MedGen Inc (MDIN)

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He and his Operating Officer gave back 2 billion shares. NEWS

HOLBROOK, N.Y., April 28, 2010 /PRNewswire via COMTEX/ -- Med Gen Inc. (Pink Sheets: MDIN), today announced that company CEO Raymond Barton and COO Robert Anderson have returned 1,877,500,000 restricted shares of common stock in order to pay back company debt and to avoid having to increase the amount of authorized shares.
"My team and I are in this for the long haul. We care deeply about the company and feel a tremendous responsibility to the shareholders who support us," said Raymond Barton, Med Gen Inc.'s CEO, "I cannot in good conscience hold three billion shares while the shareholders get diluted. We needed more shares to continue to pay off the company debt and I'd rather that come from my personal shares than increase the authorized number of shares. Mr. Anderson agrees and is in full cooperation."
The company cautions shareholders that if the current share price does not increase over the next two months, increasing the amount of authorized shares may be the only option as the controlling directors cannot fall below a 51% ownership mark in the company. However, management is confident that support for the company will increase in light of its current business strategy which could possibly eliminate the need to increase the authorized and outstanding share count.
Investors are encouraged to visit the CEO's Blog and company message board at for future news and information regarding the company's progress.