**UNITED      STATES**

**SECURITIES      AND EXCHANGE COMMISSION**

**WASHINGTON,      DC 20549**

**FORM      10-QSB**

**GENMED      HOLDING CORP. **

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

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**APPLICABLE      ONLY TO ISSUERS INVOLVED IN BANKRUPTCY**

**PROCEEDINGS      DURING THE PRECEDING FIVE YEARS**

**APPLICABLE      ONLY TO CORPORATE ISSUERS**

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**GENMED      HOLDING CORP.**

**INDEX**

**ITEM      1. FINANCIAL STATEMENTS**

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**GENMED      HOLDING CORP. AND SUBSIDIARIES**

**(FORMERLY      SATELLITE NEWSPAPERS CORP.)**

**CONSOLIDATED      BALANCE SHEETS**

|                                                                                                                                                                                                                                                                                            |   | **March 31,** |                     | **December 31,** |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------|--------------------------|-----------------------|--------|
|                                                                                                                                                                                                                                                                                            |   | **2008**           |                     | **2007**              |   |
| **ASSETS**                                                                                                                                                                                                                                                                                      |   |               |                     |                  |   | (audited) |   |
|                                                                                                                                                                                                                                                                                            |   |               |                     |                  |   |   |   |
| CURRENT                  ASSETS                                                                                                                                                                                                                                                                 |   |               |                     |                  |   |   |   |
| Cash                                                                                                                                                                                                                                                                                            |   | $                  | 943                      |                  | $      | 976 |   |
| Total                  Current Assets                                                                                                                                                                                                                                                           |   |               | 943                      |                  |   | 976 |   |
|                                                                                                                                                                                                                                                                                            |   |               |                     |                  |   |   |   |
| Total                  Assets                                                                                                                                                                                                                                                                   |   | $                  | 943                      |                  | $      | 976 |   |
|                                                                                                                                                                                                                                                                                            |   |               |                     |                  |   |   |   |
| **LIABILITIES                  AND STOCKHOLDERS' EQUITY (DEFICIT)**                                                                                                                                                                                                                             |   |               |                     |                  |   |   |   |
|                                                                                                                                                                                                                                                                                            |   |               |                     |                  |   |   |   |
| CURRENT                  LIABILITIES                                                                                                                                                                                                                                                            |   |               |                     |                  |   |   |   |
| Accounts                  payable                                                                                                                                                                                                                                                               |   | $                  | 86,615                   |                  | $      | 85,600 |   |
| Accrued                  salaries and related expenses                                                                                                                                                                                                                                          |   |               | 282,855                  |                  |   | 232,214 |   |
| Accrues                  expenses                                                                                                                                                                                                                                                               |   |               | 50,654                   |                  |   | 39,014 |   |
| Notes                  payable to related parties                                                                                                                                                                                                                                               |   |               | 603,122                  |                  |   | 584,944 |   |
| Net                  liabilities of entities discontinued                                                                                                                                                                                                                                       |   |               |      |                  |   |      |   |
| Total                  Current Liabilities                                                                                                                                                                                                                                                      |   |               | 1,023,246                |                  |   | 941,772 |   |
|                                                                                                                                                                                                                                                                                            |   |               |                     |                  |   |   |   |
| STOCKHOLDERS'                  DEFICIT                                                                                                                                                                                                                                                          |   |               |                     |                  |   |   |   |
| Preferred                  stock, par value $0.001 authorized 500,000,000 shares, 2,179,533                  and                  1,657,533 Class A convertible preferred shares issued and outstanding                  at                  March 31, 2008 and December 31, 2007, respectively |   |               | 2,180                    |                  |   | 2,180 |   |
| Common                  stock authorized 500,000,000 shares, par value $0.001, issued and                  outstanding 211,739 shares at March 31, 2008 and December 31,                  2007                                                                                                  |   |               | 212                      |                  |   | 212 |   |
| Additional                  Paid-In Capital                                                                                                                                                                                                                                                     |   |               | 13,972,047               |                  |   | 13,972,047 |   |
| Accumulated                  deficit                                                                                                                                                                                                                                                            |   |               | (14,996,742              | )                     |   | (14,915,235 | ) |
| Accumulated                  other comprehensive income                                                                                                                                                                                                                                         |   |               |      |                  |   |       |   |
| Total                  Stockholders' Deficit                                                                                                                                                                                                                                                    |   |               | (1,022,303               | )           |   | (940,796 | ) |
|                                                                                                                                                                                                                                                                                            |   |               |                     |                  |   |   |   |
| Total                  Liabilities and Stockholders' Deficit                                                                                                                                                                                                                                    |   | $                  | 943                      |                  | $      | 976 |   |

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**GENMED      HOLDING CORP. AND SUBSIDIARIES**

**(FORMERLY      SATELLITE NEWSPAPERS CORP.)**

**CONSOLIDATED      STATEMENTS OF OPERATIONS**

|                                                                                                                            |   | **For The Three Months Ended** |                           |
|---------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------|--------------------------------|
|                                                                                                                            |   | **March 31,**                                 |                           |
|                                                                                                                            |   | **2008**                                           |                           | **2007** |   |
|                                                                                                                            |   |                                               |                           |   |   |
| COST                  AND EXPENSES                                                                                              |   |                                               |                           |   |   |   |   |
| Selling,                  General and Administrative                                                                            |   | $                                                  | 69,866                         |   | $ | 8,798 |   |
| Total                  Costs and Expenses                                                                                       |   |                                               | 69,866                         |   |   | 8,798 |   |
|                                                                                                                            |   |                                               |                           |   |   |   |   |
| NET                  OPERATING LOSS                                                                                             |   |                                               | (69,866                        | ) |   | (8,798 | ) |
|                                                                                                                            |   |                                               |                           |   |   |   |   |
| OTHER                  INCOME (EXPENSE)                                                                                         |   |                                               |                           |   |   |   |   |
| Loss                  on foreign exchange                                                                                       |   |                                               |                           |   |   |   |   |
| Interest                  Expense                                                                                               |   |                                               | 11,641                         |   |   | 3,491 |   |
|                                                                                                                            |   |                                               | 11,641                         |   |   | 3,491 |   |
|                                                                                                                            |   |                                               |                           |   |   |   |   |
| NET                  LOSS FROM CONTINUING OPERATIONS                                                                            |   | $                                                  | (81,507                        | )   | $ | (12,289 | ) |
|                                                                                                                            |   |                                               |                           |   |   |   |   |
| DISCONTINUED                  OPERATIONS                                                                                        |   |                                               |                           |   |   |   |   |
| Loss                  (Gain) from discontinued operations (less applicable income taxes                  of                  0) |   |                                               |                           |   |   | (3,543,407 | ) |
| Loss                  (Gain) from the disposal of discontinued operations (less applicable                  income taxes of 0)  |   |                                               |       |   |   | 788,736 |   |
| Loss                  (gain) from discontinued operations                                                                       |   |                                               | -                              |   |   | (2,754,671 | ) |
|                                                                                                                            |   |                                               |                           |   |   |   |   |
| NET                  GAIN (LOSS)                                                                                                |   | $                                                  | (81,507                        | ) | $ | 2,742,382 |   |
|                                                                                                                            |   |                                               |                           |   |   |   |   |
| NET                  GAIN (LOSS) PER COMMON SHARE (BASIC AND DILUTED)                                                           |   |                                               |                           |   |   |   |   |
| Loss                  from continuing operations                                                                                |   | $                                                  | (2.60                          | ) | $ | (17.23 | ) |
| Loss                  from discontinued operations                                                                              |   |                                               | 2.60-                          |   |   | 0.08 |   |
| Net                  Loss per Common Share                                                                                      |   | $                                                  |                      |   | $ |   |   |
|                                                                                                                            |   |                                               |                           |   |   |   |   |
| WEIGHTED                  AVERAGE COMMON SHARES OUTSTANDING                                                                     |   |                                               | 211,739                        |   |   | 211,739 |   |

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**GENMED      HOLDING CORP. AND SUBSIDIARIES**

**(FORMERLY      SATELLITE NEWSPAPERS CORP.)**

**CONSOLIDATED      STATEMENTS OF CASH FLOWS **

|                                                                                                               |   | **For                The Three Months Ended** |                                       |
|--------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------|--------------------------------------------|
|                                                                                                               |   | **March                31,**                  |                                       |
|                                                                                                               |   | **2008**                                      |                                       | **2007** |   |
| CASH                FLOWS FROM OPERATING ACTIVITIES CONTINUING OPERATIONS                                          |   |                                          |                                       |   |   |   |   |
| Net                Gain (loss)                                                                                     |   | $                                             | (81,507                                    | )   | $ | (12,289 | ) |
|                                                                                                               |   |                                          |                                       |   |   |   |   |
| Adjustments                to reconcile net gain/(loss) to cash flows used in operating                activities: |   |                                          |                                       |   |   |   |   |
| Increase                (Decrease) in accounts payable                                                             |   |                                          | 1,015                                      |   |   |   |   |
| Increase                in accrued expenses                                                                        |   |                                          | 11,640                                     |   |   | 3,491 |   |
| Increase                in salaries and related expenses                                                           |   |                                          | 50,641                                     |   |   |       |   |
| NET                CASH USED IN CONTINUING OPERATING ACTIVITIES                                                    |   |                                          | (18,211                                    | ) |   | (8,798 | ) |
|                                                                                                               |   |                                          |                                       |   |   |   |   |
| CASH                FLOWS FROM FINANCING ACTIVITIES                                                                |   |                                          |                                       |   |   |   |   |
| Advances                from notes payable to related parties                                                      |   |                                          | 18,178                                     |   |   |        |   |
| NET                CASH PROVIDED IN CONTINUING FINANCING ACTIVITIES                                                |   |                                          | 18,178                                     |   |   | - |   |
|                                                                                                               |   |                                          |                                       |   |   |   |   |
| Discontinuing                operations                                                                            |   |                                          |                                       |   |   |   |   |
| Net                income (Loss)                                                                                   |   |                                          |                                       |   |   | 2,754,671 |   |
| Decrease                in net liabilities of entities discontinued                                                |   |                                          |              |   |   | (3,294,861 | ) |
| NET                CASH USED IN DISCONTINUING OPERATIONS                                                           |   |                                          | -                                          |   |   | (540,190 | ) |
|                                                                                                               |   |                                          |                                       |   |   |   |   |
| CASH                FLOWS FROM INVESTING ACTIVITIES                                                                |   |                                          |                                       |   |   |   |   |
| Proceeds                from issuance of Common Stock                                                              |   |                                          |         |   |   | 600,000 |   |
| NET                CASH PROVIDED IN INVESTING ACTIVITIES                                                           |   |                                          | -                                          |   |   | 600,000 |   |
|                                                                                                               |   |                                          |                                       |   |   |   |   |
| EFFECT                OF EXCHANGE RATE                                                                             |   |                                          |                                       |   |   |   |   |
| CHANGES                ON CASH                                                                                     |   |                                          |                   |   |   | (51,271 | ) |
| (DECREASE)                INCREASE IN CASH                                                                         |   |                                          | (33                                        | ) |   | (259 | ) |
| CASH,                BEGINNING OF PERIOD                                                                           |   |                                          | 976                                        |   |   | 1,334 |   |
| CASH,                END OF PERIOD                                                                                 |   | $                                             | 943                                        |   | $ | 1,075 |   |
|                                                                                                               |   |                                          |                                       |   |   |   |   |
| SUPPLEMENTAL                DISCLOSURES OF CASH FLOW INFORMATION                                                   |   |                                          |                                       |   |   |   |   |
| None                                                                                                               |   |                                          |                                       |   |   |   |   |
|                                                                                                               |   |                                          |                                       |   |   |   |   |
| NON-CASH                INVESTING AND FINANCING ACTIVITIES                                                         |   |                                          |                                       |   |   |   |   |
| Issuance                of common stock for manufacturing consulting on kiosks                                     |   |                                          |                                       |   |   |   |   |
| Conversation                of related party debt to preferred stock                                               |   |                                          |                                       |   | $ | 600,000 |   |
| Investment                in company by Media Finance in Swiss                                                     |   |                                          |                                       |   |   |   |   |

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**GENMED      HOLDING CORP. AND SUBSIDIARIES**

**NOTES      TO UNAUDITED CONDENSED FINANCIAL STATEMENTS**

**MARCH      31, 2008**

**NOTE      1 BASIS OF PRESENTATION**

**NOTE      2 GOING CONCERN**

**NOTE      3 **
**SUBSEQUENT      EVENTS**

**General      Release and Settlement Agreement**

| Shareholder                               |   | Common Stock |                             | Warrants to Purchase Shares ofCommon Stock |   |
|-------------------------------------------|--------|-------------------|----------------------------------|---------------------------------------------------------------------|--------|
| Total Look                           |   |              | 49,500,000                shares |                                                                |   | 26,250,000 shares |   |
| London                Finance Group, Ltd. |   |              | 3,060,000 shares            |                                                                |   | 1,530,000 shares |   |
| Dojo                Enterprises, Ltd.     |   |              | 2,040,000 shares            |                                                                |   | 1,020,000 shares |   |
| Hyperion                Fund, L.P.        |   |              | 2,720,000 shares            |                                                                |   | 1,360,000 shares |   |
| Palisades                                 |   |              | 2,720,000 shares            |                                                                |   | 1,360,000 shares |   |
| Morpheus                                  |   |              | 2,720,000 shares            |                                                                |   | 1,360,000 shares |   |
| Burton                Partners, LLC       |   |              | 4,080,000 shares            |                                                                |   | 2,040,000 shares |   |
| Picasso,                LLC               |   |              | 4,080,000 shares            |                                                                |   | 2,040,000 shares |   |
| Glacier,                LLC               |   |              | 4,080,000 shares            |                                                                |   | 2,040,000 shares |   |

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**GENMED      HOLDING CORP. AND SUBSIDIARIES**

**NOTES      TO UNAUDITED CONDENSED FINANCIAL STATEMENTS**

**MARCH      31, 2008**

**Stock        Exchange Agreement**

|                                        |   | Common Stock |                   | Warrants to Purchase Sharesof Common Stock |   |
|---------------------------------------------|--------|-------------------|------------------------|---------------------------------------------------------------------|--------|
| Erwin R. Bouwens                  |   |              | 30,000,000 shares |                                                                |   | 15,000,000 shares |   |
| Medical                  Network Holding BV |   |              | 6,000,000 shares  |                                                                |   | 3,000,000 shares |   |
| Joost                  de Metz              |   |              | 6,000,000 shares  |                                                                |   | 3,000,000 shares |   |
| Willem                  Blijleven           |   |              | 6,000,000 shares  |                                                                |   | 3,000,000 shares |   |
|                                             |   |              | 48,000,000 shares |                                                                |   | 24,000,000 shares |   |

**Reverse      Split**

**Change      of Name**

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**GENMED      HOLDING CORP. AND SUBSIDIARIES**

**NOTES      TO UNAUDITED CONDENSED FINANCIAL STATEMENTS**

**MARCH      31, 2008**

**Change      in Management**

**Consulting      Agreements**

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

**Forward-looking      Information**

**General**

**Results      of Operations**

**Comparison      of the three months ended March 31, 2008 and 2007**

***Selling,      General, and Administrative expenses***

***Net      Operating Loss***

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***Loss      on Foreign Exchange and Interest Expense***

***Net      Loss from Continuing Operations***

***Discontinued      Operations***
**.**

***Net      Gain (Loss)***

**Liquidity      and Capital Resources**

**Item      3. Controls and Procedures **

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**PART      II - OTHER INFORMATION**

**Item      1 Legal Proceedings**

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

**Item      3 Defaults Upon Senior Securities**

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

**Item      5 Other Information**

capital      stock of Genmed BV, a company organized in The Netherlands, for a purchase      price      equal to 48,000,000 shares of restricted common stock of Genmed and warrants      to      purchase 24,000,000 shares of restricted common stock of GenMed at an exercise      price of $0.10 per share.

the      Company issued 75,000,000 shares of its restricted common stock, and issued      warrants to purchase 39,000,000 shares of common stock of the      Company,      to such      entities in order to settle all accounts and disputes between the Company and      such entities. 

**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 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 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 of the Company filed on May 2,                2008.                                                                                                                                                                                                               |

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| 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 of                the                Company filed on May 2, 2008. |
|-------------------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|              |   |                                                                                                                                                                                                                                            |
| Exhibit 10.4 |   | Consulting                Agreement between the Company and Total Look BV, incorporated herein                by                reference to Exhibit 9.1 to the Form 8-K of the Company filed on                May 2,                2008.     |
|              |   |                                                                                                                                                                                                                                            |
| Exhibit 10.5 |   | Warrant issued              to Mr.              Wilem Blijlevens, dated April 17, 2008.                                                                                                                                                         |
|                   |   |                                                                                                                                                                                                                                            |
| Exhibit 10.6 |   | Warrant issued              to Mr.              Erwin R. Bouwens, dated April 17, 2008.                                                                                                                                                         |
|              |   |                                                                                                                                                                                                                                            |
| Exhibit 10.7 |   | Warrant issued              to Mr.              Joost deMetz, dated April 17, 2008.                                                                                                                                                             |
|              |   |                                                                                                                                                                                                                                            |
| Exhibit 10.8 |   | Warrant issued              to              Medical Network Holdings, BV, dated April 17, 2008.                                                                                                                                                 |
|              |   |                                                                                                                                                                                                                                            |
| Exhibit 31.1 |   | Certification                of the Chief Executive Officer pursuant to Section 302 of the                Sarbanes-Oxley Act of 2002                                                                                                            |
|              |   |                                                                                                                                                                                                                                            |
| Exhibit 31.2 |   | Certification                of the Chief Financial Officer pursuant to Section 302 of the                Sarbanes-Oxley Act of 2002                                                                                                            |
|              |   |                                                                                                                                                                                                                                            |
| Exhibit 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                                   |

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**SIGNATURES**

| Dated:                May 20, 2008 | Genmed                Holding Corp.                                                               |
|------------------------------------|---------------------------------------------------------------------------------------------------|
|                               |                                                                                              |
|                               | By:                /s/ Randy Hibma                                                                |
|                               | Randy                Hibma, Chief Financial Officer, Vice President, and                Secretary |

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