HOLBROOK, N.Y., Feb. 19, 2014 /PRNewswire/ -- Northstar Global Business Services, Inc., Symbol (OTCPink: MDIN) today announced that the company has made several major advancements in the past few weeks. One of these advancements is that Snorenz, the all-natural anti-snoring oral spray, is now available for purchase on drugstore.com, the leading online providers of health, beauty, vision, and pharmacy products. Snorenz has been the company's top seller for over a year since it's re-introduction to the market, and the company is confident it will begin showing up in many other big brand name stores in the near future.
Another major advancement is a large reduction of convertible debt, and a modification of the convertible terms that are much more favorable to the company. Considered to be a negative item on the company's books, debt totaling approximately $154,000, mostly represented by a single note, was convertible to common stock at a steep, flat rate of $0.0001, and was considered by shareholders to be a dangerous precursor to dilution. As part of several moves designed to clean up the company's share structure, that note has been reduced to under $30,000, and the conversion price has been modified so that it is based on the current share price, and will increase or decrease accordingly. Even fully converted, the note will no longer pose the threat to massive dilution it once did. The actual mechanics of the reduction consist of a portion of the note being converted into free-trading shares, and forfeited by the debt holder to the company for deposit into the company treasury. The company feels these treasury shares will provide the needed liquidity and share structure needed to execute a mutually beneficial merger or acquisition that the company may enter in to in the future.
Company CEO Nick Chieco explains, "We needed a way to reduce the debt and at the same time create the tools I need to make this company an attractive acquisition target. Converting part of the debt and having those shares in the treasury is in effect, killing two birds with one stone. When this takes effect, the number of outstanding shares, and the float will both increase, but the shareholders can feel secure knowing that part of that float is safe in the hands of the company, and any distribution of them would have to be disclosed."
The company would also like to point out the much awaited release of its new website, at www.medgeninc.com. The new site is a marked improvement over the previous site, and a sign of the company's new thrust forward, which will include the release of several new products including a Stem cell enhancing nutritional bar, a medical marijuana oral spray developed with an established industry manufacturer, and much more. These are all part of an apparently succeeding strategy to make Northstar a household name.
Northstar Global Business Services is dedicated to producing the best alternative healthcare products to the world. The company's product line includes Snorenz®, Snorenz Night Time ™, Good Night's Sleep®, Stem-Intense, and Health Enrich for Pets™. Most of the company's products use a unique or patented spray delivery system, and all have received rave consumer reviews all over the world, selling millions of units from 1996 to the present.
This Press Release may contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The Company has tried, whenever possible, to identify these forward-looking statements using words such as "anticipates," "believes," "estimates," "expects," "plans," "intends," "potential" and similar expressions. These statements reflect the Company's current beliefs and are based upon information currently available to it. Accordingly, such forward-looking statements involve known and unknown risks, uncertainties and other factors which could cause the Company's actual results, performance or achievements to differ materially from those expressed in or implied by such statements. The Company undertakes no obligation to update or advise in the event of any change, addition or alteration to the information catered in this Press Release including such forward-looking statements.
SOURCE Northstar Global Business Services, Inc.