Med Gen Signs Letter of Intent to Purchase International Book Distribution Company

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Apr 13, 2010, 08:00 ET

HOLBROOK, N.Y., April 13 /PRNewswire-FirstCall/ -- Med Gen Inc. (Pink Sheets: MDIN), today announced the execution of a letter of intent for the acquisition of a global book distributor with retail distribution through Amazon, Barnes and Noble, Half.com, Abe books and other online channels. Currently representing almost 5000 titles on the Amazon site alone, this acquisition will allow Med Gen to offset the fluctuating income of its business services subsidiary, NorthStar Business and Property Brokers, Inc. with a steady revenue stream.

Med Gen CFO Mr. Timothy Schmidt, joined the company's executive team earlier this year with the intention of managing such a division. Mr. Schmidt brings to the company several years of experience in the book distribution industry as well as experience with the operations of publicly traded companies. Mr. Schmidt's experience in inventory management and online retail relations are essential in realizing huge returns in this industry and will prove to be a tremendous advantage in building a successful business model for Med Gen.

"This is exactly the type of acquisition that fits my overall strategy," said Med Gen CEO, Mr. Raymond Barton. "In today's ruthless economy, I believe a company requires diverse income streams to stay viable and to secure a future for the company. Having established retail distribution channels and marketable inventory creates asset based value for the shareholders as well."

The company assures investors that the acquisition is a cash-only based acquisition and will not effect company dilution in any way. Further details will be announced upon the actual closing which is expected later this month.

Investors are encouraged to visit medgeninc.com for future news and information regarding the company.

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.