HOLBROOK, N.Y., June 15 /PRNewswire-FirstCall/ -- Med Gen Inc. (Pink Sheets: MDIN), today announced that its wholly owned subsidiary, Global Media Online Inc., an online book distributor, has increased revenue over the past month by over 500% and expects even larger growth in the coming months.
Utilizing mainly existing distribution channels through high profile sites such as Amazon, Barnes & Noble and Half.com, the firm has increased the number of available titles by roughly 30% and greatly increased its sales over 500% for the first ten days of June compared to the same period in May. The number of sales has shown the same increase of 500% in addition to the average markup increasing over 200%, mainly due to the negotiation and engagement of better sources for inventory. The company plans to continue ramping up its inventory and expects tremendous growth over the next quarter, increasing current inventory as much as 100 times its current level.
"I have had faith all along in the model and the company, and this shows beyond any doubt that as we raise the inventory, the revenue will follow exponentially", said Raymond Barton, Med Gen Inc.'s CEO, who added, "when the numbers are revealed I am confident that they will be very impressive."
Med Gen Inc. plans to file current financials once it catches up with past financial filings. Although there's no date set for the filings, the company would like to assure shareholders that they are working as quickly as they can and are determined to bring the company current. The accounting of past financials is proving time consuming and expensive.
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 aiming at dominating several industries and diversifying it's holdings through acquisitions and revenue generating subsidiaries. The company currently runs NorthStar Business and Property Brokers, a wholly owned subsidiary in the business brokerage industry, and Global Media Online, a distribution company.
Lorin R. Streim, Esq.
Med Gen Inc. Holbrook, NY 11741
1-877-570-1581 (ph & fax)
SOURCE Med Gen Inc.