HOLBROOK, N.Y., Sept. 22, 2015 /PRNewswire/ -- Medgen, Inc. (OTCPink: MDIN) today announced that it has completed the acquisition of Alternaturals, the operating subsidiary of Alternaturals, Inc. (OTCpink: ANAS), and a popular alternative healthcare and natural remedies company. The acquisition was made in an effort to increase the company's consumer reach and revenue base, and could be the most exciting event in several years, positioning the company to take some major steps forward.
The acquisition brings together two of the fastest growing supplement and alternative healthcare companies in the industry, and opens up Medgen's growing retail distribution to a host of new products. These products include Sombium™ a high potency sleep aid, Focamine™, which promotes focus and attention, Relaxapro™ an anti-anxiety capsule, and the pending trademark for "5 hour high" designed to be a medical marijuana liquid beverage for sale in those states where it is legal. The mechanics of the acquisition is that of a simple asset purchase, with Medgen acquiring almost all of Alternaturals assets, in exchange for taking on most of Alternaturals outstanding debt. The specific numbers associated with the transaction will be released in the Company's disclosure for the current quarter, ending on September 30, 2015.
Peachtree Capital, LLC, a Private investment fund, and a financer of both firms made the initial introductions that led to the transaction. According to Peachtree, who has funded both company's for several years, the strengths of these two firms compliment each other in many ways and the feeling was that whatever came out of the introduction could benefit both companies tremendously. Peachtree feels the deal was long overdue and together the two projects have much more potential for success then they do individually.
Medgen has also undergone some internal changes. Former Medgen CEO Brandon Dean has stepped down pursue other opportunities, while Mr. Matthew Briggs, the CEO of Alternaturals has taken the helm as Medgen's new CEO. Mr. Briggs brings vast knowledge of supplements and natural remedies to the table, and the timing is just right for someone with his background to step in. He commented on Mr. Dean's resignation saying, "I am extremely grateful to Mr. Dean for all that he has done. Where Mr. Dean has taken the company in such a short time is quite impressive, and Medgen would not be in the strong position it is today without him. Mr. Dean has laid a foundation that I am confident will give me the platform I need to take the company to the next level." Mr. Briggs also wants to acknowledge that the company has gone through several management changes over the past few years, and this is not uncommon among companies at Medgen's stage. He feels that every change has been in the best interest of the company, and if one fact shines through, it is that while management teams may change, the popularity of Medgen's products only continues to increase.
About Medgen, Inc.
Medgen is dedicated to producing the best alternative healthcare products to the world. The company's products include SNORenz®, SNORenz Night Time™, Stem-Intense™, and more. 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. For more info the company encourages people to check out www.medgeninc.com or follow the company on twitter at @medgeninc.
DISCLAIMER
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.
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SOURCE Medgen, Inc.