**UNITED
      STATES**


**SECURITIES
      AND EXCHANGE COMMISSION**


**WASHINGTON,
      DC 20549**





**FORM
      10-Q**





x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE


SECURITIES
      EXCHANGE ACT OF 1934





For
      the
      quarterly period ended September 30, 2008


or


o TRANSITION
      REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE


EXCHANGE
      ACT





Commission
      File Number: 000-26607




**GENMED
      HOLDING CORP.**





Exact
      name of registrant as specified in its charter





**NEVADA**
            **88-0390828**(State or other jurisdiction of
            I.R.S. Employerincorporation or organization)
            Identification No.





Rontgenlaan
      27, 2719 DX


Zoetermeer,
      The Netherlands





(Address
      of principal executive offices)(zip code)





011-31-793-630-129





Registrant's
      telephone number, including area code





N/A





(Former
      name, former address and former fiscal year, if changed since last
      report)





Indicate
      by check mark whether the registrant (1) has filed all reports required to
      be filed by Section 13 or 15(d) of the Exchange Act of 1934 during the preceding
      12 months (or for such shorter period that the registrant was required to file
      such reports), and (2) has been subject to such filing requirements for the
      past
      90 days Yes x No o





Indicate
      by check mark whether the registrant is a large accelerated filer, an
      accelerated filer, a non-accelerated filer, or a smaller reporting company.
      See
      the definitions of “large accelerated filer,” “accelerated filer” and “smaller
      reporting company” in Rule 12b-2 of the Exchange Act.





Large accelerated filero
            Accelerated fileroNon-accelerated filero(Do not check if a smaller reporting company)
            Smaller reporting companyx





Indicate
      by check mark whether the registrant is a shell company (as defined in Rule
      12b-2 of the Exchange Act): Yes o No x





**APPLICABLE
      ONLY TO ISSUERS INVOLVED IN BANKRUPTCY**


**PROCEEDINGS
      DURING THE PRECEDING FIVE YEARS**





Check
      whether the registrant filed all documents and reports required to be filed
      by
      Section 12, 13 or 15(d) of the Exchange Act after the distribution of securities
      under a plan confirmed by a court. Yes o No o





**APPLICABLE
      ONLY TO CORPORATE ISSUERS**





Indicate
      the number of shares outstanding of each of the issuer's classes of common
      stock, as of the latest practicable date: 125,631,000 shares of common stock
      as
      of November 9, 2008.








**GENMED
      HOLDING CORP.**





**INDEX**





PART
      I:
      FINANCIAL INFORMATION





**ITEM
      1. FINANCIAL STATEMENTS**





**GENMED**


**BALANCE
      SHEETS**





**September 30,**
            
            **December 31,****2008**
            
            **2007****ASSETS**
            
            
            **(Unaudited)**
            
            
            **(Audited)**CURRENT
                ASSETSCash
            
            
            25,476
            
            
            976VAT
                Receivable
            
            
            4,439Prepaid
                Consultancy Fees
            
            
            1,020,000Total
                Current Assets
            
            $
            1,049,915
            
            $
            976EQUIPMENT
            
            
            18,568OTHER
                ASSETSMedical
                Registration Rights, net of amortization
            
            
            14,230,770Total
                Net Assets
            
            $
            15,299,253
            
            $
            976**LIABILITIES
                AND STOCKHOLDERS' EQUITY**CURRENT
                LIABILITIESAccounts
                Payable
            
            $
            160,017
            
            $
            85,600Accrued
                Salaries and Related Expenses
            
            
            316,352
            
            
            232,214Accrued
                Expenses
            
            
            379,793
            
            
            39,014Loans
                Payable to Related Parties
            
            
            741,559
            
            
            584,944Total
                Current Liabilities
            
            
            1,597,721
            
            
            941,772STOCKHOLDERS'
                DEFICITPreferred
                stock, par value $0.001 authorized 500,000,000 shares, 2,179,533
                Class A
                convertible preferred shares issued and outstanding at December 31,
                2007.
            
            
            
            
            
            2,180Common
                stock authorized 500,000,000 shares, par value $0.001, issued and
                outstanding 125,611,739 and 211,739 shares at September 30, 2008
                and
                December 31, 2007, respectively
            
            
            125,612
            
            
            212Additional
                Paid-In Capital
            
            
            66,481,067
            
            
            13,972,047Accumulated
                deficit
            
            
            (52,910,689
            )
            
            (14,915,235
            )Accumulated
                other comprehensive income
            
            
            5,542Total
                Stockholders' Equity (Deficit)
            
            
            13,701,532
            
            
            (940,796
            )Total
                Liabilities and Stockholders' Equity
            
            $
            15,299,253
            
            $
            976





See
      accompanying notes to financial statements





2





**GENMED**


**CONSOLIDATED
      STATEMENTS OF OPERATIONS (Unaudited)**





**For the Three Months Ended**
            
            **For the Nine Months Ended****September 30,**
            
            **September 30,****2008**
            
            **2007**
            
            **2008**
            
            **2007**COST
                AND EXPENSESSelling,
                General and Administrative
            
            $
            328,210
            
            $
            68,867
            
            $
            751,531
            
            $
            180,269Research
                & Development
            
            
            25,803
            
            
            
            
            
            50,410Stock
                Based Compensation - Warrants
            
            
            
            
            
            
            
            
            17,046,316Impairment
                of Goodwill
            
            
            
            
            
            
            
            
            19,745,570Depreciation
                and Amortization
            
            
            369,303
            
            
            
            
            
            369,303Total
                Costs and Expenses
            
            
            723,316
            
            
            68,867
            
            
            37,963,130
            
            
            180,269NET
                OPERATING LOSS
            
            
            (723,316
            )
            
            (68,867
            )
            
            (37,963,130
            )
            
            (180,269
            )OTHER
                INCOME (EXPENSE)Gain
                on Foreign Exchange
            
            
            3,455
            
            
            
            
            
            3,455Interest
                Expense
            
            
            (12,135
            )
            
            (8,368
            )
            
            (35,779
            )
            
            (18,382
            )(8,680
            )
            
            (8,368
            )
            
            (32,324
            )
            
            (18,382
            )NET
                LOSS FROM CONTINUING OPERATIONS
            
            $
            (731,996
            )
            $
            (77,235
            )
            $
            (37,995,454
            )
            $
            (198,651
            )DISCONTINUED
                OPERATIONSLoss
                from Discontinued Operations (less applicable income taxes of
                0)
            
            
            
            
            
            
            
            
            
            
            
            (788,736
            )Gain
                from Disposal of Discontinued Operations (less applicable income
                taxes of
                0)
            
            
            
            
            
            
            
            
            
            
            
            3,543,407Gain
                from Discontinued Operations
            
            
            -
            
            
            -
            
            
            -
            
            
            2,754,671NET
                (LOSS) INCOME
            
            $
            (731,996
            )
            $
            (77,235
            )
            $
            (37,995,454
            )
            $
            2,556,020NET
                GAIN (LOSS) PER COMMON SHARE (BASIC AND DILUTED)Loss
                from Continuing Operations
            
            $
            (0.01
            )
            $
            (0.36
            )
            $
            (0.50
            )
            $
            (0.94
            )Gain
                from Discontinued Operations
            
            
            
            
            
            
            
            
            
            
            
            13.01Net
                Loss per Common Share
            
            $
            (0.01
            )
            $
            (0.36
            )
            $
            (0.50
            )
            $
            12.07WEIGHTED
                AVERAGE COMMON SHARES OUTSTANDING
            
            
            76,184,002
            
            
            211,739
            
            
            76,184,002
            
            
            211,739





See
      accompanying notes to financial statements





3





**GENMED**


**CONSOLIDATED
      STATEMENTS OF CASH FLOWS (Unaudited)**





**Nine Months Ended September 30,****2008**
            
            **2007**CASH
                FLOWS FROM OPERATING ACTIVITIES CONTINUING OPERATIONSNet
                Loss
            
            $
            (37,995,454
            )
            $
            (198,651
            )Adjustments
                to reconcile net gain/(loss) to cash flows used in operating
                activities:Depreciation
            
            
            369,230Amortization
                of prepaid consulting fees
            
            
            204,000Impairment
                of Goodwill
            
            
            19,745,570Stock
                Based Compensation - Warrants
            
            
            17,046,316Changes
                in operating assets and liabilities:Accounts
                receivable
            
            
            13,075Accounts
                payable
            
            
            68,264Accrued
                expenses
            
            
            340,779
            
            
            18,381Accrued
                salaries and related expenses
            
            
            84,138NET
                CASH USED IN CONTINUING OPERATING ACTIVITIES
            
            
            (124,082
            )
            
            (180,270
            )CASH
                FLOWS FROM INVESTING ACTIVITIESPayment
                of equipment
            
            
            (18,568
            )NET
                CASH USED IN CONTINUING INVESTING ACTIVITIES
            
            
            (18,568
            )
            
            -CASH
                FLOWS FROM FINANCING ACTIVITIESCash
                acquired in acquisition
            
            
            4,993Advances
                from notes payable to related parties
            
            
            156,615NET
                CASH PROVIDED IN CONTINUING FINANCING ACTIVITIES
            
            
            161,608
            
            
            -DISCONTINUING
                OPERATIONSNet
                income (Loss)
            
            
            
            
            
            2,754,671Decrease
                in net liabilities of entities discontinued
            
            
            
            
            
            (2,523,455
            )NET
                CASH PROVIDED BY DISCONTINUING OPERATIONS
            
            
            -
            
            
            231,216EFFECT
                OF EXCHANGE RATECHANGES
                ON CASH
            
            
            5,542
            
            
            (51,271
            )INCREASE
                (DECREASE) IN CASH
            
            
            24,500
            
            
            (325
            )CASH,
                BEGINNING OF PERIOD
            
            
            976
            
            
            1,334CASH,
                END OF PERIOD
            
            $
            25,476
            
            $
            1,009SUPPLEMENTAL
                DISCLOSURES OF CASH FLOW INFORMATIONNon
                cash activitiesIssuance
                of common stock for acquisition
            
            
            24,480,000Assets
                assumed in acquisitionCash
            
            
            4,993Receivable
            
            
            17,513Liabilities
                assumed
            
            
            (6,153
            )Issuance
                of Common Stock for consulting agreement
            
            
            1,224,000





See
      accompanying notes to financial statements




4





**GENMED**


**Consolidated
      Statements of Stockholders' Deficit**


**For
      the Year Ended December 31, 2007**


and
      September 30, 2008





AccumulatedAdditional
            
            
            
            Other
            
            TotalPreferred Stock
            
            Common Stock
            
            
            
            Paid In
            
            Accumulated
            
            Comprehensive
            
            StockholdersShares
            
            Amount
            
            Shares
            
            Amount
            
            Capital
            
            Deficit
            
            Income (Loss)
            
            DeficitBalance,
                December 31, 2005
            
            
            257,533
            
            $
            258
            
            
            210,239
            
            $
            210
            
            $
            9,352,588
            
            $
            (12,087,594
            )
            $
            146,945
            
            $
            (2,587,593
            )Investment
                of Media en Suisse in Company
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            1,621,383
            
            
            
            
            
            
            
            
            1,621,383Conversation
                of Convertible Subordinated Debentures
            
            
            1,400,000
            
            
            1,400
            
            
            
            
            
            
            
            
            2,098,600
            
            
            
            
            
            
            
            
            2,100,000Issuance
                of common stock for services rendered
            
            
            
            
            
            
            
            
            1,500
            
            
            2
            
            
            299,998
            
            
            
            
            
            
            
            
            300,000Adjustment
                from exchange rate changes
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            (95,674
            )
            
            (95,674
            )Net
                loss for the year ended December 31, 2006
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            (5,239,608
            )
            
            
            
            
            (5,239,608
            )Balance,
                December 31, 2006
            
            
            1,657,533
            
            
            1,658
            
            
            211,739
            
            
            212
            
            
            13,372,569
            
            
            (17,327,202
            )
            
            51,271
            
            
            (3,901,492
            )Conversation
                of Convertible Subordinated Debentures
            
            
            522,000
            
            
            522
            
            
            
            
            
            
            
            
            599,478
            
            
            
            
            
            
            
            
            600,000Adjustment
                from exchange rate changes
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            (51,271
            )
            
            (51,271
            )Net
                income for the year ended December 31, 2007
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            2,411,967
            
            
            
            
            
            2,411,967Balance,
                December 31, 2007
            
            
            2,179,533
            
            $
            2,180
            
            
            211,739
            
            $
            212
            
            $
            13,972,047
            
            $
            (14,915,235
            )
            
            
            
            $
            (940,796
            )Net
                income for the period ended September 30, 2008
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            (37,995,454
            )
            
            
            
            
            (37,995,454
            )Conversion
                of Preferred Shares to Common
            
            
            2,179,533
            
            $
            2,180
            
            
            75,000,000
            
            
            75,000
            
            
            (72,820
            )
            
            
            
            
            
            
            
            -Issuance
                of Common Stock for Acquisition at $0.51 per Share
            
            
            
            
            
            
            
            
            48,000,000
            
            
            48,000
            
            
            24,432,000
            
            
            
            
            
            
            
            
            24,480,000Fair
                Value of Warrants Issued to Consultants
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            17,046,317
            
            
            
            
            
            
            
            
            17,046,317Fair
                Value of Warrants Issued for Acquisition
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            9,881,923
            
            
            
            
            
            
            
            
            9,881,923Effect
                of Exchange Rate
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            5542
            
            
            5542Common
                Stock issued for Consultancy Agreement at $0.51 per Share
            
            
            
            
            
            
            
            
            2,400,000
            
            
            2400
            
            
            1,221,600
            
            
            
            
            
            
            
            
            1,224,000Balance,
                September 30, 2008 (Unaudited)
            
            
            -
            
            
            -
            
            
            125,611,739
            
            $
            125,612
            
            $
            66,481,067
            
            $
            (52,910,689
            )
            $
            5,542
            
            $
            13,701,532








5


**GENMED
        HOLDING CORP. AND SUBSIDIARIES**
 
 **NOTES
        TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS**
 **SEPTEMBER
        30, 2008**
 
 **NOTE 1**
              **BASIS
                  OF PRESENTATION**
 
 The
        accompanying consolidated financial statements have been prepared in accordance
        with generally accepted accounting principles for interim financial
        information.  Accordingly, they do not include all of the information
        and footnotes required by generally accepted accounting principles for complete
        financial statements.  In the opinion of management, all adjustments
        (consisting of normal recurring accruals) considered necessary in order to
        make
        the financial statements not misleading have been included.  Results
        for the nine months ended September 30, 2008 are not necessarily indicative
        of
        the results that may be expected for the year ending December 31,
        2008.  For further information, refer to the financial statements and
        footnotes thereto included in the Genmed Holding Corp. and Subsidiaries annual
        report on Form 10-KSB for the year ended December 31, 2007.
 
 **NOTE 2**
              **GOING
                  CONCERN**
 
 As
        shown
        in the accompanying financial statements, the Company has incurred an
        accumulated deficit of $52,910,689 and has negative working capital of $547,806.
        Management's plans include the raising of capital through the equity markets
        to
        fund future operations and the generating of revenue through its business.
        Failure to raise adequate capital and generate adequate sales revenues could
        result in the Company having to curtail or cease
        operations.  Additionally, even if the Company does raise sufficient
        capital to support its operating expenses and generate adequate revenues,
        there
        can be no assurance that the revenue will be sufficient to enable it to develop
        business to a level where it will generate profits and cash flows from
        operations. These matters raise substantial doubt about the Company's ability
        to
        continue as a going concern.  However, the accompanying financial
        statements have been prepared on a going concern basis, which contemplates
        the
        realization of assets and satisfaction of liabilities in the normal course
        of
        business.  These financial statements do not include any adjustments
        relating to the recovery of the recorded assets or the classification of
        the
        liabilities that might be necessary should the Company be unable to continue
        as
        a going concern.
 
 **NOTE 3**
              **GENERAL**
 
 **General
        Release and Settlement Agreement**
 On
        April
        17, 2008, the Company entered into a General Release and Settlement Agreement
        (the "General Release and Settlement Agreement") with Total Look, B.V.
        (“Total Look”), London Finance Group, Ltd., a California corporation (“LFG”),
        Dojo Enterprises, LLC, a Nevada limited liability company (“Dojo”), Hyperion
        Fund, L.P., a Colorado limited partnership (“Hyperion”), The Palisades Capital,
        LLC 401(k) Profit Sharing Trust (“Palisades”), The Morpheus 2005 Trust dated
        December 1, 2005 (“Morpheus”), Burton Partners, LLC (“Burton”), Picasso, LLC
        (“Picasso”) and Glacier, LLC (“Glacier,” and, together with Total Look, LFG,
        Dojo, Hyperion, Palisades, Morpheus, Burton and Picasso, the “Preferred
        Shareholders”) to settle all accounts and disputes between the parties and
        to avoid the expense and delay of litigation.
 
 Pursuant
        to the General Release and Settlement Agreement, the Company issued to
        the Preferred Shareholders 75,000,000 shares of its restricted common stock,
        and
        39,000,000 warrants to the Preferred Shareholders to purchase shares of common
        stock of the Company at $0.10 per share. Such shares of common stock of the
        Company and warrants were issued as follows:
  Shareholder
                
                Common Stock
                
                Warrants to Purchase Shares of Common StockTotal
                    Look
                
                49.500.000
                     shares
                
                26.250.000
                     sharesLondon
                    Finance Group, Ltd.
                
                3.060.000
                     shares
                
                1.530.000
                     sharesDojo
                    Enterprises, Ltd.
                
                2.040.000
                     shares
                
                1.020.000
                     sharesHyperion
                    Fund, L.P.
                
                2.720.000
                     shares
                
                1.360.000
                     sharesPalisades
                
                2.720.000
                     shares
                
                1.360.000
                     sharesMorpheus
                
                2.720.000
                     shares
                
                1.360.000
                     sharesBurton
                    Partners, LLC
                
                4.080.000
                     shares
                
                2.040.000
                     sharesPicasso,
                    LLC
                
                4.080.000
                     shares
                
                2.040.000
                     sharesGlacier,
                    LLC
                
                4.080.000
                     shares
                
                2.040.000
                     shares
  6
  **GENMED
          HOLDING CORP. AND SUBSIDIARIES**
 
 **NOTES
          TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS**
 **SEPTEMBER
          30, 2008**
  In
        total,
        the Company issued warrants to purchase 65,400,000 shares of its Common Stock
        at
        $0.10 per share, the warrants vest immediately and are exercisable over a
        seven
        year period from the date of issuance on April 17, 2008. Of the 65,400,000
        warrants, 24,000,000 warrants were issued for the acquisition of Genmed B.V.,
        a
        Dutch subsidiary. (See Note – Stock Exchange Agreement). These warrants
        were valued at $9,881,923. The remaining 41,400,000 warrants were valued
        at
        $17,046,316. The Black-Scholes Pricing model was utilized in performing the
        valuation. The factors utilized by the Black-Scholes pricing model are as
        follows:
 
 Stock
                  Price
              
              $
              0.51Exercise
                  Price
              
              $
              0.10Volatility
              
              
              12
              %Annual
                  rate of Quarterly Dividends
              
              
              0.00
              %Discount
                  Rate - Bond Equivalent Yield
              
              
              1.7700
              %
 
 The
        Preferred Shareholders collectively owned 2,179,533 shares of Class A
        Convertible Preferred Stock of the Company, which equaled 100% of the
        outstanding preferred shares of stock of the Company. Pursuant to the General
        Release Agreement, all of the outstanding preferred shares of the
        Company were cancelled upon the issue of the common stock to the Preferred
        Shareholders.
 
 **Stock
        Exchange Agreement**
 On
        April
        17, 2008, Genmed Holding Corp. ("Genmed," or the “Company”) entered into a Stock
        Exchange Agreement (the "Stock Exchange Agreement") with Joost de Metz (“de
        Metz”), Willem Blijleven (“Blijleven”), Erwin R. Bouwens (“Bouwens”) and Medical
        Network Holding BV (“MNH,” and collectively with de Metz, Blijlevens and
        Bouwens, the “Shareholders”). The Shareholders were holders of 100% of the
        outstanding capital stock of Genmed BV (“GMBV”), a company organized in The
        Netherlands.
  Pursuant
        to the Stock Exchange Agreement, Genmed agreed to purchase from the Shareholders
        18,000 restricted shares of the registered and outstanding capital stock
        of GMBV
        (the “GMBV Shares”), representing 100% of its outstanding capital stock, for a
        purchase price equal to 48,000,000 shares of restricted common stock of
        Genmed and the issuance of 24,000,000 warrants at $0.10 per share.
 
 The
        fair
        value of the assets acquired is as follows:
 
 Cash
              
              $
              4,993Receivables
              
              
              17,513Fair
                  Value of Medical Registration Rights
              
              
              14,600,000Liabilities
                  Assumed
              
              
              (6,153
              )14,616,353Fair
                  value of 48,000,000 shares @ $0.51 per share and
                24,000,000
                  warrants valued at 9,881,923
              
              
              34,361,923Impairment
                  of Goodwill
              
              $
              19,745,570
  **Reverse
        Split**
 On
        October 22, 2007, the Company's board of directors and majority of its
        shareholders approved a 1-for-2000 reverse stock split of the Company's
        issued and outstanding common stock, par value $.001 per share, pursuant
        to
        which each two thousand shares of the Company’s issued and outstanding Common
        Stock would be combined and consolidated into one share of common stock and
        authorized the board of directors of the Company to amend its Articles of
        Incorporation by issuing, without further shareholder action, one or more
        series
        of preferred stock from its authorized 5,000,000 shares of preferred stock.
        On January 28, 2008, the reverse stock split of the Company became
        effective.
  7
  **GENMED
          HOLDING CORP. AND SUBSIDIARIES**
 
 **NOTES
          TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS**
 **SEPTEMBER
          30, 2008**
 **Change
        of Name**
 On
        December 12, 2007, the Company's board of directors and majority of its
        shareholders approved the change of the Company’s corporate name from
        Satellite Newspapers Corp. to Genmed Holding Corp. by filing an amendment
        to its
        Articles of Incorporation with the Secretary of State of the State of Nevada
        on
        December 12, 2007.
  **Change
        in Management**
 Mr.
        Roy
        Piceni resigned from his position as Chief Executive Officer and director
        of
        Genmed Holding Corp. (the “Company”) on April 17, 2008.
 
 The
        Board
        of Directors appointed Mr. Erwin R. Bouwens as the Chief Executive Officer,
        President, and director of the Company on April 17, 2008. Mr. Randy Hibma,
        who
        has served as the Company’s Chief Financial Officer since 2004, remained as the
        Company’s Chief Financial Officer and was appointed to serve as Vice President
        and Secretary of the Company on April 17, 2008.
  **Consulting
        Agreements**
 On
        April
        17, 2008, the Company, entered into a Consulting Agreement with London Finance
        Group, Ltd. (“London”). Pursuant to such Consulting Agreement, London will
        consult with the Company on achieving Company objectives including merging
        with
        other businesses, disposing of businesses or assets, entering into strategic
        relationships, entering into investment banking relationships, and securing
        valuable management consulting to assist the Company in its operations, strategy
        and in its negotiations with vendors,
        customers and strategic partners. The Consulting agreement commenced on April
        17, 2008 and will terminate no earlier than April 17, 2011. London was
        to receive an initial payment of $65,000 upon execution of the Consulting
        Agreement, $20,000 per month for the length of the Consulting Agreement,
        and
        2,400,000 shares of restricted common stock of the Company as compensation
        for
        its consulting services.
 
 Also
        on
        April 17, 2008, the Company entered into a Consulting Agreement with Total
        Look
        B.V. (“Total Look”), a company organized in The Netherlands. Pursuant to such
        Consulting Agreement, Total Look will consult with the Company on finding,
        analyzing, structuring and negotiating sales and marketing agreements, alliances
        and other desirable projects with regard to the Company’s sales of its generic
        pharmaceutical products. The Consulting agreement commenced on April 17,
        2008
        and will terminate no earlier than April 17, 2011. Total Look will receive
        an
        initial payment of $40,000 upon execution of the Consulting Agreement, $20,000
        per month for the length of the Consulting Agreement, and two and one-half
        percent (2.5%) of the total revenues from all sales and other revenues actually
        received by the Company, until such time as Total Look has received a total
        of
        $3,000,000, as compensation for its consulting services.
 
 8


**Item
      2. Management's Discussion and Analysis of Financial Condition or Results of
      Operations**





**Forward-looking
      Information**





This
      Form
      10-Q quarterly report includes “forward-looking statements” within the meaning
      of Section 27A of the Securities Act of 1933, as amended, or the Securities
      Act,
      and Section 21E of the Securities Exchange Act of 1934, as amended, or the
      Exchange Act. All statements other than statements of historical facts, included
      in this Form 10-Q that address activities, events, or developments that we
      expect or anticipate will or may occur in the future, including such things
      as
      future capital expenditures (including the amount and nature thereof), business
      strategy and measures to implement strategy, competitive strength, goals,
      expansion and growth of our business and operations, plans, references to future
      success, reference to intentions as to future matters, and other such matters
      are forward-looking statements. In some cases, you can identify forward-looking
      statements by terminology such as "may," "will," "should," "expects," "plans,"
      "anticipates," "believes," "estimates," "predicts," "potential," or "continue,"
      or the negative of such terms or other comparable terminology. These statements
      are only predictions. Actual events or results may differ materially. These
      statements are based up on certain assumptions and analyses made by us in light
      of our experience and our perception of historical trends, current conditions
      and expected future developments as well as other factors that we believe are
      appropriate in the circumstances. However, whether actual results and
      developments will conform to our expectations and predictions is subject to
      a
      number of risks, uncertainties, and other factors, many of which are beyond
      our
      control.





Although
      we believe that the expectations reflected in the forward-looking statements
      are
      reasonable, we cannot guarantee future results, levels of activity, performance,
      or achievements. Moreover, we do not assume responsibility for the accuracy
      and
      completeness of such forward-looking statements. We are under no duty to update
      any of the forward-looking statements after the date of this report to conform
      such statements to actual results.





**General**





The
      following discussion and analysis summarizes the results of operations of Genmed
      Holding Corp. ("Genmed," the "Company," or "we"), formerly called Satellite
      Newspapers Corp., for the three-month period and nine-month period ended
      September 30, 2008.





During
      the period ended March 31, 2008, the Company had no operations and was engaged
      in seeking a potential business acquisition. At March 31, 2008, the Company
      was
      negotiating an acquisition of Genmed BV (“Genmed BV”), a company organized in
      The Netherlands, and which is engaged in the distribution of generic
      drugs.





On
      April
      17, 2008, the Company entered into a Stock Exchange Agreement with Genmed BV
      resulting in Genmed BV becoming a wholly owned subsidiary of the Company. Genmed
      BV is developing and seeking a network of manufacturing and distribution
      relationships in The Netherlands, Romania, South America, the United States,
      and
      the United Kingdom to supply low cost generic drugs to retail chains. Genmed
      BV’s initial product is Paracetamol (acetaminophen), a generic form of Tylenol
      sold under the brand name “Parol.” Parol is produced and distributed for Genmed
      BV by the Atabay Group of Companies (“Atabay”), located in Istanbul, Turkey. The
      Company’s agreement with Atabay allows the Company to sell Parol in South
      America and other countries outside of the European Union. Genmed BV currently
      has distribution contracts with retail chains in The Netherlands, and is seeking
      contracts with retail chains, government agencies, and multi-national
      corporations.





Prior
      to
      April 17, 2008, the Company submitted its initial application for the product
      “Parol 500mg” with the Dutch Medicines Evaluation Board (MEB). The Dutch MEB is
      a member of the European Network of Medicines Authorities and evaluates and
      monitors the efficacy, risks, and quality of medicinal products. The Company’s
      application was submitted under mutual recognition for the following countries:
      The Netherlands, Belgium, Germany, France, Ireland, and the United
      Kingdom.





At
      September 30, 2008, the Company was actively seeking to develop its business
      of
      the sale and distribution of generic drugs through it wholly owned subsidiary
      Genmed BV. The Company has not yet brought any of its products to market or
      sold
      any generic drugs to date, and has not received any revenues from its
      operational activities.


9




**Warrants**





On
      April
      17, 2008, the Company entered into a Stock Exchange Agreement (the "Stock
      Exchange Agreement") with Joost de Metz (“de Metz”), Willem Blijlevens
      (“Blijlevens”), Erwin R. Bouwens (“Bouwens”) and Medical Network Holdings BV
      (“MNH,” and collectively with de Metz, Blijlevens, and Bouwens, the
“Shareholders”). Pursuant to the Stock Exchange Agreement, the Company agreed to
      purchase from the Shareholders 18,000 restricted shares of the registered and
      outstanding capital stock of Genmed BV (the “GMBV Shares”), representing 100% of
      its outstanding capital stock, for a purchase price equal to 48,000,000 shares
      of restricted common stock of the Company and warrants to purchase 24,000,000
      shares of restricted common stock of the Company at an exercise price of $0.10
      per share. The warrants were issued 15,000,000 to Mr. Bouwens and 3,000,000
      each
      to Mr. de Metz, Mr. Blijilevens, and MNH.





Also,
      on
      April 17, 2008, the Company entered into a General Release and Settlement
      Agreement (the "General Release and Settlement Agreement") with Total Look,
      B.V.
      (“Total Look”), London Finance Group, Ltd., a California corporation (“LFG”),
      Dojo Enterprises, LLC, a Nevada limited liability company (“Dojo”), Hyperion
      Fund, L.P., a Colorado limited partnership (“Hyperion”), The Palisades Capital,
      LLC 401(k) Profit Sharing Trust (“Palisades”), The Morpheus 2005 Trust dated
      December 1, 2005 (“Morpheus”), Burton Partners, LLC (“Burton”), Picasso, LLC
      (“Picasso”) and Glacier, LLC (“Glacier,” and together with Total Look, LFG,
      Dojo, Hyperion, Palisades, Morpheus, Burton and Picasso, the “Preferred
      Shareholders”) to settle all accounts and disputes between the parties and to
      avoid the expense and delay of litigation. Pursuant to the General Release
      and
      Settlement Agreement, the Company issued to the Preferred Shareholders
      75,000,000 shares of its restricted common stock, and warrants to purchase
      a
      total of 39,000,000 shares of common stock of the Company at a purchase price
      of
      $0.10 per share. The warrants were issued 26,250,000 to Total Look, 1,530,000
      to
      LFG, 1,020,000 to Dojo, 1,360,000 each to Hyperion, Palisades, and Morpheus,
      and
      2,040,000 to Burton, Picasso, and Glacier.





Also
      on
      April 17, 2008, the Company entered into a Consulting Agreement (the “Consulting
      Agreement”) with London Finance Group, Ltd. (“London”). Pursuant to such
      Consulting Agreement, as part of its compensation for consulting services,
      London received warrants to purchase 2,400,000 shares of restricted common
      stock
      of the Company.





As
      described in the Company’s quarterly filing for the period ended June 30, 2008,
      subsequent to June 30, 2008, but prior to the filing of the Company’s June 30,
      2008 quarterly report, the Company had verbal agreements with the Shareholders,
      the Preferred Shareholders, and London to cancel the warrants to purchase shares
      of common stock as were issued pursuant to the Stock Exchange Agreement, the
      General Release and Settlement Agreement, and the Consulting Agreement. The
      verbal agreements to cancel the Shareholders’, the Preferred Shareholders’, and
      London’s warrants have not been consummated by written agreement. As a result,
      such warrants are considered issued and outstanding for the purposes of the
      financial statements included herein.





**Risks**





The
      Company is currently in the development stage of its generic drug distribution
      business and is attempting to develop and maintain relationships with generic
      drug manufacturers, retail entities, and government regulatory authorities.
      If
      the Company is unable to develop and maintain such relationships or unable
      to
      secure and maintain contractual relationships with generic drug manufacturers,
      retail entities, and government regulatory and licensing authorities the Company
      may not be able to fulfill its business plan and would likely be unable to
      continue its operations.





Similarly,
      if the Company is unable to obtain regulatory licensing to distribute, market,
      and sell its generic drugs, the Company would likely be unable to continue
      its
      operations. The Company is seeking to distribute and sell its generic drugs
      throughout Europe and in other countries. The Company will be subject to certain
      regulatory requirements which may cause the Company to incur additional expenses
      and resources maintaining compliance with such regulations, and may slow or
      stop
      the Company’s ability to distribute and sell generic drugs.





The
      distribution of pharmaceuticals and related healthcare solutions is highly
      competitive. The Company competes with national wholesale distributors of
      pharmaceuticals; regional and local distributors of pharmaceuticals; chain
      drugstores that warehouse their own pharmaceuticals; manufacturers who
      distribute their products directly to customers; specialty distributors; and
      other healthcare providers. As a development stage Company, the Company is
      competing against more experienced and more developed competitors with greater
      resources, and established relationships, contracts, and
      products.


10





As
      shown
      in the accompanying financial statements and notes, the Company has incurred
      an
      accumulated deficit of $52,910,689 and has negative working capital of $547,806.
      The Company is reliant upon its officers and directors for capital and intends
      to raise capital through equity markets to fund future operations and to
      generate revenue through its business operations. Failure to raise adequate
      capital and to generate adequate sales revenues could result in the Company
      being unable to effectuate its business plan.  Additionally, even if
      the Company does raise sufficient capital to support its operating expenses
      and
      generate adequate revenues, there can be no assurance that such revenue will
      be
      sufficient to enable it to develop business to a level where it will generate
      profits and cash flow from operations. These matters have raised substantial
      doubt about the Company's ability to continue as a going concern.





**Results
      of Operations**





**Comparison
      of the three months ended September 30, 2008 and 2007**





***Selling,
      General, and Administrative expenses*** .
      Selling, general, and administrative expenses increased 477% to $328,210 during
      the three month period ended September 30, 2008 as compared to $68,867 for
      the
      comparable period in 2007. The increase was due primarily to expenses incurred
      in the development of the Company’s generic drug sales and distribution
      business.





***Research
      and Development*** .
      The
      Company incurred $25,803 in research and development expenses during the three
      month period ended September 30, 2008, as compared to no such comparable
      expenses for the three month period ended September 30, 2007. Such new
      researched and development expenses are primarily due to the Company’s research
      and development costs with regard to the development of its new generic drug
      sales and distribution business.




***Depreciation
      and Amortization.*** The
      Company incurred $369,303 in depreciation and amortization expenses during
      the
      three month period ended September 30, 2008, as compared to no such comparable
      expenses for the three month period ended September 30, 2007. Such new
      depreciation and amortization expenses are primarily due to the depreciation
      on
      the Medical Registration Rights, an asset that was acquired through the purchase
      of Genmed B.V., our Dutch subsidiary.





***Net
      Operating Loss*** .
      As a
      result of the Company’s selling, general, and administrative expenses, expenses
      related to research and development, expenses related to depreciation and
      amortization, and its lack of revenues, the Company incurred a net operating
      loss of $712,316 for the three month period ended September 30, 2008, as
      compared with a loss of $68,867 for the period ended September 30,
      2007.





***Loss
      on Foreign Exchange and Interest Expense*** .
      The
      Company incurred a gain on foreign exchange of $3,455 during the three month
      period ended September 30, 2008, and no loss on foreign exchange for the same
      period ended September 30, 2007. The Company incurred interest expenses of
      $12,135 during the period ended September 30, 2008, as compared to $8,368 during
      the comparable period in 2007; an increase of 145%.





***Net
      Loss from Continuing Operations*** .
      For the
      three month period ended September 30, 2008 compared to the three month period
      ended September 30, 2007, the Company had a net loss from continuing operations
      of $731,996 and $77,235, respectively, an increase of approximately 948%. This
      increase was due to the aforementioned increases in selling, general, and
      administrative expenses, research and development expenses, depreciation and
      amortization, loss on foreign exchange, and the increase in interest
      expenses.





***Discontinued
      Operations*** **.** The
      Company had no discontinued operations during the periods ended September 30,
      2008 or September 30, 2007, and incurred no loss or gain from discontinued
      operations from such periods.





***Net
      Gain (Loss)*** .
      The
      Company incurred a net loss of $731,996 during the period ended September 30,
      2008, as compared with a net loss of $77,235 for the period ended September
      30,
      2007. The increase in net loss was due primarily to the aforementioned increases
      in selling, general, and administrative expenses, research and development
      expenses, depreciation and amortization, loss on foreign exchange, and the
      increase in interest expenses.


11


**Comparison
      of the nine months ended September 30, 2008 and 2007**





***Selling,
      General, and Administrative expenses*** .
      Selling, general, and administrative expenses increased 417% to $751,531 during
      the nine month period ended September 30, 2008 as compared to $180,269 for
      the
      comparable period in 2007. The increase was due primarily to expenses incurred
      in the development of the Company’s generic drug sales and distribution
      business.





***Research
      and Development*** .
      The
      Company incurred $50,410 in research and development expenses during the nine
      month period ended September 30, 2008, as compared to no such comparable
      expenses for the nine month period ended September 30, 2008. Such new research
      and development expenses are primarily due to the Company’s development of its
      new generic drug sales and distribution business.





***Stock
      Based Compensation.*** The
      Company incurred $17,046,316 in stock based compensation during the nine month
      period ended September 30, 2008 as compared to no such expense for the
      comparable period in 2007. The stock based compensation was due to the warrants
      to purchase common stock of the Company that were issued pursuant to the Stock
      Exchange Agreement, General Release and Settlement Agreement, and Consulting
      Agreement as described above in Item 2, **** Management's
      Discussion and Analysis of Financial Condition or Results of Operations,
“Warrants.”





***Impairment
      of Goodwill.*** The
      Company incurred $19,745,570 in impairment in goodwill during the nine month
      period ended September 30, 2008 as compared to no such expense for the
      comparable period in 2007. The impairment of goodwill was due to the Company’s
      acquisition of its wholly owned subsidiary Genmed BV.





***Depreciation
      and Amortization.*** The
      Company incurred $369,303 in depreciation and amortization expenses during
      the
      nine month period ended September 30, 2008, as compared to no such comparable
      expenses for the nine month period ended September 30, 2007. Such new
      depreciation and amortization expenses are primarily due to the depreciation
      on
      the Medical Registration Rights, an asset that was acquired through the purchase
      of Genmed B.V., our Dutch subsidiary.





***Net
      Operating Loss*** .
      As a
      result of the Company’s selling, general, and administrative expenses, research
      and development expenses, stock based compensation, impairment of goodwill,
      and
      depreciation and amortization the Company incurred a net operating loss of
      $37,963,130 for the nine month period ended September 30, 2008, as compared
      with
      $180,269 for the comparable period ended September 30, 2007.





***Loss
      on Foreign Exchange and Interest Expense*** .
      The
      Company incurred a gain on foreign exchange of $3,455 during the nine month
      period ended September 30, 2008, and no loss on foreign exchange for the same
      period ended September 30, 2007. The Company incurred interest expenses of
      $35,779 during the period ended September 30, 2008, as compared to $18,382
      during the comparable period in 2007; an increase of 195%.





***Net
      Loss from Continuing Operations*** .
      For the
      nine month period ended September 30, 2008 compared to the nine month period
      ended September 30, 2007, the Company had a net loss from continuing operations
      of $37,995,454 and $198,651, respectively. This increase was mainly due to
      the
      aforementioned increases in selling, general, and administrative expenses,
      research and development expenses, stock based compensation, impairment of
      goodwill, depreciation and amortization, loss on foreign exchange, and the
      increase in interest expenses.





***Discontinued
      Operations*** **.** The
      Company incurred a net gain from discontinued operations during the nine month
      period ended September 30, 2007, of $2,754,671. The Company had no discontinued
      operations during the period ended September 30, 2008, and thus incurred no
      loss
      or gain from discontinued operations from such period.





***Net
      Gain (Loss)*** .
      The
      Company incurred a net loss of $37,995,454 during the nine month period ended
      September 30, 2008, as compared with a net gain of $2,556,020 for the nine
      month
      period ended September 30, 2007. The increase in net loss was due primarily
      to
      increases in selling, general, and administrative expenses, research and
      development expenses, stock based compensation, impairment of goodwill,
      depreciation and amortization, loss on foreign exchange, the increase in
      interest expenses, and the lack of revenue during the period ended September
      30,
      2008.





**Liquidity
      and Capital Resources**





At
      September 30, 2008, the Company had $15,299,253 of total net assets. Total
      assets consisted of $25,476 in cash, $4,439 in VAT receivables, $1,020,000
      in
      prepaid consultancy fees, $18,568 in equipment, abd $14,230,770 in medical
      registration rights.





The
      Company's working capital deficit was $940,796 at December 31, 2007, compared
      to
      a working capital equity of $13,701,532 at September 30, 2008.


12





At
      September 30, 2008, the Company had acquired its wholly owned subsidiary Genmed
      BV and was in the process of developing its business of the distribution and
      sale of generic drugs. The Company had no revenues during the nine months ended
      September 30, 2008 or September 30, 2007.





As
      of
      September 30, 2008, the Company was relying on its corporate officers,
      directors, and outside investors for the funding needed for the implementation
      of its business plan. The Company’s management is currently looking for the
      capital needed to complete its corporate objectives. The Company cannot predict
      the extent to which its liquidity and capital resources will be available prior
      to execute its business plan or whether it will have sufficient capital to
      fund
      typical operating expenses.





If
      the
      Company is unable to obtain financing from any of one of these aforementioned
      sources, the Company would not be able to complete the financial requirements
      regarding the development of its generic drug distribution business or to
      continue as a going concern.





**Item
      3. Quantitative and Qualitative Disclosures about Market
      Risk**





Smaller
      reporting companies are not required to provide the information required by
      this
      item.





**Item
      4. Controls and Procedures**





Our
      Chief
      Executive Officer and Chief Financial Officer (collectively the "Certifying
      Officers") maintain a system of disclosure controls and procedures that is
      designed to provide reasonable assurance that information which is required
      to
      be disclosed is accumulated and communicated to management in a timely manner.
      Under the supervision and with the participation of management, the Certifying
      Officers evaluated the effectiveness of the design and operation of our
      disclosure controls and procedures (as defined in Rule [13a-14(c)/15d-14(c)]
      under the Exchange Act) within 90 days prior to September 30, 2008 (the
“Evaluation Date”). Based upon such evaluation, the Certifying Officers
      concluded that the Company’s disclosure controls and procedures are effective in
      timely alerting them to material information relative to the Company which
      is
      required to be disclosed in our periodic filings.





The
      Certifying Officers have indicated that there were no significant changes in
      the
      Company’s internal controls, or other factors, that could significantly affect
      such controls subsequent to the Evaluation Date, and there were no such control
      actions with regard to significant deficiencies and material
      weaknesses.





**Item
      4T. Controls and Procedures**





N/A





**PART
      II - OTHER INFORMATION**




**Item
      1 Legal Proceedings**





N/A




**Item
      2 Unregistered Sales of Equity Securities and Use of
      Proceeds**





N/A








**Item
      3 Defaults Upon Senior Securities**





N/A




**Item
      4 Submission of Matters to a Vote of Security Holders**





N/A


13


**Item
      5 Other Information**





Subsequent
      to June 30, 2008, but prior to the filing of the Company’s quarterly report for
      the period ended June 30, 2008, the Company had verbal agreements with the
      Shareholders, the Preferred Shareholders, and London to cancel the warrants
      to
      purchase shares of common stock that were issued pursuant to the Stock Exchange
      Agreement, the General Release and Settlement Agreement, and the Consulting
      Agreement. See above, Item 2, **** Management's
      Discussion and Analysis of Financial Condition or Results of Operations,
“Warrants.” The verbal agreements to cancel the Shareholders’, the Preferred
      Shareholders’, and London’s warrants have not been consummated by written
      agreement. As a result, such warrants are considered issued and outstanding
      for
      the purposes of the financial statements included herein.




**Item
      6 Exhibits**





Exhibit    3.1
            Amendment
                to the Company’s Articles of Incorporation whereby the Company changed its
                corporate name to Genmed Holding Corp., as filed with the Nevada Secretary
                of State on December 12, 2007, incorporated herein by reference to
                Exhibit
                3.6 to the Form 10-KSB annual report of the Company filed on April
                15,
                2008.Exhibit    10.1
            Stock
                Exchange Agreement between the Company and Joost de Metz (“de Metz”),
                Willem Blijleven (“Blijleven”), Erwin R. Bouwens (“Bouwens”) and Medical
                Network Holding BV dated April 17, 2008, incorporated herein by reference
                to Exhibit 9.2 to the Form 8-K current report of the Company filed
                on May
                2, 2008.Exhibit    10.2
            General
                Release and Settlement Agreement, incorporated herein by reference
                to
                Exhibit 9.1 to the Form 8-K current report of the Company filed on
                May 2,
                2008.Exhibit    10.3
            Consulting
                Agreement between the Company and London Finance Group, Ltd.,
                incorporated herein by reference to Exhibit 9.1 to the Form 8-K current
                report of the Company filed on May 2, 2008.Exhibit    31.1
            Certification
                of the Chief Executive Officer pursuant to Section 302 of the
                Sarbanes-Oxley Act of 2002Exhibit    31.2
            Certification
                of the Chief Financial Officer pursuant to Section 302 of the
                Sarbanes-Oxley Act of 2002Exhibit    32
            Certification
                of the Chief Executive Officer pursuant to U.S.C. Section 1350 as
                adopted
                pursuant to Section 906 of the Sarbanes-Oxley Act of
                2002




14




**SIGNATURES**





In
      accordance with the requirements of the Exchange Act, the registrant caused
      this
      report to be signed on its behalf by the undersigned, thereunto duly
      authorized.





Dated:  November 19, 2008
            Genmed Holding Corp.By: /s/ Randy HibmaRandy Hibma, Chief Financial Officer, Vice President,
              and Secretary




15