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PR NEWSWIRE Med Gen Inc. Announces New Direction for Business
Med Gen Inc. Announces New Direction for Business
HOLBROOK, N.Y., March 9, 2010 /PRNewswire via COMTEX/ -- Mr. Raymond Barton, the newly elected Chief Executive Officer of Med Gen Inc. ("Med Gen"), trading under the symbol "MDIN", is pleased to announce the acquisition of NorthStar Business & Property Brokers, Inc. ("NorthStar"), now a private and wholly owned subsidiary of Med Gen. Med Gen essentially ceased business operations pursuant to the 8-K filed January 16, 2009 and a group of individuals associated with NorthStar indicated interest in a stock exchange with Med Gen in January 2010, primarily to re-direct and resume the business activities of this formerly dormant corporation. On January 27, 2010 the two companies entered into a share agreement and on February 9, 2010, Mr. Barton was elected CEO of Med Gen. Mr. Barton spent the past two years as the President of a privately held company Bridge Business & Property Brokers, Inc., a national firm with headquarters in Bohemia, New York. Mr. Barton has been the CEO of several publicly traded companies and has been involved in start ups in the sales, marketing and technology sectors. He has taken several companies public and has also pioneered new technologies with several dozen patents pending. On February 19, 2010, the current slate of Directors and Officers were elected and an 8-K was filed March 3, 2010 detailing the background of the new management team. In addition to Mr. Barton, Mr. Robert Anderson was elected COO, Mr. Timothy Schmidt as CFO, Ms. Lorin Rosen Streim, Esq. Vice President & General Counsel and Ms. Rachel Collins as Vice President and Director of Operations.
"I am very excited about the acquisition of NorthStar as being beneficial not only to the company's bottom line, but the shareholders as well," stated Mr. Barton. NorthStar is engaged in the industry of business brokering on several levels. NorthStar business brokers act as the intermediary between the buyer and the seller in a business transaction. Business owners hire NorthStar brokers to assist in the sale of their business, and to assure a pre-qualified buyer and a smooth sale transaction. In return, the brokers earn between 10% and 12% of the total purchase price of the business.
About NorthStar Business and Property Brokers:
NorthStar was founded to take advantage of the tremendous turnover that is taking place in small to mid sized businesses in America, fueled both by the current economic crises and the booming unemployment level. The company helps business owners get the best price for their business and assists would-be buyers gain a solid and profitable income source. The company has its Headquarters in Holbrook New York, but has several offices opening shortly both in and out of New York State. The company offers tools such as a full online training program, proprietary Multiple Listing type service and eighty percent payout to their brokers, making it very appetizing to those interested in entering this lucrative field. NorthStar will also be offering low cost franchise offices in the near future.
SOURCE Med Gen Inc.
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