HOLBROOK, N.Y., July 13 /PRNewswire-FirstCall/ -- Med Gen Inc.
(Pink Sheets: MDIN) announced today that the Directors of the
company will be returning all of their remaining common stock to
the company treasury and instead will be issued preferred shares
with super voting rights to continue to retain control of the
company.
This move is part of a concerted effort by the Board to lower
the number of outstanding shares which has increased significantly
in the past six month due to the conversion of old debt to equity.
"It is our duty as Directors of a public company to act in the best
interests of our shareholders and although we initially issued
these shares of common stock to gain control of the company, we
believe using the preferred shares to achieve the same goal is much
preferable. I can only hope this sends a message to the
shareholders that we are not interested in short term gain, but in
building a structurally sound company," stated Raymond Barton, Med Gen's CEO.
Investors are encouraged to visit the CEO's Blog and company
message board at www.medgeninc.com for future news and information
regarding the company's progress.
Med Gen Inc. is a next generation holding company aimed at
dominating several industries and diversifying it's holdings
through acquisitions and revenue generating subsidiaries. The
company currently operates NorthStar Business and Property Brokers,
Inc. a wholly owned subsidiary in the Business Brokerage industry,
as well as a Leap Frog Realty branch office in the residential
& commercial Real Estate industry, and Global Media Online,
Inc. another wholly owned subsidiary and Distribution Company.
|
|
|
Contact:
|
|
|
Lorin R. Streim, Esq.
|
|
|
Med Gen Inc. Holbrook, NY
11741
|
|
|
1-877-570-1581 (ph &
fax)
|
|
|
SOURCE Med Gen Inc.