The last few weeks have proven that regardless of how deep you bury a bone, a good dog is still going to be able to sniff it out and dig it up. That’s exactly what happened to the penny stock of Northstar Global Business Services Inc. (MDIN), fka Med Gen Inc., which has resurrected and gaining momentum. Since new CEO & Treasurer, Nicholas Chieco, updated the filings, MDIN stock has been smoking with some uplifting PR about Nick pounding the doors of “big retail” to re-establish distribution causing the share price to rise 5,700% since early October. Even though the financial filings have a clear error on his signature page, can Saint Nick bring some holiday cheer back into the sleeping dog?
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MDIN Stock Chart
Market Cap: 3.69M
Close: 0.0058, up 0.0011 (23.40%)
Dollar Volume: $54,581
Average Trade Size: 103,666
Authorized: 12.5 Billion
Issued and Outstanding: 635,652,747
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It makes good sense that the recent news blasts come out now since someone decided to resurrect the old Med Gen Inc. after it’s last reverse spilt. Amazing if you view the last ever filed 10-K for Med Gen to see that, for the year ended September 30, 2008, the Company reported a loss of $6,057,045,024 ($49.26 per share) versus a loss of $15,465,777, ($5.48 per share) for the same fiscal period, a year ago. $6 Billion Loss!
Don’t freak out though. For the years ended September 30, 2008 and 2007, sales revenues from net product sales totaled $148,190 and $205,866, respectively. A decline of roughly -30% year over year while the cost of those sales for the years ended September 30, 2008 and 2007 totaled $166,505 and $241,644, respectively.
But, from a shareholder point of view, it’s all good now because the convertible debt as of September 30, 2008, $6,297,722, was eliminated when Med Gen reported in March, 2010 to have 10,053,899,729 of common shares outstanding, most of which was issued to the insiders while they ran the Business & Property Brokers, Inc. subsidiary through the Company:
- Raymond Barton, a director and CEO received 3,000,000,000 shares,
- Robert L. Anderson, a director and COO received 2,000,000,000 shares,
- Rachel Collins, a director and VP received 1,000,000,000 shares,
- Timothy Schmidt, a director and CFO received 1,000,000,000 shares, and
- Lorin R. Streim, a director, VP and Secretary received 1,000,000,000
Soon after, they effected their third reverse stock split in five years, 1-for-30 split this time, and going dark, the products for the reborn Company are all still the same — those late night, stoned off your head munchy type infomercial products that make so much sense when you just need someone to talk to in India and give them your credit card details. The meat and potatoes of what jolly ‘ol Nicholas Chieco has been pounding doors to get on the shelves consist of:
• SNORenz®, a throat spray which reduces or eliminates the sounds associated with snoring;
• Good Nights Sleep™, a liquid throat spray formulation for sleep aide;
• Painenz®, a roll-on topical pain relief product;
• UNDIET®, a novel all liquid diet system featuring Hoodia Gordonii and Advantra Z; and
• Fab U Lust™, a specialized formula used to enhance sexual stimulation in women
The newest PR (see here) touts a new product which is helping to push MDIN stock price up is said to be called Stemintense™, a legal, healthy, all natural stem cell replacement therapy tablet which is supposedly able to increase the number of free flowing adult stem cells in the human body by as many as several hundred times the norm. Perhaps that is what MDIN is on right now since it surely isn’t any fundamentals that have been proven. The real question for current CEO & Treasurer, Nicholas Chieco, is:
Who is Rhino Human Resources, Inc.?
About MDIN Stock
Northstar Global Business Services, Inc., formerly MedGen, Inc., was established to manufacture, sell and license healthcare products, specifically to the market for alternative therapies (health self-care).
Bottom Line: MDIN has been one of the hotter penny stocks that have yet to make it to a penny and could continue to see a slight increase in their share price. It’s almost time for another reverse stock split since they tend to effect one every couple of years so curb your expectations when thinking retail sales are gonna launch MDIN stock to a nickel or better. They weren’t very good at selling their products for a profit four years ago so why would today’s economy be any better?
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