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 10/07/2005)
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:
Paul B Kravitz CEO
C/O Med Gen Inc.
7284 West Palmetto Park Road
Suite #207
Boca Raton, FL 33433
Item 8.01 Other Events.
The Company's product SNORENZ will no longer be carried by WalMart.
The decision was made by Walmart because of declining sales in the overall
category and declining sales by its largest competitor. According to the
recent published IRI data the category is down 46% on an annual basis and
Snorenz was not meeting the minimum bottle per store pull through ratios.
WalMart sales were 344,218.01 for the 2004 fiscal year {10-1-2004 through
9-30-2005}. They represented 38.27% of the annual volume of sales.
The Company has been advised that the category will be reviewed again in
February / March 2006. Furthermore the Company's other product: Good Night's
Sleep will also be reviewed for possible future sale to the WalMart chain.
In late August 2005 the Company was notified by Walgreen's that Snorenz would
no longer be carried by the chain. Poor sales in the overall category,
including poor sales of the Walgreen's generic brand prompted this action.
Both Snorenz and the generic product were discontinued.
Sales at Walgreens for fiscal 2004 were $142,022.40. They represented 16.01%
of the annual sales volume.
The Company which recently completed a financing of $500,000 will be
launching a direct marketing campaign in November 2005 to offset an
approximate loss of over 54% of its annual volume. The campaign will begin
in NYC will full page ads in major periodicals and an 800 call in program.
Based on company figures, the company will only need to bring in revenues
of $291,744 to replace the lost sales revenue from Walgreen and WalMart as
a result of savings for Broker commissions, advertising expenses,
deductions, allowances, damages and returns.
The Company's products are now featured at Albertson's, Rite-Aid, Meijers,
Happy Harry's, Cardinal Foods, Amerisource Bergen, McKesson, Brooks/Eckerds,
Osco Drug, SavOn, Drugstore.com and others. The company is continuing to
solicit new accounts from over 100 additional chains across the United States
and launch its Un-Diet Spray Program before the end of 2005.
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.
Date: October 07, 2005
/s/Paul B. Kravitz
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Paul B. Kravitz,
Chairman & Chief Executive Officer