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Related Quotes Sym. Price Chg. MGEN Trade News 0.0034 0.0003 Med Gen Reports Second Quarter Financial Results
May 14, 2007 08:00:02 (ET)
BOCA RATON, Fla., May 14, 2007 (BUSINESS WIRE) -- Med Gen Inc. (MGEN, Trade ), manufacturers of nationally branded OTC healthier life products, filed its second quarterly results (10Q) indicating positive revenue growth of better than 900% to $495,820 as compared with the year ago second quarter of $45,820. In an earlier Press Release the company reported seven (7) months revenue of $968,293.
At an analysts telephonic meeting, Mr. Kravitz, Chairman & CEO discussed several issues the most important of which were estimated revenue for the final five (5) months of the fiscal year and its revenue producing service business, which was a decision that was made almost 12 months ago amongst the company's executives as a way of offering their expertise, knowledge and know-how to institutions and small companies struggling in a similar manner as Med Gen and at the same time earn additional revenue and bring new, already developed, products to the company.
Management is forecasting $1.9 million for fiscal 2007. The substantial increase in revenue has had an extremely positive affect on stock dilution by reducing the need to borrow for continuing operations. These anti-dilution measures are expected to continue for the balance of the year. This has been particularly important during this quarter when the company has had to settle their 3-year old legal dispute, a portion of which required the issuance of 15 million free trading shares.
Mr. Kravitz said; "We did the best for our Company and Shareholders in everyway, we increased revenue, brought in additional products without the R&D costs and settled the share issuance portion of our debt. For all practical purposes, it is my belief, that this share issuance has negatively affected the stock."
During this Quarter new hires in the Internet and Marketing segment have improved the visibility of our products while at the same time we have sought to increase the appeal of our UNDIET(R) Commercials. These are now being aired on a regular basis. Two new Commercials are now in different stages of development featuring Painenz(R) and FabULust(R). Combining the successes of our service business, with that of our many products, should bring significant increases in revenues.
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. While STW technology is mainly used, the company also produces other products that deal with common health issues using other delivery systems. 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 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
BOCA RATON, Fla.--(BUSINESS WIRE)-- Med Gen Inc. (OTCBB:MGEN) (“MGEN”), manufacturers of nationally branded OTC healthier life products, reports un-audited revenue from all operations for the 8 1/2 months period October-June 19 of approximately $1,327,000 a 700% increase over the previous year. Recognized revenue for June to-date is approximately $275,000.
Mr. Kravitz, company Chairman and CEO said, “Reporting our revenue in the middle of a month is unusual; however, our shareholders have been pressing for information and both phone calls and e-mails have reached levels that cannot be handled by any alternate method. We felt it best to make public the information at this time.
“Growing revenue as quickly as possible is our focus,” said Kravitz. The company is presently engaged in a significant amount of business activity from preparing new TV commercials for airing in early fall, to growing its financial service segment. The company goal is to be operationally self-supporting by the fall and able to reduce its debt.
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®. Since its existence, Med Gen has continued to develop its STW technology, introducing Good Nights Sleep® and the UnDiet® system into its family of brands. 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 FootFridge® 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.
Contacts
Med Gen Inc., Boca Raton Paul Kravitz, 561-750-1100 www.medgen.com
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