UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported 8/10/2004)
Med Gen Inc.
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(Exact name of registrant as specified in its charter)
Nevada 000-29171 65-0703559
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(State or other Jurisdiction (Commission File (IRS Employer
of incorporation) Number) Identification No.)
7284 West Palmetto Park Road, Suite #207, Boca Raton, FL 33433
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(Address of principal executive offices)
561-750-1100
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(Issuer's telephone number)
Not Applicable
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(Former name or former address, if changed since last report)
All Correspondence to:
Med Gen Inc.
7284 West Palmetto Park Road
Suite #207
Boca Raton, FL 33433
Item 1. Change in Control of Registrant.
Not Applicable
Item 2. Acquisition or Disposition of Assets.
Not Applicable
Item 3. Bankruptcy of Receivership.
Not Applicable
Item 4. Changes in Registrant's Certifying Accountant.
Not Applicable
Item 5. Other Events.
The lawsuit that was brought by Global HealthCare Laboratories Inc.,
and Dan L. Williams Co. Inc., the Company's former Distributors,
resulted in a judgment against the Company on Friday August 9, 2004
with the jury awarding in favor of the Plaintiff, Global Healthcare,
damages of $2,200,000.00. and Plaintiff, Dan L. Williams Co. Inc.,
damages of $11,000.00, for a total included in prejudgment interest
in the amount of $2,489,418.19. The Company filed a motion for new
trial on September 10th, 2004 and plaintiff filed an opposition
motion on November 10th, 2004. During the past several weeks, the
Company entered into settlement negotiations with the Plaintiffs
and on December 9th, 2004 the Company and the Plaintiffs executed a
Settlement Agreement containing the following terms and conditions:
a. The Company will pay the Plaintiffs $200,000.00 in five
monthly installments beginning in December 2004 and
finishing in March 2005.
b. The Company will issue to the Plaintiffs 8,000,000
shares of its common stock and file a registration
statement for the sale of the shares on or before
January 15, 2005. In the event the registration
statement is not filed by that date, the Company will
issue an additional 500,000 shares to the Plaintiffs.
The Company is not guaranteeing the price or
marketability of the shares issued.
c. A satisfaction of judgment will be entered upon the
earlier of the full payment of $200,000.00 and the sale
of the shares or December 31, 2005.
Item 6. Resignations of Registrant's Directors
Not Applicable
Item 7. Financial Statements and Exhibits.
Not Applicable
EXHIBITS:
None
Item 8. Change in Fiscal Year
Not Applicable
Item 9. Regulation FD Disclosure
Not
Applicable
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
Med Gen Inc.
/s/Paul B. Kravitz
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Paul B. Kravitz,
Chairman & Chief Executive Officer