HOLBROOK, N.Y., March 17 /PRNewswire-FirstCall/ -- Med Gen Inc. today announced that it has signed a deal with the N.I.R. Group, LLC to fund the new direction of the company and its operations by providing up to $1.25 million dollars. The funding terms outline an immediate cash infusion of $100,000 in two separate payments of $50,000 and an additional $1.25 million dollar line of credit which the company can draw upon monthly. The credit line is in the form of convertible debentures and will allow the company to invest in marketing and advertising campaigns as well as additional personnel and infrastructure expansion.
Details of the funding agreement will be filed with the SEC in an 8K currently being prepared. The company is also working on preparing information necessary for their audited financials which will provide a clearer picture of Med Gen’s financial position as their filings are brought up to date. “It is our intention to continue as a fully reporting company and we are dedicated to building a solid foundation for our shareholders,” added Med Gen’s CFO, Timothy Schmidt.
SEC rules prohibit the disclosure of certain information to individuals, so investors are encouraged to review company filings and to watch for future press releases. Med Gen would like to assure its shareholders that further information and exciting news is imminent.
CONTACT: Lorin Streim, +1-877-570-1581
