MDIN Board returning 6 Billion shares
Keep in mind a 1/50 R/S has been approved in the coming weeks, which is small and the company is working hard to shore up their finances.
Med Gen Inc. Directors Return Over 6 Billion Shares Greatly Decreasing the Number of Outstanding Shares
Date : 07/13/2010 @ 11:23AM
Source : PR Newswire
Stock : Med Gen (OTC) (MDIN)
Quote : 0.0001 0.0 (0.00%) @ 7:21AM
Med Gen Inc. Directors Return Over 6 Billion Shares Greatly Decreasing the Number of Outstanding Shares
Med Gen (OTC) (USOTC:MDIN)
Intraday Stock Chart
Today : Tuesday 13 July 2010
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.
