 1.2 million approximate readers. Full page color advertisements for Snorenz and Good Night's Sleep will appear in the NY Times on Sunday November 6th, 13th and 20th 2005.The New York Post and Daily News will feature an ad on December 11th, 2005 and Newsday on December 4th, 2005.

I've put my money into $h** stock and made money off of them.

Still looking good to me. Thanks JellY!
Not going to marry it.....Just take it on a date!

--------------------
Lil,

Dont LOSE more than you can afford to invest....LOL

I'm buying low and selling into the run...

Posts: 8024 | From: Joisey....see attitude above | Registered: Jan 2004  |  IP: Logged | Report this post to a Moderator
lilpennypincher
Member


Member Rated:
4
Icon 1 posted      Profile for lilpennypincher         Edit/Delete Post   Reply With Quote 
The Company which recently completed a financing of $500,000 will be launching a direct marketing campaign in November 2005 to offset an approximate loss of over 54% of its annual volume. The campaign will begin in NYC will full page ads in major periodicals and an 800 call in program. Based on company figures, the company will only need to bring in revenues of $291,744 to replace the lost sales revenue from Walgreen and WalMart as a result of savings for Broker commissions, advertising expenses, deductions, allowances, damages and returns.

The Company's products are now featured at Albertson's, Rite-Aid, Meijers, Happy Harry's, Cardinal Foods, Amerisource Bergen, McKesson, Brooks/Eckerds, Osco Drug, SavOn, Drugstore.com and others. The company is continuing to solicit new accounts from over 100 additional chains across the United States and launch its Un-Diet Spray Program before the end of 2005.

--------------------
Lil,

Dont LOSE more than you can afford to invest....LOL

I'm buying low and selling into the run...

Posts: 8024 | From: Joisey....see attitude above | Registered: Jan 2004  |  IP: Logged | Report this post to a Moderator
lilpennypincher
Member


Member Rated:
4
Icon 1 posted      Profile for lilpennypincher         Edit/Delete Post   Reply With Quote 
I like this one.

Source: Med Gen Inc.


Med Gen Revs Up
Monday November 7, 8:00 am ET


BOCA RATON, Fla.--(BUSINESS WIRE)--Nov. 7, 2005--Med Gen Inc. (OTCBB:MGEN - News), manufacturers of the national brands Snorenz®, snore relief throat spray and Good Nights Sleep®, sleep aid throat spray, announced today that it has canceled its launch plans and its participation in NewGen, Inc. as previously announced in an October 17, 2005 News Release. "Our plate is just too full right now and we want to concentrate on our UnDiet(TM) weight loss program launch and build on our recent successes in our Direct to Consumer marketing programs," said Chairman & CEO Paul Kravitz. "It is quite possible that we will revisit the NewGen opportunity in the future."
ADVERTISEMENT


Full page advertisements featuring the company's Snorenz® and Good Nights Sleep® Brands are now appearing every Sunday from November 6 until December 11, 2005 in full color inserts in the New York Times, Newsday, Daily News and New York Post in New York City. The success of the Direct to Consumer program and the ushering in of the company's weight loss UnDiet(TM) program, have pushed our resources to capacity.

In addition to the Direct Marketing program, the company has entered negotiations with well known Wall Street Investor Relation firms. Their programs are focused on attaining several goals which will favorably impact the company's stock. These are, improving trading volume, creating a higher multiple, increasing institutional ownership, creating improved access to capital markets, increasing visibility, and increasing the reputation and credibility of the company in the financial community. The financial ability to provide these programs has been provided by the institutions that have recently funded Med Gen's projects.


and thanks for the Info will. Forgot to thank you in my last post.

--------------------
Lil,

Dont LOSE more than you can afford to invest....LOL

I'm buying low and selling into the run...

Posts: 8024 | From: Joisey....see attitude above | Registered: Jan 2004  |  IP: Logged | Report this post to a Moderator
will
Member


Icon 1 posted      Profile for will     Send New Private Message       Edit/Delete Post   Reply With Quote 
Like the last reported O/S 5.8M.
Like the RSI Oversold at 33.8
2.8M has been traded in the last 3 trading days. (Dilution might have started already?)
Hit a 52 week low today.
Made payments, but not timely. (Back to the drawing board to settle)
Lost WalMart Account.
WalMart sales were 344,218.01 for the 2004 fiscal year {10-1-2004 through 9-30-2005}. They represented 38.27% of the annual volume of sales.

--------------------
A million seconds is 13 days.
A billion seconds is 31 years.

Posts: 4893 | From: Burbank IL USA | Registered: Feb 2004  |  IP: Logged | Report this post to a Moderator
lilpennypincher
Member


Member Rated:
4
Icon 1 posted      Profile for lilpennypincher         Edit/Delete Post   Reply With Quote 
yes will they all have their dark clouds that's why they are PENNYS.

and the not timely payments were as followed.

2 days, 7 days and 13 days late. Yes LATE but, Paid!

It's all good will. You see the glass as half empty......I as half full.

Yes Walmart was a huge BUMMER but, again.....It's not trading at 30.00 a share will. It's a Penny stock.

I'm still liking it and have my eye on it for sure.

--------------------
Lil,

Dont LOSE more than you can afford to invest....LOL

I'm buying low and selling into the run...

Posts: 8024 | From: Joisey....see attitude above | Registered: Jan 2004  |  IP: Logged | Report this post to a Moderator
will
Member


Icon 1 posted      Profile for will     Send New Private Message       Edit/Delete Post   Reply With Quote 
"and the not timely payments were as followed.

2 days, 7 days and 13 days late. Yes LATE but, Paid!"

"On November 22, 2005 the Company received an adverse ruling in the previously settled matter: Global Healthcare Labs, Inc. et. al. versus Med Gen Inc. et al.

The Court ruled that because the settlement contract had a "time is of the essence clause" the untimely payments made by the Company allow Global Healthcare to disaffirm the agreement. The Court ruled that Enriquillo Export & Import Inc v. M.B.R.Industries Inc. applies and the Company's 13 day late tender was not adequate performance {Enriquillo had a 58 day delay}. Furthermore, the Court ruled that the $75,000 dollars of payments cashed by Global and tendered by the Company under the original settlement agreement shall not be returned but rather applied to the judgment."

They'll have to renegotiate the agreement.

All that isn't as bothersome as the increase in A/S , and the addition of preferred shares:

"On October 31st, 2005 the Company received the certified tally of the proxy solicitation which authorized the increase of the issued and outstanding shares from 250,000,000 to 500,000,000 million. The authorized is comprised of 495,000,000 common shares and 5,000,000 preferred shares."

--------------------
A million seconds is 13 days.
A billion seconds is 31 years.

Posts: 4893 | From: Burbank IL USA | Registered: Feb 2004  |  IP: Logged | Report this post to a Moderator
lilpennypincher
Member


Member Rated:
4
Icon 1 posted      Profile for lilpennypincher         Edit/Delete Post   Reply With Quote 
I understand your concern will. We all have them when it comes to increasing the A/S or O/S.

The purpose of the increase in the authorized shares was to cover any registration rights the funding group has under its definitive agreement. The funding group has funded $2,050,000 as of the date of this filing. A registration statement covering $1,540,000 went effective in August 2005 and the increase in authorized shares is to cover any future additional funding. The Company received $500,000 dollars towards its 800 call in marketing program and UN-Diet product launch.

On October 28th, 2005 the funding group has made a written commitment to fund an additional $600,000 dollars so the Company can hire several Investment Relation firms to increase shareholder awareness and shareholder liquidity in relation to the publicly traded shares of the Company on the OTC.BB. The Company has identified two such firms and will spend these funds over a six month period. Any funds not utilized for the IR campaign will be applied to the advertising program.

Feel like I'm playing ping pong. LOL

Are you going to get this will? LOL
I think I might!

Watching it very close I'll tell ya' that much

--------------------
Lil,

Dont LOSE more than you can afford to invest....LOL

I'm buying low and selling into the run...

Posts: 8024 | From: Joisey....see attitude above | Registered: Jan 2004  |  IP: Logged | Report this post to a Moderator
will
Member


Icon 1 posted      Profile for will     Send New Private Message       Edit/Delete Post   Reply With Quote 
Probably won't get in it, but I'll be watching the volume. They're going to have repay all that funding somehow, and also lay out some shares for the IR firm.
Sorry, but I see dilution in the making here. I think it might have started already. Might get a pop off that 52 week low ??
See if there's an increase in volume with one or two MM's selling like crazy, that will tell ya something.

--------------------
A million seconds is 13 days.
A billion seconds is 31 years.

Posts: 4893 | From: Burbank IL USA | Registered: Feb 2004  |  IP: Logged | Report this post to a Moderator
Jelly
Member


Icon 1 posted      Profile for Jelly         Edit/Delete Post   Reply With Quote 
quote:
Originally posted by will:
The idea is to catch them at their bottom. Unusually high volume sometimes indicate a turn around. I was asking if anyone can support that with T/A. I know they had heavy selling, don't most pennies, before a turn around?

Isn't this what we all look for? MGEN is definitely at the bottom. I thought we all were trying to catch a few bounces to make some cash, not marry the stocks?
Posts: 1632 | From: NJ | Registered: Nov 2005  |  IP: Logged | Report this post to a Moderator
lilpennypincher
Member


Member Rated:
4
Icon 1 posted      Profile for lilpennypincher         Edit/Delete Post   Reply With Quote 
again....


The Company which recently completed a financing of $500,000 will be launching a direct marketing campaign in November 2005 to offset an approximate loss of over 54% of its annual volume. The campaign will begin in NYC will full page ads in major periodicals and an 800 call in program. Based on company figures, the company will only need to bring in revenues of $291,744 to replace the lost sales revenue from Walgreen and WalMart as a result of savings for Broker commissions, advertising expenses, deductions, allowances, damages and returns.

The Company's products are now featured at Albertson's, Rite-Aid, Meijers, Happy Harry's, Cardinal Foods, Amerisource Bergen, McKesson, Brooks/Eckerds, Osco Drug, SavOn, Drugstore.com and others. The company is continuing to solicit new accounts from over 100 additional chains across the United States and launch its Un-Diet Spray Program before the end of 2005.

Full page advertisements featuring the company's Snorenz® and Good Nights Sleep® Brands are now appearing every Sunday from November 6 until December 11, 2005 in full color inserts in the New York Times, Newsday, Daily News and New York Post in New York City. The success of the Direct to Consumer program and the ushering in of the company's weight loss UnDiet(TM) program, have pushed our resources to capacity.

In addition to the Direct Marketing program, the company has entered negotiations with well known Wall Street Investor Relation firms. Their programs are focused on attaining several goals which will favorably impact the company's stock. These are, improving trading volume, creating a higher multiple, increasing institutional ownership, creating improved access to capital markets, increasing visibility, and increasing the reputation and credibility of the company in the financial community. The financial ability to provide these programs has been provided by the institutions that have recently funded Med Gen's projects.

Nite will

--------------------
Lil,

Dont LOSE more than you can afford to invest....LOL

I'm buying low and selling into the run...

Posts: 8024 | From: Joisey....see attitude above | Registered: Jan 2004  |  IP: Logged | Report this post to a Moderator
Upside
Member


Icon 1 posted      Profile for Upside     Send New Private Message       Edit/Delete Post   Reply With Quote 
Watch it close. They're fresh off a 1 for 20 reverse split and they followed it up with an a/s increase. That's a little scary. I'll be watching it as well.
Posts: 5729 | From: Wisconsin | Registered: Sep 2003  |  IP: Logged | Report this post to a Moderator
will
Member


Icon 1 posted      Profile for will     Send New Private Message       Edit/Delete Post   Reply With Quote 
"Originally posted by will:
The idea is to catch them at their bottom. Unusually high volume sometimes indicate a turn around. I was asking if anyone can support that with T/A. I know they had heavy selling, don't most pennies, before a turn around? "

That is a bit out of context. True, they bring the PPS down on higher volume sometime before running it, but there is a difference between that and dilution.

--------------------
A million seconds is 13 days.
A billion seconds is 31 years.

Posts: 4893 | From: Burbank IL USA | Registered: Feb 2004  |  IP: Logged | Report this post to a Moderator
Jelly
Member


Icon 1 posted      Profile for Jelly         Edit/Delete Post   Reply With Quote 
Yes, a bit out of context,(sorry, I've been drinking LOL) but the point is "to catch them at their bottom"

Just a heads up to watch, it may very well bounce.

Posts: 1632 | From: NJ | Registered: Nov 2005  |  IP: Logged | Report this post to a Moderator
lilpennypincher
Member


Member Rated:
4
Icon 1 posted      Profile for lilpennypincher         Edit/Delete Post   Reply With Quote 
It's not like we're talking about BILLIONS of shares here though will.

Funding........That's what pennys need to do at times.
Have you EVER? Played a stock that has increased the A/S?

Now I know you still post on the CMKX thread.
Just pokin' atcha' will.

Good night

--------------------
Lil,

Dont LOSE more than you can afford to invest....LOL

I'm buying low and selling into the run...

Posts: 8024 | From: Joisey....see attitude above | Registered: Jan 2004  |  IP: Logged | Report this post to a Moderator
lilpennypincher
Member


Member Rated:
4
Icon 1 posted      Profile for lilpennypincher         Edit/Delete Post   Reply With Quote 
cheers Jelly!

 -

--------------------
Lil,

Dont LOSE more than you can afford to invest....LOL

I'm buying low and selling into the run...

Posts: 8024 | From: Joisey....see attitude above | Registered: Jan 2004  |  IP: Logged | Report this post to a Moderator
Jelly
Member


Icon 1 posted      Profile for Jelly         Edit/Delete Post   Reply With Quote 
back at ya Lil

and thanks for the one star! (whoever that was *scratches her head*)

Posts: 1632 | From: NJ | Registered: Nov 2005  |  IP: Logged | Report this post to a Moderator
will
Member


Icon 1 posted      Profile for will     Send New Private Message       Edit/Delete Post   Reply With Quote 
Sure I buy stocks that increase A/S. Made money on a few. I just don't like what I see in conjunction with the A/S increase and...
Loss of key accounts
Legal issues
9/05 R/S
Almost 50% of the last reported O/S being traded in the last three trading sessions

--------------------
A million seconds is 13 days.
A billion seconds is 31 years.

Posts: 4893 | From: Burbank IL USA | Registered: Feb 2004  |  IP: Logged | Report this post to a Moderator
lilpennypincher
Member


Member Rated:
4
Icon 1 posted      Profile for lilpennypincher         Edit/Delete Post   Reply With Quote 
Awh, Don't worry Jelly.
Trust me, you're from Jersey, with your attitude.........you'll get a lot more of the 1 star. It's in the blood. LOL
Keep strong girl. Stand your ground!

You can borrow my blinkies anytime. Some ex.

 -


 -


 -


 -

 -

 -

 -

 -

--------------------
Lil,

Dont LOSE more than you can afford to invest....LOL

I'm buying low and selling into the run...

Posts: 8024 | From: Joisey....see attitude above | Registered: Jan 2004  |  IP: Logged | Report this post to a Moderator
lilpennypincher
Member


Member Rated:
4
Icon 1 posted      Profile for lilpennypincher         Edit/Delete Post   Reply With Quote 
 -

 -


 -


 -


 -


 -

--------------------
Lil,

Dont LOSE more than you can afford to invest....LOL

I'm buying low and selling into the run...

Posts: 8024 | From: Joisey....see attitude above | Registered: Jan 2004  |  IP: Logged | Report this post to a Moderator
lilpennypincher
Member


Member Rated:
4
Icon 1 posted      Profile for lilpennypincher         Edit/Delete Post   Reply With Quote 
 -


 -


 -


 -


 -


 -

There.........That should get you started.

This was fun. Thanks Jelly and Will.

Watching this one!

Good night all!

--------------------
Lil,

Dont LOSE more than you can afford to invest....LOL

I'm buying low and selling into the run...

Posts: 8024 | From: Joisey....see attitude above | Registered: Jan 2004  |  IP: Logged | Report this post to a Moderator
lilhen2005
Member


Member Rated:
4
Icon 1 posted      Profile for lilhen2005     Send New Private Message       Edit/Delete Post   Reply With Quote 
I don't know about this, could go file chapter 11 according to the Nov 25 8K. I would waiy lower, and then watch for news,JMHO.
Form 8-K for MED GEN INC


--------------------------------------------------------------------------------

25-Nov-2005

Triggering Events of Financial Obligation


Item 2.04 Triggering Events that Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement

On November 22, 2005 the Company received an adverse ruling in the previously settled matter: Global Healthcare Labs, Inc. et. al. versus Med Gen Inc. et al.

The facts are as follows:

On August 6th 2004, after a jury trial, a verdict was entered in favor of Global Healthcare against the Company on a breach of contract claim, with damages of $2,235,783 dollars. On August 24th, 2004 the District Court entered a final judgment in the sum of $2,489,418.19 with interest of 7% per year. On January 10th, 2005, the parties filed a joint notice of stipulation of settlement based upon a December 3rd, 2004 agreement and the Court retained jurisdiction over the Settlement Agreement. The Settlement Agreement required the Company to make timely payments of $200,000 dollars over a five month period and register 8,000,000 common shares of stock.

On February 10th, 2005 Global unilaterally disaffirmed the Settlement Agreement. The Company filed a motion to enforce the provisions of the agreement in March 2005.

The uncontroverted facts are as follows:

The Company made the first payment on time, the second payment was two days late and the third payment was 7 days late (of which four days were due to a UPS delivery problem). The fourth payment was made 13 days late as the Company was undergoing severe cash flow problems at the time and the check was delivered only after Mr. Mitchell, the President borrowed the necessary funds on a home-equity loan to cover the amount. The Company also tendered the final future payment at that time in advance of the payment schedule. The stock was registered on August 12th, 2005 and the plaintiff's orally rejected delivery.

The Court ruled that because the settlement contract had a "time is of the essence clause" the untimely payments made by the Company allow Global Healthcare to disaffirm the agreement. The Court ruled that Enriquillo Export & Import Inc v. M.B.R.Industries Inc. applies and the Company's 13 day late tender was not adequate performance {Enriquillo had a 58 day delay}. Furthermore, the Court ruled that the $75,000 dollars of payments cashed by Global and tendered by the Company under the original settlement agreement shall not be returned but rather applied to the judgment.

The Company has ten days to file written objections to the original trial judge or be barred from an appeal to this adverse ruling.

At present the Company has retained the firm of Furr & Cohen Esq.'s. and notified its lender, whose outside counsel is working closely with the Company's counsel to reach a new settlement with the judgment creditor. The parties have orally agreed to a standstill agreement while they exhaust all possible remedies in the instant matter. In the event a new accord is not reached within a few weeks, the Company will be required to file a Chapter 11 bankruptcy petition.

The Company has 5,788,777 shares issued and outstanding and approximately 1022 shareholders of record. Management will explore and exhaust all options and remedies before filing any petition for reorganization.

--------------------
Time will give you what you want!

Posts: 253 | From: Pennsylvania | Registered: May 2005  |  IP: Logged | Report this post to a Moderator
lilpennypincher
Member


Member Rated:
4
Icon 1 posted      Profile for lilpennypincher         Edit/Delete Post   Reply With Quote 
Picked up a little at .02 just for giggles. Let's see what happens!

--------------------
Lil,

Dont LOSE more than you can afford to invest....LOL

I'm buying low and selling into the run...

Posts: 8024 | From: Joisey....see attitude above | Registered: Jan 2004  |  IP: Logged | Report this post to a Moderator
lilpennypincher
Member


Member Rated:
4
Icon 1 posted      Profile for lilpennypincher         Edit/Delete Post   Reply With Quote 
Up 15% nice Jelly

--------------------
Lil,

Dont LOSE more than you can afford to invest....LOL

I'm buying low and selling into the run...

Posts: 8024 | From: Joisey....see attitude above | Registered: Jan 2004  |  IP: Logged | Report this post to a Moderator
lilpennypincher
Member


Member Rated:
4
Icon 1 posted      Profile for lilpennypincher         Edit/Delete Post   Reply With Quote 
Wonder what it will do tomorrow?

I've got it!

--------------------
Lil,

Dont LOSE more than you can afford to invest....LOL

I'm buying low and selling into the run...

Posts: 8024 | From: Joisey....see attitude above | Registered: Jan 2004  |  IP: Logged | Report this post to a Moderator
will
Member


Icon 1 posted      Profile for will     Send New Private Message       Edit/Delete Post   Reply With Quote 
Hey Jelly the jello jiggled on this one.

Todays Volume : 1493784

Average Volume
5-Day 311760
20-Day 511565
50-Day 336234

--------------------
A million seconds is 13 days.
A billion seconds is 31 years.

Posts: 4893 | From: Burbank IL USA | Registered: Feb 2004  |  IP: Logged | Report this post to a Moderator
smallstuff
Member


Rate Member
Icon 1 posted      Profile for smallstuff     Send New Private Message       Edit/Delete Post   Reply With Quote 
2 sales stand out today.

300,000 at .0092
300,000 at .0095

Next highest shares-traded was 100,000.

Most other trades were above .01 today.

--------------------
~-------------~
Don't sweat me.

Posts: 52 | From: Delaware, USA | Registered: Dec 2005  |  IP: Logged | Report this post to a Moderator
Jelly
Member


Icon 1 posted      Profile for Jelly         Edit/Delete Post   Reply With Quote 
Funny Will, just noticed that too. Put it on my watchlist.
Posts: 1632 | From: NJ | Registered: Nov 2005  |  IP: Logged | Report this post to a Moderator
will
Member


Icon 1 posted      Profile for will     Send New Private Message       Edit/Delete Post   Reply With Quote 
On 12/27/05 this had unusually high volume. Was .015 then, current .03, HOD.


quote:
Originally posted by will:
Hey Jelly the jello jiggled on this one.

Todays Volume : 1493784

Average Volume
5-Day 311760
20-Day 511565
50-Day 336234



--------------------
A million seconds is 13 days.
A billion seconds is 31 years.

Posts: 4893 | From: Burbank IL USA | Registered: Feb 2004  |  IP: Logged | Report this post to a Moderator
Jelly
Member


Icon 1 posted      Profile for Jelly         Edit/Delete Post   Reply With Quote 
I shoulda kept pumping this and pulled a JoeMillion. I posted it at like .0023
Posts: 1632 | From: NJ | Registered: Nov 2005  |  IP: Logged | Report this post to a Moderator
lilpennypincher
Member


Member Rated:
4
Icon 1 posted      Profile for lilpennypincher         Edit/Delete Post   Reply With Quote 
LMAO!

--------------------
Lil,

Dont LOSE more than you can afford to invest....LOL

I'm buying low and selling into the run...

Posts: 8024 | From: Joisey....see attitude above | Registered: Jan 2004  |  IP: Logged | Report this post to a Moderator
  This topic comprises 2 pages: 1  2   

Quick Reply
Message:

HTML is not enabled.
UBB Code™ is enabled.

Instant Graemlins
   


Post New Topic  New Poll  Post A Reply Close Topic   Feature Topic   Move Topic   Delete Topic next oldest topic   next newest topic
 - Printer-friendly view of this topic
Hop To:


Contact Us | Allstocks.com Message Board Home

© 1997 - 2021 Allstocks.com. All rights reserved.

Powered by Infopop Corporation
UBB.classic™ 6.7.2

Share