April 14, 2010 (FinancialWire) — Med Gen Inc. (OTC: MDIN) said it has executed 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.

Med Gen said the acquisition will allow it to offset the fluctuating income of its business services subsidiary, NorthStar Business and Property Brokers, Inc. with a steady revenue stream.

Med Gen CFO Timothy Schmidt, joined the company's executive team earlier this year with the intention of managing such a division, according to the company.

Med Gen CEO, Raymond Barton, said "In today's ruthless economy, I believe a company requires diverse income streams to stay viable and to secure a future for the company."

The company said it has assured investors that the acquisition is a cash-only based acquisition and will not effect company dilution in any way. It said that further details will be reported upon the actual closing, which is scheduled for later this month.

New York-based Med Gen 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.

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