HOLBROOK, N.Y., March 17 /PRNewswire-FirstCall/ -- Med Gen Inc.
(Pink Sheets: MDIN) today announced that it has signed a deal with
the N.I.R. Group, LLC to fund the new direction of the company and
its operations by providing up to $1.25
million dollars. The funding terms outline an immediate cash
infusion of $100,000 in two separate
payments of $50,000 and an additional
$1.25 million dollar line of credit
which the company can draw upon monthly. The credit line is in the
form of convertible debentures and will allow the company to invest
in marketing and advertising campaigns as well as additional
personnel and infrastructure expansion.
"I hope this demonstrates to investors that we are serious about
building a solid national business brokerage company that will lead
the market in this very lucrative industry," said Raymond Barton, Med Gen's CEO. "This will allow
us to dominate the fractionalized business broker industry and
emerge as a clear leader in today's favorable economic climate for
business brokering."
Details of the funding agreement will be filed with the SEC in
an 8K currently being prepared. The company is also working
on preparing information necessary for their audited financials
which will provide a clearer picture of Med Gen's financial
position as their filings are brought up to date. "It is our
intention to continue as a fully reporting company and we are
dedicated to building a solid foundation for our shareholders,"
added Med Gen's CFO, Timothy
Schmidt.
Med Gen Inc. went public in 1997 and distributed health related
products. Business wound down in 2008 but was recently
revived earlier this year through its wholly owned subsidiary,
NorthStar Business and Property Brokers, Inc., a private company
engaged primarily in business brokering.
SEC rules prohibit the disclosure of certain information to
individuals, so investors are encouraged to review company filings
and to watch for future press releases. Med Gen would like to
assure its shareholders that further information and exciting news
is imminent.
SOURCE Med Gen Inc.