**UNITED
        STATES**
 **SECURITIES
        AND EXCHANGE COMMISSION**
 **Washington,
        D.C. 20549**
 
 **FORM
        10-KSB**
 
 **x ANNUAL
        REPORT
        PURSUANT TO SECTION 13 OR 15(d) OF**  **THE
        SECURITIES EXCHANGE ACT OF 1934**
 
 **For
        The Fiscal Year Ended December 31, 2007**
 
 **o TRANSITION
        REPORT
        UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
        1934**
 
 **GENMED
        HOLDING CORP.**
 (Name
        of
        small business issuer in its charter)
 
 
 **Nevada**
              
              **88-0390828**(State
                  or other jurisdiction
                of
                  incorporation or organization)
              
              (I.R.S.
                  Employer Identification No.)
 
 **Rontgenlaan
                  27, 2719 DX Zoetermeer, The
                  Netherlands**
              
              **2719
                  DX**(Address
                  of principal executive offices)
              
              (Zip
                  Code)
 **** ****
 Issuer’s
        telephone number: 011-31-793-630-129
 
 Securities
        registered pursuant to Section 12(b) of the Exchange Act: None
 
 Securities
        registered pursuant to Section 12(g) of the Exchange Act: 231,000 shares
        of
        Common Stock, $.001 par value
 
 Check
        whether the issuer  (1) has filed all reports required to be filed by
        Section 13 or 15(d) of the Exchange Act during the past 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
 
 Check
        if
        there is no disclosure of delinquent filers in response to Item 405 of
        Regulation S-B not contained in this form, and no disclosure will be contained,
        to the best of the registrant’s knowledge, in definitive proxy or information
        statements incorporated by reference in Part III of this Form 10-
        KSB. x
 
 Indicate
        by check mark whether the registrant is a shell company (as defined in Rule
        12b-2 of the Exchange Act). Yes x No o
 
 State
        issuer’s revenues for its most recent fiscal year: $ - 0 -
 
 State
        the
        aggregate market value of the voting and non-voting common equity held by
        non-affiliates computed by reference to the price at which the common equity
        was
        sold, or the average bid and asked price of such common equity, as of a
        specified date within the past 60 days. $48,454, as of April 10,
        2008.
 
 
 **(ISSUERS
        INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE
        YEARS)**
 
 
 Check
        whether the issuer has 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 x
 
 **(APPLICABLE
        ONLY TO CORPORATE REGISTRANTS)**
 
 State
        the number
        of
        shares outstanding of each of the issuer’s classes of common equity ,
        as of
        the latest practicable date, 211,739 shares of common stock as of April 10,
        2008.
 
 **(DOCUMENTS
        INCORPORATED BY REFERENCE)**
 
 None
 
 Transitional
        Small Business Disclosure Format (Check one): Yes o No x
  
  **GENMED
        HOLDING CORP.**
 
 **FORM
        10-KSB**
 
 **TABLE
        OF CONTENTS**
  **Item #**
                
                **Description**
                
                **Page
                    Numbers**PART
                    IITEM
                    1.
                
                Description
                    of Business
                
                1ITEM
                    2.
                
                Description
                    of Properties
                
                3ITEM
                    3.
                
                Legal
                    Proceedings
                
                3ITEM
                    4.
                
                Submissions
                    of Matters to a Vote of Security Holders
                
                4PART
                    IIITEM
                    5.
                
                Market
                    for Common Equity and Related Stockholder Matters
                
                4ITEM
                    6.
                
                Management’s
                    Discussion and Analysis or Plan of Operations
                
                6ITEM
                    7.
                
                Financial
                    Statements
                
                9ITEM
                    8.
                
                Changes
                    In and Disagreements with Accountants on Accounting and Financial
                    Disclosure
                
                21ITEM
                    8A.
                
                Controls
                    and Procedures
                
                21ITEM
                    8A(T)
                
                Controls
                    and Procedures
                
                22ITEM
                    8B.
                
                Other
                    Information
                
                22PART
                    IIIITEM
                    9.
                
                Directors,
                    Executive Officers, Promoters, Control Persons and Corporate
                    Governance;
                    Compliance
                    with Section 16(a) of the Exchange Act
                
                22ITEM
                    10.
                
                Executive
                    Compensation
                
                23ITEM
                    11.
                
                Security
                    Ownership of Certain Beneficial Owners and Management and Related
                    Stockholder Matters
                
                24ITEM
                    12.
                
                Certain
                    Relationships and Related Transactions, and Director
                    Independence
                
                25ITEM
                    13.
                
                Exhibits
                
                27ITEM
                    14.
                
                Principal
                    Accountant Fees and Services
                
                28Signatures
  **PART
        I**
 
 **ITEM
        1****DESCRIPTION
        OF BUSINESS**
 
 **FORWARD-LOOKING STATEMENTS** ;
        This
        annual report contains certain forward-looking statements within the meaning
        of
        Section 27A of the Securities Act of 1933, as amended, and Section 21E of
        the
        Securities Exchange Act of 1934, as amended, that involve risks and
        uncertainties. In addition, Genmed Holding Corp., (formerly Satellite Newspapers
        Corp.) (the “Company”), may from time to time make oral forward-looking
        statements. Actual results are uncertain and may be impacted by many factors.
        In
        particular, certain risks and uncertainties that may impact the accuracy
        of the
        forward-looking statements with respect to revenues, expenses and operating
        results include without imitation; cycles of customer orders, general economic
        and competitive conditions and changing customer trends, technological advances
        and the number and timing of new product introductions, shipments of products
        and components from foreign suppliers, and changes in the mix of products
        ordered by customers. As a result, the actual results may differ materially
        from
        those projected in the forward-looking statements.
 
 Because
        of these and other factors that may affect the Company’s operating results, past
        financial performance should not be considered an indicator of future
        performance, and investors should not use historical trends to anticipate
        results or trends in future periods.
  **Summary**
 
 The
        Company has no current operations and is engaged in seeking a potential business
        acquisition. The Company is currently negotiating an acquisition with GenMed
        B.V. (“Genmed B.V.”), a company organized in The Netherlands, which is engaged
        in the distribution of generic drugs. The Company makes no assurances that
        its
        current negotiations with Genmed B.V. will result in an acquisition or result
        in
        operations for Company.
 
 **Previous
        Operations - General**
 
 Genmed
        Holding Corp. (the “Company”) was originally formed as Beck & Co., Inc., a
        Nevada corporation on April 14, 1998, to operate as a specialty retailer
        of fine
        jewelry.  Subsequent to its formation, the Company engaged in several
        acquisitions, name changes, and changes in the Company’s operations. From July
        29, 2000 until August 27, 2002, the Company developed fuel cell technologies
        for
        commercial and industrial use as GreenVolt Corp., an Ontario, Canada
        corporation. On August 27, 2002, Satellite Holdings, Ltd., a corporation
        organized under the laws of Turks & Caicos, acquired a majority of the
        issued and outstanding common stock of the Company, and on August 28, 2002,
        the
        Company changed its name to Satellite Enterprises Corp.
 
 On
        June
        20, 2003, the Company entered into a Rights Agreement with Satellite Newspapers
        Worldwide N.V., a corporation organized under the laws of The Netherlands
        (hereinafter, Satellite Newspapers) whereby the Company was the exclusive
        distributor to promote the sale and/or lease of Satellite Newspapers’ newspaper
        kiosks and the associated Satellite newspaper content distribution technology
        for which Satellite Newspapers had developed the technology and owned the
        patents. In October 2003, Satellite Newspapers sold its patents, software
        and
        trademarks to Media Finance en Suisse Holding GmbH, a Swiss corporation
        (hereinafter, Media Finance). Thereafter, Media Finance set up an operating
        subsidiary, Satellite Newspapers Suisse GmbH, a Swiss corporation (hereinafter,
        Satellite Swiss). Media Finance granted Satellite Swiss a twenty-year exclusive
        license to distribute all satellite derived contents for the purpose of
        commercializing their product under a revenue sharing arrangement and on
        November 26, 2003, the Company entered into a Stock Purchase Option Agreement
        with Media Finance for the purchase of 100% of Satellite Swiss. On February 15,
        2004, the Company exercised its option and acquired 100% of Satellite Swiss.
        Satellite Swiss consisted of two subsidiaries, Satellite Newspapers Content
        B.V., a Dutch corporation, and Satellite Newspapers Trading B.V., a Dutch
        corporation, which had the production rights to produce and sell the
        kiosks.
 
 In
        June
        2005, Swiss Satellite incorporated two new Swiss subsidiary entities, Satellite
        Newspapers Content GmbH and Satellite Newspapers Trading GmbH. Except for
        the
        Development and Network Management, the Swiss Companies took over all activities
        from the Dutch Companies. On November 30, 2005, the Company changed its name
        from Satellite Enterprises Corp. to Satellite Newspapers Corp. and the
        Company = s
        quotation symbol on the OTC Bulletin Board changed from SENR to
        SNWP.
 
 1
 On
        October 1, 2006, Satellite Newspapers Suisse GmbH, Satellite Newspapers Content
        GmbH, Satellite Newspapers Trading GmbH, the Swiss operating company = s
        of
        Satellite, ceased operations. Such companies were unable to fund their ongoing
        operations and cover their expenses. From October 1, 2006 to the present,
        the Company has had no operations and generated no revenue. On January 23,
        2007,
        Satellite Newspapers Suisse GmbH, Satellite Newspapers Content GmbH, and
        Satellite Newspapers Trading GmbH were declared bankrupt by the court in
        Zug,
        Switzerland.
 
 On
        March
        21, 2007, the Company executed a Memorandum Agreement with International
        Creative Property Belgium, N.V. and Andreas Yanakopoulos (“ICPB”), an
        operator and provider of elderly care services in Belgium. Under such Memorandum
        Agreement, the Company agreed to purchase from ICPB, subject to due diligence
        by
        all parties, all of the operations of ICPB including certain properties,
        land,
        and operations. On August 20, 2007, after conducting its due diligence, the
        Company rejected the March 21, 2007 Memorandum Agreement executed with
        ICPC.
 
 The
        Company is currently seeking a potential business acquisition. The Company
        is
        currently negotiating an acquisition with GenMed B.V. (“Genmed B.V.”), a company
        organized in The Netherlands, which is engaged in the production and
        distribution of generic drugs. Genmed B.V. maintains a network of manufacturing
        and distribution relationships in The Netherlands, Romania, the United States,
        and the United Kingdom to supply low cost generic drugs to retail chains.
        Genmed
        B.V.’s most popular product is Paracetamol (acetaminophen), a generic form of
        Tylenol. Genmed B.V. currently has distribution contracts with retail chains
        in
        The Netherlands, and is seeking contracts with retail chains and government
        agencies and multi-national corporations.
 
 The
        Company makes no assurances that its current negotiations with Genmed B.V.
        will
        result in an acquisition or result in ongoing operations for Company.
 
 **Governmental
        Regulation**
 
 It
        is
        impossible to predict the government regulation, if any, to which the Company
        may be subject until it has acquired an interest in another business. The
        use of
        assets and/or conduct of businesses that the Company may acquire could subject
        it to environmental, public health and safety, land use, trade, or other
        governmental regulations, and state or local taxation or tariffs. In selecting
        a
        business in which to acquire an interest, management will endeavor to ascertain,
        to the extent of the limited resources of the Company, the effects of such
        government regulation on the prospective business of the Company. In certain
        circumstances, however, such as the acquisition of an interest in a new or
        start-up business activity, it may not be possible to predict with any degree
        of
        accuracy the impact of government regulation. The inability to ascertain
        the
        effect of government regulation on a prospective business activity will make
        the
        acquisition of an interest in such business a higher risk.
 
 **Employees**
 
 The
        Company presently has no employees other than its officers. Company officers
        devote only such time to the affairs of the Company as they deem appropriate.
        Management of the Company expects to use consultants, attorneys, and accountants
        as necessary, and does not anticipate a need to engage any full-time employees
        so long as it is seeking and evaluating businesses to acquire. The need for
        employees and their availability will be addressed in connection with a decision
        whether or not to acquire or participate in a specific business industry.
 
 **Risk
        Factors**
 
 **Financial
        position of the Company, working capital deficit; report of independent
        auditors.** The
        Company generated no revenues in the fiscal year ended December 31, 2007
        and the
        Company has no current operations. The Company is currently seeking an
        acquisition with Genmed B.V., however the Company makes no assurance that
        its
        current negotiations will result in such acquisition. The Company makes no
        assurances that if such acquisition is consummated, the Company will generate
        revenues and be able to continue as a going concern.
 
 Competition
        for the acquisition of a business may result in acquisitions on terms that
        prove
        to be less advantageous to the Company that have been attainable in the past
        or
        may increase acquisition prices to levels beyond the Company’s financial
        capability. The Company’s financial capability to make acquisitions is partially
        a function of its ability to access the debt and equity capital markets.
        In
        addition, there can be no assurance that the Company will find attractive
        acquisition candidates in the future or succeed in reducing the costs and
        increasing the profitability of any business acquired in the
        future.
 
 2
 The
        independent accountant’s report on the Company’s financial statements for the
        year ended December 31, 2007, contains an explanatory paragraph regarding
        the
        Company’s ability to continue as a going concern. See Item 7,
        herein.
 
 **Risks
        of Leverage.** The
        Company anticipates that it may incur substantial borrowings, notes, debentures,
        and/or other Company debt for the purpose of seeking an acquisition, developing
        Company operations after an acquisition, and for financing the expansion
        and
        growth of the Company, including the possible acquisition of other companies.
        Any amounts borrowed will depend among other things, on the condition of
        financial markets. Acquisitions of equipment, vehicles, or other companies
        purchased on a leveraged basis generally can be expected to be profitable
        only
        if they generate, at a minimum, sufficient cash revenues to pay interest
        on, and
        to amortize, the related debt, to cover operating expenses and to recover
        the
        equity investment. The use of leverage, under certain circumstances, may
        provide
        a higher return to the shareholders but will cause the risk of loss to the
        shareholders to be greater than if the Company did not borrow, because fixed
        payment obligations must be met on certain specified dates regardless of
        the
        amount of revenues derived by the Company. If debt service payments are not
        made
        when due, the Company may sustain the loss of its equity investment in the
        assets securing the debt as a result of foreclosure by the secured lender.
        Interest payable on Company borrowings, if any, may vary with the movement
        of
        the interest rates charged by banks to their prime commercial customers.
        An
        increase in borrowing costs due to a rise in the “prime” or “base” rates may
        reduce the amount of Company income and cash availability for
        dividends.
 
 **ITEM
        2**   **DESCRIPTION
        OF PROPERTY**
 
 Currently,
        we lease our office space on a rent free basis, which is located at the office
        of Mr. E.R. Bouwens at Rontgenlaan **** 27,
        2719
        DX Zoetermeer, The Netherlands ;
        our
        telephone number is 011-31-793-630-129.
  **ITEM
        3                      LEGAL
        PROCEEDINGS**
 
 From
        time
        to time, the Company may be a party to litigation or other legal proceedings
        that we consider to be part of the ordinary course of our business. We are
        not
        currently involved in any legal proceedings that could reasonably be expected
        to
        have a material adverse effect on our business, prospects, financial condition,
        or results of operations.
 
 On
        May
        2004, Fred de Vries and Renato Mariani filed suit in the Fifteenth Judicial
        Circuit Court located in Palm Beach County, Florida, claiming breach of
        employment agreements against the Company and against the Company’s Chief
        Executive Officer claiming fraud. The parties were seeking monies and benefits
        owed in connection with their employment agreements as well as other damages.
 
 On
        March
        19, 2007, the Company entered into a written Settlement and Release Agreement
        with DeVries and Mariani whereby in consideration of payment by the Company
        to
        DeVries and Mariani for the combined sum of $150,000.00, DeVries and
        Mariani agreed to accept said payment, and, upon receiving full payment from
        the
        Company, to release and discharge the Company and all its current and former
        principals, officers, agents, attorneys, employees, heirs, administrators,
        executors, successors or assigns, and/or representatives from any and all
        judgments, agreements, claims, demands, claims of action, known or unknown,
        which DeVries and/or Mariani may claim against the Company, including but
        not
        limited to the one million four hundred forty thousand ($1,440,000.00) U.S.
        dollars outstanding judgment in the Fifteenth Judicial Circuit Court located
        in
        Palm Beach County, Florida, claiming breach of employment agreements against
        the
        Company and against the Company’s Chief Executive Officer claiming
        fraud.
  The
        Company paid to DeVries and Mariani $75,000.00, and agreed to bank wire to
        DeVries and Mariani, on or before July 19, 2007, the remaining $75,000.00
        of the total combined sum of $150,000.00. On July 19, 2007, the Company
        paid the remaining $75,000 to Mssrs.
        DeVries and Mariani releasing
        the Company and its agents from the judgment and all of the claims of Mssrs.
        DeVries and Mariani.
  3
 
 **ITEM
        4****SUBMISSION
        OF MATTERS TO A VOTE OF SECURITY HOLDERS**
 
 On
        October 22, 2007, the Company's board of directors and majority of its
        shareholders approved by means of a written resolution to effect
        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
        (2000) shares of the Company’s issued and outstanding Common Stock would be
        combined and consolidated into one share of common stock and to authorize
        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.
 
 On
        December 12, 2007, the Company's board of directors and majority of its
        shareholders approved a 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.
  **PART
        II**
  **ITEM
        5              
MARKET FOR COMMON EQUITY AND RELATED STOCKHOLDER
        MATTERS**
  **Market
        Information**
  Our
        common stock is quoted on the OTC Electronic Bulletin Board. As of December
        31,
        2007, our trading symbol was “SNWP”. Effective January 28, 2008, the Company’s
        trading symbol changed to “GENM.” For the periods indicated, the following table
        sets forth the high and low bid prices per share of common stock. These prices
        represent inter-dealer quotations without retail markup, markdown, or commission
        and may not necessarily represent actual transactions. These prices represent
        the prices of the common stock of the Company prior to the 1-for-2000
        reverse stock split which became effective on January 28, 2008.
 
 **HIGH**
              
              **LOW****FISCAL
                  YEAR ENDED DECEMBER 31, 2006**First
                  Quarter
              
              $
              0.95
              
              $
              0.01Second
                  Quarter
              
              $
              0.18
              
              $
              0.0025Third
                  Quarter
              
              $
              0.007
              
              $
              0.0025Fourth
                  Quarter
              
              $
              0.005
              
              $
              0.0023**FISCAL
                  YEAR ENDED DECEMBER 31, 2007**First
                  Quarter
              
              $
              0.009
              
              $
              0.0011Second
                  Quarter
              
              $
              0.002
              
              $
              0.0008Third
                  Quarter
              
              $
              0.003
              
              $
              0.0009Fourth
                  Quarter
              
              $
              0.001
              
              $
              0.0002**FISCAL
                  YEAR ENDING DECEMBER 31, 2008**First
                  Quarter
              
              $
              2.60(1
              )
              $
              .05(1
              )
 
 (1)
              The
                  prices of the common stock of the Company for the first quarter
                  of the
                  fiscal year ending December 31, 2008reflect
                  the price of our common stock after the Company’s 1-for-2000 reverse
                  stock split, effective January 28,2008.
 
 As
        of
        April 10, 2008, there were 211,739 shares of common stock of the Company
        issued
        and outstanding. The closing price for the Company's Common Stock on April
        10,
        2008, was $0.51 per share.
 
 4
 **Dividends**
 
 It
        has
        been the policy of the Company to retain earnings, if any, to finance the
        development and growth of its business.
 
 **Debentures**
 
 **GCH
        Capital, Ltd., Palisades Capital, LLC, and Dojo Investments, Ltd.** On
        November 21, 2005, the Company entered into an agreement with GCH Capital,
        Ltd.,
        Palisades Capital, LLC, and Dojo Investments, Ltd (hereafter, referred to
        as the
“Investors”), to convert $380,000 of 5% convertible subordinated debentures
        currently outstanding on the Company’s financial statements, exercise the
        outstanding warrants, and waive all reset, price protection and anti-dilution
        rights. The Investors purchased the convertible subordinated debentures and
        warrants, as well as all related anti-dilution and reset rights related thereto,
        from the original investors that were part of private placement agreements
        occurring in 2004, and obtained signed releases from the original investors
        to
        release the Company from any remaining anti-dilution provisions and reset
        provisions which were part of such 2004 private placement agreements. In
        consideration for the conversion of the convertible
        subordinated debentures, exercise of the warrants and the renegotiation of
        the anti-dilution and reset provisions, the Company agreed to issue 49,500,000
        shares of its common stock to the Investors.
 
 **Media
        Finance en Suisse Holding GmbH.** On
        March
        31, 2006, the Company’s subsidiary Satellite Newspapers Suisse GmbH of Zug,
        Switzerland entered into a binding Secured Debenture Purchase Agreement whereby
        the Company sold $2,700,000 original principal amount of Series A Premium
        Secured Convertible Debenture (the “Debenture”) and its two subsidiaries
        Satellite Newspapers Content BV and Satellite Newspapers Trading BV, to Media
        Finance en Suisse Holding GmbH, for a total aggregate consideration of Two
        Million Seven Hundred Thousand ($2,700,000) U.S. Dollars. The Debentures
        are in
        the principal amounts of two million seven hundred thousand ($2,700,000)
        US
        Dollars, bear interest at the annual rate of Eight (8%) Percent, and are
        convertible into the shares of common stock of the Company at the conversion
        rate of $0.005 per share or 50% of the market price if the stock trades below
        $0.005.
 
 On
        June
        28, 2006, Media Finance en Suisse Holding GmbH converted $2,100,000 of its
        convertible debentures into Class A Preferred Stock of the Company. The
        conversion rate of the debenture was $0.0015, being 50% of the closing stock
        price at June 28, 2006. On January 12, 2007, Media Finance en Suisse Holding
        GmbH converted the final $600,000 of its debentures into Class A Preferred
        Stock
        of the Company. The conversion rate used for this conversion was $0.00115,
        being
        50% of the closing stock price at January 12, 2007. The Company issued shares
        of
        its preferred stock because authorized common stock was
        unavailable.
 
 **Notes**
 
 The
        Company has received advances from an individual related to the present Chief
        Executive Officer at various times for working capital and to fund required
        operating expenses. Such advances are unsecured and bear interest as the
        rate of
        8% per year. The amount outstanding as of December 31, 2007 and December
        31,
        2006 aggregate $584,944 and $181,529, respectively.
 
 **Stock
        Options**
 
 On December
        1, 2004, the Company granted options to purchase 24,309,000 shares of the
        Company's common stock to certain employees and key persons with an
        exercise price of $0.066 per share.  Such options vested immediately
        and will expire five years from the issuance date.  The options had a
        fair value of $244,692 based upon the Black-Scholes options pricing
        model.  The compensation associated with these options was expensed in
        2004. As adjusted for the Company’s 1-for-2000 reverse stock split of
        January 28, 2008, the Company’s common stock options of December 1, 2004 equal
        12,154 shares of the Company’s common stock with an exercise price of $132.00
        per share. The Company has reserved 12,154 shares of its common stock pursuant
        to such options, and, at
        December 31, 2007 ,
        all
        such options were outstanding.
  5
  **ITEM
          6                 
MANAGEMENT’S DISCUSSION AND ANALYSIS OR PLAN OF
          OPERATION**
 
 When
          used
          in this report on Form 10-KSB, the words "may," "will," "expect," "anticipate,"
          "continue," "estimate," "project," "intend," and similar expressions are
          intended to identify forward-looking statements within the meaning of Section
          27A of the Securities Act of 1933 and Section 21E of the Securities Exchange
          Act
          of 1934 regarding events, conditions, and financial trends that may affect
          the
          Company's future plans of operations, business strategy, operating results,
          and
          financial position. Persons reviewing this report are cautioned that any
          forward-looking statements are not guarantees of future performance and
          are
          subject to risks and uncertainties and that actual results may differ materially
          from those included within the forward-looking statements as a result of
          various
          factors. Such factors are discussed under the headings "Item 1. Description
          of
          Business," and "Item 6. Management's Discussion and Analysis of Financial
          Condition and Results of Operations," and also include general economic
          factors
          and conditions that may directly or indirectly impact the Company's financial
          condition or results of operations.
 
 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.
 
 The
          Company cautions readers not to place undue reliance on any forward-looking
          statements, which speak only as of the date made, are based on certain
          assumptions and expectations which may or may not be valid or actually
          occur,
          and which involve various risks and uncertainties, including but not limited
          to
          the risks set forth above. In addition, sales and other revenues may not
          commence and/or continue as anticipated due to delays or otherwise. As
          a result,
          the Company’s actual results for future periods could differ materially from
          those anticipated or projected.
 
 **Overview**
 
 On
          October 1, 2006, Satellite Newspapers Suisse GmbH, Satellite Newspapers
          Content
          GmbH, Satellite Newspapers Trading GmbH, the Swiss operating company = s
          of
          Satellite, ceased operations. Such companies were unable to fund their
          ongoing
          operations and cover their expenses.  On January 23, 2007, such companies
          were declared bankrupt by the court in Zug, Switzerland.
 
 On
          March
          21, 2007, the Company executed a Memorandum Agreement with International
          Creative Property Belgium, N.V. and Andreas Yanakopoulos (“ICPB”), an
          operator and provider of elderly care services in Belgium. Under such Memorandum
          Agreement, the Company agreed to purchase from ICPB, subject to due diligence
          by
          all parties, all of the operations of ICPB including certain properties,
          land,
          and operations. On August 20, 2007, after conducting its due diligence,
          the
          Company rejected the March 21, 2007 Memorandum Agreement executed with
          ICPC.
 
 The
          Company is currently seeking a potential business acquisition. The Company
          is
          currently negotiating an acquisition with GenMed B.V. (“Genmed B.V.”), a company
          organized in The Netherlands, which is engaged in the distribution of generic
          drugs. Genmed B.V. Genmed B.V. maintains a network of manufacturing and
          distribution relationships in The Netherlands, Romania, the United States,
          and
          the United Kingdom to supply low cost generic drugs to retail chains. Genmed
          B.V. most popular product is Paracetamol (acetaminophen), a generic form
          of
          Tylenol. Genmed B.V. currently has distribution contracts with retail chains
          in
          The Netherlands, and is seeking contracts with retail chains, government
          agencies, and multi-national corporations.
 
 The
          Company makes no assurances that its current negotiations with Genmed B.V.
          will
          result in an acquisition or result in continued operations for Company.
 
 **Results
          of Operations**
 
 Comparison
          of the Years Ended December 31, 2007 and 2006
 
 **Revenues.** The
          Company did not have any sales or revenues during the fiscal years ended
          December 31, 2007 and December 31, 2006. The lack of sales is a result of
          the Company ceasing operations in 2006, and because the Company sought,
          but did
          not consummate, a business acquisition in 2007.
  6
  **Selling,
          General, and Administrative Expenses.** The
          Company incurred selling, general, and administrative expenses of $244,008
          during the fiscal year ended December 31, 2007 compared to $229,923 during
          the
          fiscal year ended December 31, 2006, an increase of 6.1%.
 
 **Operating
          Losses.** As
          a
          result, the Company incurred a net operating loss of $244,008 during the
          fiscal
          year ended December 31, 2007 compared to a net operating loss of $229,923
          during
          the fiscal year ended December 31, 2006, an increase of 6.1%.
  **Other
          Income (Expenses).** The
          Company incurred net losses from interest expenses in the aggregate amount
          of $1,591 during the fiscal year ended 2006, compared to a foreign exchange
          loss
          of $61,273 and interest expense of $37,423 in the aggregate amount of $98,696
          during the fiscal year ended December 31, 2007, an increase of 98%.
 
 **Net
          Loss from Continuing Operations.** During
          the fiscal year ended December 31, 2007, the Company incurred a loss from
          continuing operations of $342,704, compared to a loss from continuing operations
          during the fiscal year ended December 31, 2006, of $231,514, an increase
          of 48%
 
 **Discontinued
          Operations.** The
          Company incurred a gain from discontinued operations during the fiscal
          year
          ended December 31, 2007 of $2,754,671 compared to a loss from discontinued
          operations of $5,008,094 during the fiscal year ended December 31,
          2006.
 
 **Net
          (Gain) Loss.** The
          Company incurred a net gain of $2,411,967 during the fiscal year ended
          December
          31, 2007, compared to a net loss of $5,239,608 during its fiscal year ended
          December 31, 2006.
 
 Comparison
          of the Years Ended December 31, 2006 and 2005
  **Revenues.** The
          Company did not have any sales or revenues during the fiscal year ended
          December 31, 2006, but had net sales of $1,671,954 during fiscal year ended
          December 31, 2005.
  **Selling,
          General, and Administrative Expenses.** The
          Company incurred selling, general, and administrative expenses of $2,695,784
          during the fiscal year ended December 31, 2005 compared to $229,923 during
          the
          fiscal year ended December 31, 2006, an decrease of 91.5%.
 
 **Operating
          Losses.** The
          Company incurred a net operating loss of $229,923 during the fiscal year
          ended
          December 31, 2006 compared to a net operating loss of $2,326,829 during
          the
          fiscal year ended December 31, 2005, a decrease of 89.5%, due to the
          Company ceasing operations in 2006.
  **Other
          Income (Expenses).** The
          Company incurred a net losse from interest expenses in the aggregate amount
          of
          $1,591 during the fiscal year nded 2006, compared to a foreign exchange
          loss of
          $46,583 and interest expense of $244,070 in the aggregate amount of $290,656
          during the fiscal year ended December 31, 2005, a decrease of
          99.4%.
 
 **Net
          Loss from Operations.** During
          the fiscal year ended December 31, 2007, the Company incurred a loss from
          discontinued operations of $342,704, compared to a loss from discontinued
          operations during fiscal year ended December 31, 2006, of $231,514, an
          increase
          of 99.5%
 
 **Net
          Loss.** The
          Company incurred a net loss of $2,617,485 during the fiscal year ended
          December
          31, 2005, compared to a net loss of $5,239,608 during its fiscal year ended
          December 31, 2006, an increase in net loss of approximately
          50%.
  
 **Liquidity
          and Capital Resources**
 
 At
          December 31, 2007, we had a working
          capital deficit of
          ($940,796). As a result of our working capital deficit, our auditors have
          raised, in their current audit report, a substantial doubt about our ability
          to
          continue as a going concern. We will be unable to continue as a going concern
          in
          the event we are not able to raise capital and are successful in seeking
          a
          business acquisition. Until such time as sufficient capital is raised,
          we intend
          to limit expenditures for capital assets and other expense
          categories.
  7
  The
          Company must currently rely on corporate officers, directors and outside
          investors in order to meet its budget. If the Company is unable to obtain
          financing from any of one of these aforementioned sources, the Company
          would not
          be able to complete its financial obligations. Limited commitments to provide
          additional funds have been made by management and other shareholders. We
          cannot
          provide any assurance that any additional funds will be made available
          on
          acceptable terms or at all.
 
 The
          Company is currently seeking a potential business acquisition. The Company
          is
          currently negotiating an acquisition with GenMed B.V. (“Genmed B.V.”), a company
          organized in The Netherlands, which is engaged in the distribution of generic
          drugs. Genmed B.V. Genmed B.V. maintains a network of manufacturing and
          distribution relationships in The Netherlands, Romania, the United States,
          and
          the United Kingdom to supply low cost generic drugs to retail chains. Genmed
          B.V. currently has distribution contracts with retail chains in The Netherlands
          and is seeking contracts with retail chains and government agencies and
          multi-national corporations. The Company makes no assurances that its current
          negotiations with Genmed B.V. will result in an acquisition or result in
          operations for Company.
 
 Limited
          commitments to provide additional funds have been made by management and
          other
          shareholders. We cannot provide any assurance that any additional funds
          will be
          made available on acceptable terms or at all.
 
 **Cash
          Flows**
 
 Net
          cash
          used in operating activities was ($413,305) for the year ended December
          31, 2007
          and ($107,624) for the year ended December 31, 2006. This increase was
          primarily
          due to the unwinding of operations of the Company.
 
 Net
          cash
          provided by financing activities was $403,415 and $181,429 for the year
          ended
          December 31, 2007 and 2006, respectively. The net cash provided by financing
          activities for the year ended December 31, 2007 consisted primarily of
          loans
          provided by an individual related to the Company’s Chief Executive
          Officer.
 
 **Off-Balance
          Sheet Arrangements**
 
 We
          have
          no off-balance sheet arrangements that have or are reasonably likely to
          have a
          current or future material effect on us.
 
 8
   GENMED
        HOLDING CORP. AND SUBSIDIARIES
 
 SATELLITE
        NEWSPAPERS CORP.
 
 AUDITED
        FINANCIAL STATEMENTS
 
 FOR
        THE
        YEARS ENDED DECEMBER 31, 2007 and 2006
  9
  CONTENTS
                  
                  PageReport
                      of Independent Registered Public Accounting Firm
                  
                  
                  F
                      1Consolidated
                      Balance Sheets
                  
                  
                  F
                      2Consolidated
                      Statements of Operations
                  
                  
                  F
                      3Consolidated
                      Statements of Cash Flows
                  
                  
                  F
                      4Consolidated
                      Statement of Stockholders’ Deficit
                  
                  
                  F
                      5Notes
                      to Consolidated Financial Statements
                  
                  
                  F
                      6
  10
  MEYLER
        & COMPANY, LLC
 CERTIFIED
        PUBLIC ACCOUNTANTS
 ONE
        ARIN
        PARK
 1715
        HIGHWAY 35
 MIDDLETOWN,
        NJ 07748
 
 Report
        of
        Independent Registered Public Accounting Firm
 
 To
        the
        Board of Directors
 Genmed
        Holding Corp.
 Amsterdam,
        The Netherlands
 
 We
        have
        audited the accompanying consolidated balance sheets of Genmed Holding Corp.
        and
        subsidiaries (formerly Satellite Newspapers Corp.) as of December 31, 2007
        and
        2006 and the related consolidated statements of operations, stockholders’
deficit, and cash flows for each of the two years in the period ended December
        31, 2007. These consolidated financial statements are the responsibility
        of the
        Company’s management. Our responsibility is to express an opinion on these
        financial statements based on our audits.
 
 We
        conducted our audit in accordance with the standards of the Public Company
        Accounting Oversight Board (United States). Those standards require that
        we plan
        and perform the audit to obtain reasonable assurance about whether the financial
        statements are free of material misstatement. The Company is not required
        to
        have, nor were we engaged to perform an audit of its internal control over
        financial reporting. Our audit included consideration of internal control
        over
        financial reporting as a basis for designing audit procedures that are
        appropriate in the circumstances but not for the purpose of expressing an
        opinion on the effectiveness of the Company’s internal control over financial
        reporting. Accordingly, we express no such opinion. An audit also includes
        examining, on a test basis, evidence supporting the amounts and disclosures
        in
        the financial statements, assessing the accounting principles used and
        significant estimates made by management, as well as evaluating the overall
        financial statement presentation. We believe that our audit provides a
        reasonable basis for our opinion.
 
 In
        our
        opinion, the consolidated financial statements referred to above present
        fairly,
        in all material respects, the financial position of the Company as of December
        31, 2007 and 2006, and the results of its operations and its cash flows for
        each
        of the two years in the period ended December 31, 2007, in conformity with
        accounting principles generally accepted in the United States of America.
 
 The
        accompanying consolidated financial statements have been prepared assuming
        that
        the Company will continue as a going concern. As discussed in Note A to the
        consolidated financial statements, the Company has an accumulated deficit
        of
        $14,915,235 since inception, has negative working capital and a stockholder’s
        deficit of $940,796, and has ceased operations. These conditions raise
        substantial doubt about its ability to continue as a going concern. Management’s
        plans regarding those matters are also described in Note A. The financial
        statements do not include any adjustments that might result from the outcome
        of
        these uncertainties.
 /s/
                  Meyler & Company, LLC
 Middletown,
        NJ
 April
        14,
        2008
 
 11
  **GENMED
                    HOLDING CORP. AND SUBSIDIARIES****(FORMERLY
                    SATELLITE NEWSPAPERS CORP.)****CONSOLIDATED
                    BALANCE SHEETS**
  **December
                    31,****2007**
                
                **2006****ASSETS**CURRENT
                    ASSETSCash
                
                $
                976
                
                $
                1,334Total
                    Current Assets
                
                
                976
                
                
                1,334Total
                    Assets
                
                $
                976
                
                $
                1,334**LIABILITIES
                    AND STOCKHOLDERS' DEFICIT**CURRENT
                    LIABILITIESAccounts
                    payable
                
                $
                85,600
                
                $
                342,178Accrued
                    salaries and related expenses
                
                
                232,214
                
                
                83,660Accrues
                    expenses
                
                
                39,014
                
                
                1,591Notes
                    payable to related parties
                
                
                584,944
                
                
                181,529Net
                    liabilities of entities discontinued
                
                
                
                
                
                3,293,868Total
                    Current Liabilities
                
                
                941,772
                
                
                3,902,826STOCKHOLDERS'
                    DEFICITPreferred
                    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 December
                    31, 2007
                    and December 31,
                  2006,
                    respectively
                
                
                2,180
                
                
                1,658Common
                    stock authorized 500,000,000 shares, par value $0.001, issued
                    and
                    outstanding 211,739
                  shares
                    at December 31, 2007 and December 31, 2006
                
                
                212
                
                
                212Additional
                    Paid-In Capital
                
                
                13,972,047
                
                
                13,372,569Accumulated
                    deficit
                
                
                (14,915,235
                )
                
                (17,327,202
                )Accumulated
                    other comprehensive income
                
                
                
                
                
                51,271Total
                    Stockholders' Deficit
                
                
                (940,796
                )
                
                (3,901,492
                )Total
                    Liabilities and Stockholders' Deficit
                
                $
                976
                
                $
                1,334
  See
          accompanying notes to financial statements
  12
  **GENMED
                    HOLDING CORP. AND SUBSIDIARIES****(FORMERLY
                    SATELLITE NEWSPAPERS CORP.)****CONSOLIDATED
                    STATEMENTS OF OPERATIONS**
  **For
                      The Years Ended****December
                    31,****2007**
                
                **2006**COSTS
                    AND EXPENSESSelling,
                    General and Administrative
                
                $
                244,008
                
                $
                229,923Total
                    Costs and Expenses
                
                
                244,008
                
                
                229,923NET
                    OPERATING LOSS
                
                
                (244,008
                )
                
                (229,923
                )OTHER
                    EXPENSE:Loss
                    on foreign exchange
                
                
                61,273Interest
                    Expense
                
                
                37,423
                
                
                1,59198,696
                
                
                1,591NET
                    LOSS FROM CONTINUING OPERATIONS
                
                $
                (342,704
                )
                $
                (231,514
                )DISCONTINUED
                    OPERATIONSLoss
                    (Gain) from discontinued operations (less applicable income taxes
                    of
                    0)
                
                
                (3,543,407
                )
                
                5,608,715Loss
                    (Gain) from the disposal of discontinued operations (less applicable
                    income taxes of 0)
                
                
                788,736
                
                
                (600,621
                )Loss
                    (gain) from discontinued operations
                
                
                (2,754,671
                )
                
                5,008,094NET
                    GAIN (LOSS)
                
                $
                2,411,967
                
                $
                (5,239,608
                )NET
                    INCOME (LOSS) PER COMMON SHARE (BASIC AND DILUTED)Loss
                    from continuing operations
                
                $
                (1.62
                )
                $
                (1.09
                )Income
                    (Loss) from discontinued operations
                
                
                13.01
                
                
                (23.65
                )Net
                    Income (Loss) per Common Share
                
                $
                11.39
                
                $
                (24.74
                )WEIGHTED
                    AVERAGE COMMON SHARES OUTSTANDING
                
                
                211,739
                
                
                211,739
  See
            accompanying notes to financial statements
  13
  **GENMED
                    HOLDING CORP. AND SUBSIDIARIES****(FORMERLY
                    SATELLITE NEWSPAPERS CORP.)****CONSOLIDATED
                    STATEMENTS OF CASH FLOWS**
  **For
                      The Years Ended****December
                    31,****2007**
                
                **2006**CASH
                    FLOWS FROM OPERATING ACTIVITIES CONTINUING OPERATIONSNet
                    Loss
                
                $
                (342,704
                )
                $
                (231,514
                )Adjustments
                    to reconcile net gain/(loss) to cash flows used in operating
                    activities:Increase
                    (Decrease) in accounts payable
                
                
                (256,578
                )
                
                38,639Increase
                    in accrued expenses
                
                
                37,423
                
                
                1,591Increase
                    in salaries and related expenses
                
                
                148,554
                
                
                83,660NET
                    CASH USED IN CONTINUING OPERATING ACTIVITIES
                
                
                (413,305
                )
                
                (107,624
                )CASH
                    FLOWS FROM FINANCING ACTIVITIESAdvances
                    from notes payable to related parties
                
                
                403,415
                
                
                181,429NET
                    CASH PROVIDED BY CONTINUING FINANCING ACTIVITIES
                
                
                403,415
                
                
                181,429Discontinued
                    operationsNet
                    income (Loss)
                
                
                2,754,671
                
                
                (5,008,094
                )Stock
                    based compensation
                
                
                
                
                
                300,000Decrease
                    in net liabilities of entities discontinued
                
                
                (2,693,868
                )
                
                4,693,788NET
                    CASH USED IN DISCONTINUING OPERATIONS
                
                
                60,803
                
                
                (14,306
                )EFFECT
                    OF EXCHANGE RATECHANGES
                    ON CASH
                
                
                (51,271
                )
                
                (95,674
                )(DECREASE)
                    INCREASE IN CASH
                
                
                (358
                )
                
                (36,175
                )CASH,
                    BEGINNING OF PERIOD
                
                
                1,334
                
                
                37,509CASH,
                    END OF PERIOD
                
                $
                976
                
                $
                1,334SUPPLEMENTAL
                    DISCLOSURES OF CASH FLOW INFORMATIONNoneNON-CASH
                    INVESTING AND FINANCING ACTIVITIESIssuance
                    of common stock for manufacturing consulting on kiosks
                
                
                
                
                $
                300,000Conversation
                    of related party debt to preferred stock
                
                $
                600,000
                
                
                2,100,000Investment
                    in company by Media Finance in Swiss
                
                
                
                
                
                1,621,383
  See
                    accompanying notes to financial
                    statements
  14
  **GENMED
                    HOLDING CORP. AND SUBSIDIARIES****(FORMERLY
                    SATELLITE NEWSPAPERS CORP.)****Consolidated
                    Statement of Stockholders' Deficit****For
                    the Years Ended December 31, 2007**
  Preferred
                    Stock
                
                
                Common
                    Stock
                
                
                AdditionalPaid
                    In
                
                
                Accumulated
                
                
                AccumulatedOtherComprehensive
                
                
                TotalStockholdersShares
                
                
                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 SubordinatedDebentures
                
                
                1,400,000
                
                
                1,400
                
                
                
                
                
                
                
                
                2,098,600
                
                
                
                
                
                
                
                
                2,100,000Issuance
                    of common stock for servicesrendered
                
                
                
                
                
                
                
                
                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 SubordinatedDebentures
                
                
                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
                )
  See
          accompanying notes to financial statements
  15
  **GENMED
        HOLDING CORP. AND SUBSIDIARIES**
 **(Formerly
        Satellite Newspapers Corp.)**
 **NOTES
        TO CONSOLIDATED FINANCIAL STATEMENTS**
 **December
        31, 2007**
  **NOTE
        A -  THE COMPANY AND NATURE OF BUSINESS**
 
 **Nature
        of Business**
 
 Genmed
        Holding Corp. (formerly Satellite Newspapers Corp.), (“Company”) through its
        wholly owned subsidiary, Satellite Newspapers en Suisse GMBH (“Suisse”), was
        providing newspaper publishers access to an advanced methodology of distribution
        for national, international and local newspapers.  On October 1, 2006,
        the Company ceased operating since it was not able to finance its daily
        operations. On January 23, 2007, a creditor of Suisse filed an involuntary
        bankruptcy petition for Suisse with the court in Zug,
        Switzerland.  With the bankruptcy of Suisse, the Company no longer has
        any operating activities.
 
 Suisse
        had two wholly owned companies in the Netherlands, Satellite Newspapers Content
        B.V. (incorporated on May 24, 2001) which negotiated agreements with the
        newspaper publishers and Satellite Newspapers Trading, B.V. (incorporated
        on May
        17, 2001) which marketed and sold vending units known as Kiosks which were
        used
        to distribute the digitized newspapers.
 
 On
        March
        31, 2006, the Company's subsidiary, Suisse, sold its two subsidiaries in
        The
        Netherlands, the technology rights and certain inter-company debt to Media
        Finance en Suisse Holding GMBH (“Holding”) for a $2,700,000 convertible
        debenture bearing interest at 8%.  The convertible debenture is
        convertible into the Company's common stock.  Holding is a Variable
        Interest Entity. Holding transferred the companies to a private
        individual.
 
 **Going
        Concern**
 
 As
        shown
        in the accompanying financial statements, the Company has incurred cumulative
        net operating losses of $14,915,235 since inception, has negative working
        capital of $940,796 and an accumulated stockholder's deficit of $940,796,
        and
        has ceased operations.  Management's plans include the attendance to
        the bankruptcy proceedings of its former Swiss operations, seeking potential
        merger candidates and the raising of capital through the equity markets for
        working capital and acquisitions.  Failure to achieve these objectives
        will result in the Company formerly going out of business.
 
 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
        B -  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**
 
 **Foreign
        Currency Translation**
 
 The
        Company considered the Swiss Franc to be its functional
        currency.  Assets and liabilities were translated into US dollars at
        the year-end exchange rates.  Statement of operations amounts were
        translated using the average rate during the year.  Gains and losses
        resulting from translating foreign currency financial statements were
        accumulated in other comprehensive loss, a separate component of stockholders'
        deficit.
 
 **Cash
        Equivalents**
 
 For
        purposes of reporting cash flows, cash equivalents include investment
        instruments purchased with a maturity of three months or less.  There
        were no cash equivalents in 2007 or 2006.
 
 **Use
        of Estimates**
 
 The
        preparation of financial statements in conformity with generally accepted
        accounting principles requires management to make
        estimates and assumptions that affect the reported amounts of
        assets and liabilities and disclosure of contingent assets and liabilities
        at
        the date of the financial statements and reported amounts of revenues and
        expenses during the reporting period.  Actual results could differ
        from those estimates.
  16
  **GENMED
          HOLDING CORP. AND SUBSIDIARIES**
 **(Formerly
          Satellite Newspapers Corp.)**
 **NOTES
          TO CONSOLIDATED FINANCIAL STATEMENTS**
 **December
          31, 2007**
  **Net
        Loss Per Common Share**
 
 The
        Company computes per share amounts in accordance with Statement of Financial
        Accounting Standards (“SFAS”) No. 128, “Earnings per Share”.  SFAS No.
        128 requires presentation of basic and diluted EPS.  Basic EPS is
        computed by dividing the income (loss) available to Common Stockholders by
        the
        weighted-average number of common shares outstanding for the
        period.  Diluted EPS is based on the weighted-average number of shares
        of Common Stock and Common Stock equivalents outstanding during the
        periods.
 
 **Consolidated
        Financial Statements**
 
 The
        consolidated financial statements include the Company and its wholly owned
        subsidiaries. All significant inter-company transactions and balances have
        been
        eliminated in consolidation.
 
 **Comprehensive
        Income**
 
 SFAS
        No.
        130 establishes standards for the reporting and disclosure of comprehensive
        income and its components which will be presented in association with a
        company's financial statements.  Comprehensive income is defined as
        the change in a business enterprise's equity during a period arising from
        transactions, events or circumstances relating to non-owner sources, such
        as
        foreign currency translation adjustments and unrealized gains or losses on
        available-for-sale securities.  It includes all changes in equity
        during a period except those resulting from investments by or distributions
        to
        owners.  Comprehensive income is accumulated in accumulated other
        comprehensive income, a separate component of stockholders' deficit, in the
        balance sheet.
 
 **Stock
        Based Compensation**
 
 SFAS
        No.
        123(R), which is a revision of the SFAS 123, “Accounting for Stock-Based
        Compensation”, prescribes accounting and reporting standards for all stock-based
        compensation plans, including employee stock options, restricted stock, employee
        stock purchase plans and stock appreciation rights.  SFAS No. 123R
        requires employee compensation expense to be recorded using the fair value
        method.
  The
        Company accounts for stock issued for services using the fair value method.
        In
        accordance with Emerging Issues Task Force (“EITF”) 96-18, the measurement date
        of shares issued for services is the date at which the counterparty's
        performance is complete.
 
 **Revenue
        Recognition**
 
 For
        the
        year 2007, the Company had no revenues. The Company's policy prior to
        discontinuing operations was to r ecognize
        revenue at the time a transaction is completed at a local interactive vending
        unit (Kiosk) located at various sites around the world.  To manage
        this global network, the Company has divided the network into eight distinct
        regions with the intent to issue each regional distributor rights to market
        and
        sell the Company's product.  Each distribution agreement requires a
        defined monthly minimum fee.  To the extent that revenues generated
        within the region exceed the minimum, no minimum fee would be required and
        the
        Company, based upon internally generated settlement reports, would compensate
        the distributors.
 
 **Recent
        Accounting Pronouncements**
 
 In
        June 2006, the Financial Accounting Standards Board (“FASB”) issued
        Interpretation 48, “Accounting for Income Tax Uncertainties” (“FIN 48”). FIN 48
        defines the threshold for recognizing the benefits of tax return positions
        in
        the financial statements as “more-likely-than-not” to be sustained by the taxing
        authority. Recently issued literature also provides guidance on the
        derecognition, measurement and classification of income tax uncertainties,
        along
        with any related interest and penalties. FIN 48 also includes guidance
        concerning accounting for income tax uncertainties in interim periods and
        increases the level of disclosures associated with any recorded income tax
        uncertainties in interim periods and increases the level of disclosures
        associated with any recorded income tax uncertainties. FIN 48 is effective
        for
        fiscal years beginning after December 15, 2006. The Company expects to adopt
        the
        provisions of FIN 48 beginning in the first quarter of 2008. The Company
        does
        not expect the adoption of FIN 48 to have a material impact on its consolidated
        financial statements.
  17
  **GENMED
          HOLDING CORP. AND SUBSIDIARIES**
 **(Formerly
          Satellite Newspapers Corp.)**
 **NOTES
          TO CONSOLIDATED FINANCIAL STATEMENTS**
 **December
          31, 2007**
  In
        September 2006, the FASB issued SFAS No. 157, *Fair
        Value Measurements* ,
        (“SFAS
        No. 157”) which defines fair value, establishes a framework for measuring fair
        value under other accounting pronouncements that permit or require fair value
        measurements, changes the methods used to measure fair value and expands
        disclosures about fair value measurements. In particular, disclosures are
        required to provide information on the extent to which fair value is used
        to
        measure assets and liabilities; the inputs used to develop measurements;
        and the
        effect of certain of the measurements on earnings (or changes in net assets).
        SFAS No. 157 is effective for fiscal years beginning after November 15, 2007
        and
        interim periods within those fiscal years. Early adoption, as of the beginning
        of an entity's fiscal year, is also permitted, provided interim financial
        statements have not yet been issued.  The Company is currently
        evaluating the potential impact, if any, that the adoption of SFAS No. 157
        will
        have on its consolidated financial statements.
 
 In
        February 2007, the FASB issued SFAS No. 159, *The
        Fair Value Option for Financial Assets and Financial
        Liabilities* (“SFAS 159”).  SFAS 159 allows entities to measure at fair
        value many financial instruments and certain other assets and liabilities
        that
        are not otherwise required to be measured at fair value. SFAS 159 is
        effective for fiscal years beginning after November 15, 2007. The Company
        is currently evaluating the potential impact, if any, that the adoption of
        SFAS
        No. 157 will have on its consolidated financial statements.
 
 In
        June
        2007 the FASB ratified Emerging Issues Task Force (ËITF”) No.07-3, *Accounting
        for Nonrefundable Advance Payments for Goods or Services to Be Used in Future
        Research and Development Activities* .
        EITF
        07-3 requires non-refundable advance payments for goods and services to be
        used
        in future research and development activities to be recorded as an asset
        and the
        payments to be expenses when the research and development activities are
        performed. EITF 07-3 is effective for fiscal years beginning after December
        15,
        2007. The Company does not expect the adoption of EITF No. 07-3 to have a
        material impact on its consolidated financial statements.
 
 In
        December 2007, the FASB issued No. 141R, *Business
        Combinations* .
        This
        standard establishes principles and requirements for how an acquirer recognizes
        and measures in its financial statements the identifiable assets acquired,
        the
        liabilities assumed, any non-controlling interest in the acquiree and the
        goodwill acquired. This statement also establishes disclosure requirements
        which
        will enable users to evaluate the nature and financial effects of the business
        combination. SFAS No. 141R is effective for us for acquisitions made after
        November 30, 2009. The Company is currently evaluating the potential impact,
        if
        any, that the adoption of SFAS No. 141R will have on its consolidated financial
        statements.
 
 In
        December 2007, the FASB issued SFAS No. 160, *Non-controlling
        Interests in Consolidated Financial Statements* .
        This
        standard outlines the accounting and reporting for ownership interest in
        a
        subsidiary held by parties other than the parent. SFAS No. 160 is effective
        for
        our first quarter of 2010. The Company is currently evaluating the potential
        impact, if any, that the adoption of SFAS No. 160 will have on its consolidated
        financial statements.
  **NOTE
        C - VARIABLE INTEREST ENTITIES**
 
 In
        January 2003, the FASB issued FIN 46 and in December 2003, it issued a revised
        interpretation of FIN 46 (FIN 46-R), which supersedes FIN 46 and clarifies
        and
        expands current accounting guidance for determining whether certain entities
        should be consolidated in the Company's consolidated financial
        statements.  An entity is subject to FIN 46 and is called a Variable
        Interest Entity (VIE) if it has (1) equity that is insufficient to permit
        the
        entity to finance its activities without additional subordinated financial
        support from other parties, or (2) equity investors that cannot make significant
        decisions about the entity's operations, or that do not absorb the expected
        losses or receive the expected returns of the entity.  A VIE is
        consolidated by its primary beneficiary, which is the party that has a majority
        of the expected losses or a majority of the expected residual returns of
        the
        VIE, or both.
 
 The
        Company has concluded that the entity, Media Finance en Suisse Holding GMBH
        (“Media Finance”) was deemed to be VIE under FIN 46 and accordingly it has been
        consolidated in the accompanying financial statements of 2006. In March 2007,
        it
        filed an involuntary bankruptcy with the court of Zug, Switzerland and for
        2007;
        it was considered a discontinued operation.
  18
  **GENMED
          HOLDING CORP. AND SUBSIDIARIES**
 **(Formerly
          Satellite Newspapers Corp.)**
 **NOTES
          TO CONSOLIDATED FINANCIAL STATEMENTS**
 **December
          31, 2007**
  **NOTE
        D - NOTES PAYABLE TO RELATED PARTIES**
 
 The
        Company has received advances from an individual related from the present
        Chief
        Executive Officer at various times for working capital and to fund required
        operating expenses. These advances are unsecured and bear interest at the
        rate
        of 8% per year. The amount outstanding at December 31, 2007 and 2006 aggregate
        $584,944 and $181,529 respectively.
  **NOTE
        E - 8% CONVERTIBLE DEBENTURE**
 
 On
        March
        31, 2006, Media Finance en Suisse Holding GMBH, the Variable Interest Entity,
        purchased from Satellite Newspapers Suisse GMBH the technology rights, two
        Dutch
        subsidiaries, and $700,000 of inter-company debts for $2,700,000 in the form
        of
        an 8% convertible debenture.  The debentures are convertible into the
        Company's Common Stock at the rate of $0.005 per share.  On June 28,
        2006, $2,100,000 of the debentures were converted into Company Preferred
        Stock
        because of the unavailable authorized Common Stock. On
        January 12, 2007, the remaining $600,000 of the convertible debt was converted
        into 521,739 shares of the Company Preferred Stock.
  **NOTE
        F -  INCOME TAXES**
 The
          Company has adopted Financial Accounting Statement SFAS No. 109, Accounting
          for
          Income Taxes. Under this method, the Company recognizes a deferred tax
          liability
          or asset for temporary differences between the tax basis of an asset or
          liability and the related amount reported on the financial statements.
          The
          principal types of differences, which are measured at current tax rates,
          is net
          operating loss carry forwards. At December 31, 2007, these differences
          resulted
          in a deferred tax asset of approximately $ 920,000 SFAS No.
          109 requires the establishment of a valuation allowance to reflect the
          likelihood of realization of deferred tax assets. Since realization is
          not
          assured, he Company has recorded a valuation allowance for the entire deferred
          tax asset, and the accompanying financial statements do not reflect any
          net
          asset for deferred taxes at December 31, 2007.
 
 The
          Company's net operating loss carry forwards amounted to approximately $3,100,000
          at December 31, 2007, which will expire through 2027.
 
 On
          January 1, 2007, the Company adopted Financial Accounting Standards Board
          (FASB)
          Interpretation No. 48, “Accounting for Uncertainty in Income Taxes - an
          interpretation of FASB Statement No. 109”(FIN 48). There was no impact on the
          Company’s consolidated financial position, results of operations or cash flow at
          December 31, 2006 and for the year then ended, as a result of implementing
          FIN
          48. At the adoption date of January 1, 2007, the Company did not have any
          unrecognized tax benefits. The Company’s practice is to recognize interest
          and/or penalties related to income tax matters in income tax expense. As
          of
          January 1, 2007, the Company had no accrued interest or penalties. The
          Company
          currently has no federal or state tax examinations in progress nor has
          it had
          any federal or state tax examinations since its inception. All of the Company’s
          tax years are subject to federal and state tax examination.
  **NOTE
        G -  STOCKHOLDERS' DEFICIT**
 
 In
        January 2006, the Company issued 3,000,000 shares for a manufacturing consulting
        contract to produce newspaper finishers for bulk printing.  The shares
        were valued at 200.00 per share, the value of the
        contract.  Accordingly, stock based compensation was recorded in the
        amount of $300,000.
 
 On
        June
        28, 2006, the holder of the 8% convertible debenture converted $2,100,000
        of the
        debentures to Preferred Stock.   In this connection, the Company
        issued 1,400,000 shares of its Preferred Stock because authorized common
        stock
        was unavailable.
 
 On
        January 12, 2007, the holder of the 8% convertible debenture converted the
        remaining $600,000 of the debentures to Preferred Stock. In this connection,
        the
        Company issued 521,739 shares of its Preferred Stock because authorized common
        stock was unavailable.
 
 On
        October 22, 2007, the Board of Directors of the Company approved a reverse
        stock
        split of 2000 to 1. Accordingly, all shares and per share amounts have been
        retroactively restated to reflect the reverse stock split.
  19
  **GENMED
          HOLDING CORP. AND SUBSIDIARIES**
 **(Formerly
          Satellite Newspapers Corp.)**
 **NOTES
          TO CONSOLIDATED FINANCIAL STATEMENTS**
 **December
          31, 2007**
  **Stock
        Options**
 
 On December
        1, 2004, the Company granted options to purchase 12,154 shares of the company's
        common stock to consultants with an exercise price of $132 per
        share.  These options vested immediately and will expire five years
        from issuance date.  The options issued to consultants had a fair
        value of $244,692 based upon the Black-Scholes options pricing
        model.  The compensation associated with these options was expensed in
        2004.
  Transactions
        involving options are summarized as follows:
 
 Balance
                  December 31, 2005
              
              
              12.154
              
              
              $132,00Options
                  granted in 2006Options
                  exercised in 2006Balance
                  December 31, 2006
              
              
              12.154
              
              
              $132,00Options
                  granted in 2007Options
                  exercised in 2007Balance
                  December 31, 2007
              
              
              12.154
              
              
              $132,00
  Pro
        forma
        information regarding net loss and net loss per share as required by SFAS
        123
        has been determined as if the Company had accounted for its employee stock
        options under the fair value method. The fair value of these options was
        estimated at the date of grant using the Black-Scholes option-pricing model
        with
        weighted-average assumptions for the year ended December 31, 2004 as
        follows:
  **Assumptions**
 Risk-free
                  rate
              
              
              3.46%Dividend
                  yield
              
              
              N/AVolatility
                  factor of the expected market price of the Company's Common
                  Stock
              
              
              .10%Average
                  Life
              
              
              1
                  yearInterest
                  Rate
              
              
              3.46%
  Information
        concerning stock options outstanding at December 31, 2007 is as
        follows:
 
 **Exercise
                  Price**
              
              **Number
                  Outstanding**
              
              **Contractual
                  Life**
              
              **Remaining
                  Number Exercisable**$132,00
              
              
              12.154
              
              
              5
                  years
              
              
              12.154
  **Reserved
        Shares**
 
 At December
        31, 2007, the
        Company has reserved 12,154 shares of its common stock under existing option
        agreements.
  **NOTE
        H -  EMPLOYMENT CONTRACT**
 
 On
        October 1, 2006, the President and Chief Executive Officer entered into a
        1 year
        employment contract with the Company which is renewable for additional 1
        year
        terms.  The agreement calls for an annual salary of $140,000 and a
        bonus equivalent to 5% of the Company's annual profit.
 
 On  October
        1, 2006, the Chief Financial Officer entered into a 1 year employment contract
        with the Company which is renewable for additional 1 year terms.  The
        agreement calls for an annual salary of $60,000 per year.
 20
 **ITEM
                    8.**
                  **CHANGES
                      IN AND DISAGREEMENTS WITH ACCOUNTANTS ON****ACCOUNTING
                      AND FINANCIAL DISCLOSURE**
 
 There
            have been no disagreements between the Company and Meyler & Company, LLC
            (“MC”) in connection with any services provided to us by them for the
            periods of their engagement on any matter of accounting principles or
            practices,
            financial statement disclosure or auditing scope or procedure.
 
 No
            accountant’s report on the financial statements for the past two years contained
            an adverse opinion or a disclaimer of opinion or was qualified or modified
            as to
            uncertainty, audit scope or accounting principles, except such reports
            did
            contain a going concern qualification; such financial statements did
            not contain
            any adjustments for uncertainties stated therein. In addition, MC did
            not advise
            the Company with regard to any of the following:
  1.
                    That
                        internal controls necessary to develop reliable financial
                        statements did
                        not exist; or
 2.
                  That
                      information has come to their attention, which made them unwilling
                      to rely
                      on management’s representations, or unwilling to be associated with the
                      financial statements prepared by management;
                      or
 
 3.
                  That
                      the scope of the audit should be expanded significantly, or
                      information
                      has come to the accountant’s attention that the accountant has concluded
                      will, or if further investigated might, materially impact the
                      fairness or
                      reliability of a previously issued audit report or the underlying
                      financial statements, or the financial statements issued or
                      to be issued
                      covering the fiscal periods subsequent to the date of the most
                      recent
                      audited financial statements, and the issue was not resolved
                      to the
                      accountant’s satisfaction prior to its resignation or dismissal. During
                      the most recent two fiscal years and during any subsequent
                      interim periods
                      preceding the date of each engagement, we have not consulted
                      MC regarding
                      any matter requiring disclosure under Regulation S-K, Item
                      304(a)(2).
 
 **ITEM
            8A.           CONTROLS
            AND PROCEDURES**
 
 **Evaluation
            of Disclosure Controls and Procedures**
 
 The
            Company's Chief Executive Officer and its Chief Financial Officer (collectively,
            the "Certifying Officers") are responsible for establishing and maintaining
            disclosure controls and procedures for the Company. Such officers have
            reviewed
            our disclosure controls and procedures as of the end of the period covered
            by
            this Annual Report on Form 10-KSB. The Certifying Officers have concluded
            that
            the Company's disclosure controls and procedures are effective to ensure
            that
            information required to be disclosed by the Company in this report is
            accumulated and communicated to the Company's management, including its
            principal executive officers as appropriate, to allow timely decisions
            regarding
            required disclosure. The Certifying Officers also have indicated that
            there were
            no significant changes in the Company internal controls or other factors
            that
            could significantly affect such controls subsequent to the date of their
            evaluation, and that there were no corrective actions necessary with
            regard to
            any significant deficiencies and/or material weaknesses.
 
 **Management's
            Annual Report on Internal Control Over Financial Reporting**
 
 Our
            management is also responsible for establishing and maintaining adequate
            "internal control over financial reporting" of the Company, as defined
            in Rule
            13a-15(f) of the Exchange Act. Internal control over financial reporting
            is
            defined as a process designed by, or under the supervision of, the issuer's
            principal executive and principal financial officer and effected by the
            company's board of directors, management and other personnel, to provide
            reasonable assurance regarding the reliability of financial reporting
            and the
            preparation of financial statements for external purposes in accordance
            with
            generally accepted accounting principles. A company's internal control
            over
            financial reporting includes those policies and procedures that (i) pertain
            to
            the maintenance of records that, in reasonable detail, accurately and
            fairly
            reflect the transactions and dispositions of the assets of the company;
            (ii)
            provide reasonable assurance that transactions are recorded as necessary
            to
            permit preparation of financial statements in accordance with generally
            accepted
            accounting principles, and that receipts and expenditures of the company
            are
            being made only in accordance with authorizations of management and directors
            of
            the company; and (iii) provide reasonable assurance regarding prevention
            or
            timely detection of unauthorized acquisition, use, or disposition of
            the
            company's assets that could have a material effect on the financial
            statements.
 
 21
 Because
            of its inherent limitations, internal control over financial reporting
            may not
            prevent or detect misstatements. Also, projections of any evaluation
            of
            effectiveness to future periods are subject to the risk that controls
            may become
            inadequate because of changes in conditions, or that the degree of compliance
            with the policies or procedures may deteriorate.
 
 Management
            of the Company, our Chief Executive Officer and Chief Financial Officer,
            conducted an evaluation of the effectiveness of the Company's internal
            control
            over financial reporting as of December 31, 2007. In connection with
            this
            evaluation, Company management did not identify any material deficiencies.
            Based
            upon that evaluation, our Chief Executive Officer and Chief Financial
            Officer
            concluded that our internal controls over financial reporting were effective
            as
            of the end of the period covered by this report.
 
 This
            annual report does not include an attestation report of the Company's
            independent registered public accounting firm regarding internal control
            over
            financial reporting. Management's report was not subject to attestation
            by the
            Company's independent registered public accounting firm pursuant to temporary
            rules of the SEC that permit the Company to provide only management's
            report in
            this annual report.
 
 There
            was
            no change in our internal control over financial reporting that occurred
            during
            the fiscal quarter ended December 31, 2007, that has materially affected,
            or is
            reasonably likely to materially affect, our internal control over financial
            reporting.
 
 **ITEM
                    8A(T).**
                  **CONTROLS
                      AND PROCEDURES**
 
 Not
            applicable
 
 
 **ITEM
                    **8B.****
                  **OTHER
                      INFORMATION**
  
 None.
  **PART
            III**
  **ITEM
                    **9.****
                  **DIRECTORS,
                      EXECUTIVE OFFICERS, PROMOTERS, CONTROL PERSONS AND****CORPORATE
                      GOVERNANCE; COMPLIANCE WITH SECTION 16(A) OF THE****EXCHANGE
                      ACT**
   Our
            directors hold office until the annual meeting of shareholders next held
            after
            their election. Our officers and directors are as follows:
 
 **Name**
                  
                  **Age**
                  
                  **With
                      Company**
                    **Since**
                  
                  **Director/Position**Roy
                      P.
                      Piceni
                  
                  40
                  
                  12/2003
                  
                  Chief
                      Executive Officer, Chairman of the Board of DirectorsRandy
                      Hibma
                  
                  36
                  
                  1/2004
                  
                  Chief
                      Financial Officer, President
  **Mr.
            Roy P. Piceni -** Chief
            Executive Officer, Chairman of the Board of Directors . Mr. Piceni
            served as Chief Executive Officer of the Company from December 19, 2003
            until
            December 5, 2005. Between December 5, and May 19, 2006, the Company's
            Chief
            Executive Officer was Ms. Jerri Palmer. After the resignation of Ms.
            Palmer, Mr.
            Piceni became the Chief Executive Officer of the Company. Prior to joining
            our
            Company, Mr. Piceni was the founder of Satellite Newspapers Worldwide and
            has been its Chief Executive Officer since 2000. From 1995 to 2000,
            Mr. Piceni was employed with Eurostar as its Chief Executive Officer.
 
 **Mr.
            Randy Hibma** - Chief
            Financial Officer, President. From 2004 to the present, Mr. Hibma has
            been
            employed with the Company, and has served as Chief Financial Officer
            since May
            23, 2005. From 2000 to 2003, Mr. Hibma served as Financial Controller
            of the
            Satellite Newspapers group of companies and affiliated companies. Prior
            to
            joining the Company, Mr. Hibma was manager of the Nostro department at
            Banque
            Parisbas Bank and manager at the Foreign Payment Department of ABN AMRO
            Bank.
 
 22
 **Audit
            Committee**
 
 The
            Board
            of Directors does not have a Compensation, Audit, or Nominating Committee.
            The
            usual functions of such committees are performed by the entire Board
            of
            Directors. The Board of Directors has determined that at present we do
            not have
            an audit committee independent financial expert. The Board believes that
            the
            members of the Board of Directors are collectively capable of analyzing
            and
            evaluating our financial statements and understanding internal controls
            and
            procedures for financial reporting. In addition, we have been seeking
            and
            continue to seek an appropriate individual to serve on the Board of Directors
            and the Audit Committee who will meet the requirements necessary to be
            an
            independent financial expert.
 
 **Code
            of Ethics**
 
 In
            2005,
            the Company adopted a “Code of Ethics” that applies to the Company’s Chief
            Executive Officer, Chief Financial Officer, principal accounting officer
            or
            controller, and persons performing similar such functions.
 
 **Section
            16(a) Beneficial Ownership Compliance**
 
 Section
            16(a) of the Securities Exchange Act of 1934 requires our directors and
            executive officers, and persons who own more then 10 percent of our Common
            Stock, to file with the SEC the initial reports of ownership and reports
            of
            changes in ownership of common stock. Officers, directors and greater
            than 10
            percent stockholders are required by SEC regulation to furnish us with
            copies of
            all Section 16(a) forms they file.
 
 Specific
            due dates for such reports have been established by the Commission and
            we are
            required to disclose any failure to file reports by such dates during
            fiscal
            year ended December 31, 2007. Based solely on our review of the copies
            of such
            reports received by us, or written representations from certain reporting
            persons, we believe that during the fiscal year ended December 31, 2007,
            there
            was no failure to comply with Section 16(a) filing requirements applicable
            to
            our officers, directors, and ten percent stockholders, except that the
            Company’s
            Chief Executive Officer has not filed a Form 3, Form 4, or Schedule 13(D)
            statement of beneficial ownership with the United States Securities and
            Exchange
            Commission.
  **ITEM
            10.                      EXECUTIVE
            COMPENSATION**
 
 The
            following table provides summary information for the years 2006 and 2007
            concerning cash and non-cash compensation paid or accrued by us to or
            on behalf
            of the Chief Executive Officer and the only other employee(s) to
            receive compensation in excess of $60,000.
  **Name/
                      Position**
                  
                  **Year**
                  
                  **Salary**
                  
                  **Bonus**
                  
                  **Stock**
                  
                  **Other**
                  
                  **Total**Roy
                      Piceni
                  
                  
                  2007
                  
                  $
                  144,000
                  
                  $
                  0
                  
                  $
                  0
                  
                  $
                  0
                  
                  $
                  144,000Chief
                      Executive Officer
                  
                  
                  2006
                  
                  $
                  144,000
                  
                  $
                  0
                  
                  $
                  0
                  
                  $
                  0
                  
                  $
                  144,000Randy
                      Hibma
                  
                  
                  2007
                  
                  $
                  60,000
                  
                  $
                  0
                  
                  $
                  0
                  
                  $
                  0
                  
                  $
                  60,000Chief
                      Financial Officer
                  
                  
                  2006
                  
                  $
                  60,000
                  
                  $
                  0
                  
                  $
                  0
                  
                  $
                  0
                  
                  $
                  60,000
 
 **Employment
            Contracts**
 
 The
            Company has entered into an employment agreement with Mr. Piceni, the
            Company’s
            Chief Executive Officer and with Mr. Hibma, the Company’s Chief Financial
            Officer.  The
            employment agreement between Mr. Piceni commenced October 1, 2006. The
            agreement
            provides for a monthly salary of $12,000 per month plus reasonable travel
            expenses. The employment agreement between Mr. Hibma commenced October
            1, 2006
            and provides for a monthly salary of $5,000 per month plus reasonable
            travel
            expenses.
 
 23
 **Option
            Contracts**
 
 On December
            1, 2004, the Company granted options to purchase 24,309,000 shares of
            the
            Company's common stock to certain employees and key persons with
            an exercise price of $0.066 per share.  Such options vested
            immediately and will expire five years from the issuance date. The
            compensation associated with these options was expensed in 2004. The
            Company’s
            current Chief Executive Officer and Chief Financial Officer were recipients
            of
            options to purchase common stock of the Company in such stock option
            plan
            .
  Adjusted
            for the Company’s 1-for-2000 reverse stock split of January 28,
            2008 ,
            the
            Company’s aggregate common stock options of December 1, 2004 equal 12,154 shares
            of the Company’s common stock with an exercise price of $132.00 per share.
            Adjusted for the Company’s 1-for-2000 reverse stock split of January 28,
            2008, Mr. Piceni has options to purchase 2,737 shares, and Mr. Hibma has
            options to purchase 1,051 shares of the Company’s common stock. The ollowing
            table shows Mr. Pacini and Mr. Hibma's stock options.
 Name
                    Number
                        of Shares
                    Option
                        PriceRoy
                        P. Piceni
                    2,737
                    $132Randy
                        Hibma
                    1,051
                    $132
 **Family
            Relationships**
 
 Randy
            Hibma, Chief Financial Officer of the Company, is a first cousin of Mr. Roy
            P. Piceni, the Company’s Chief Executive Officer. Currently there are no other
            family relationships among the Company’s directors, executive officers, or other
            persons nominated or chosen to become officers or executive
            officers.
  **ITEM
                    **11.****
                  **SECURITY
                      OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT****AND****RELATED
                      STOCKHOLDER MATTERS**
   The following table sets forth information regarding the beneficial ownership
            of
            our common stock as of December 31, 2007, as adjusted for the Company’s
            1-for-2000 reverse stock split in January 2008. The information in this
            table
            provides the ownership information for:
 
 ·
                  each
                      person known by us to be the beneficial owner of more than
                      5% of our
                      common stock;·
                  each
                      of our directors;
 ·
                  each
                      of our executive officers; and·
                  our
                      executive officers and directors as a
                      group.
 
 Beneficial
            ownership has been determined in accordance with the rules and regulations
            of
            the SEC and includes voting or investment power with respect to the shares.
            Unless otherwise indicated, the persons named in the table below have
            sole
            voting and investment power with respect to the number of shares indicated
            as
            beneficially owned by them.
 
 Title
                        of Class
                    Name
                        and Address
                    Number
                        of Shares
                    
                    Percent
                        of ClassCommon
                        Stock
                    Roy
                        Piceni*
                      Rontgenlaan****27,
                        2719 DX Zoetermeer, The Netherlands
                    119,272
                    (1)(2)
                    55.6%Common
                        Stock
                    Randy
                        Hibma*
                      Rontgenlaan****27,
                        2719 DX Zoetermeer, The Netherlands
                    1,051
                    (1)(3)
                    0.5%Common
                        Stock
                    Officers
                        and Directors as a group (two persons)
                    120,323
                    
                    56.1%
 *
              Executive officer and/or director.
 24
 (1)
                  Unless
                      otherwise indicated, each person has sole investment and voting
                      power with
                      respect to the shares indicated.
                      For purposes of this table, a person or group of persons is
                      deemed to have
                      “beneficial ownership” ofany
                      shares, which such person has the right to acquire within 60
                      days as of
                      December 31, 2007. For purposes ofcomputing
                      the percentage of outstanding shares held by each person or
                      group of
                      persons named above onDecember
                      31, 2007 any security which such person or group of persons
                      has the right
                      to acquire within 60 daysafter
                      such date isdeemed
                      to be outstanding for the purpose of computing the percentage
                      ownership
                      for suchperson
                      or persons, but is not deemed to be outstanding for the purpose
                      of
                      computing the percentage ownership ofany
                      other person. The number of shares reflect the Company’s 1-for-2000
                      reverse stock split.
 
 (2)
                  Includes
                        116,535 shares of common stock of the Company held directly
                        by Mr. Piceni,
                        2737 shares of common stock that Mr. Piceni has an option
                        to acquire at
                        $132 per share on or before December 2009, but excludes 2180
                        shares of
                        preferred stock that is convertible into common
                        stock.
 
 (3)
                  Represents
                      shares of common stock of the Company that Mr. Hibma has an
                      option to
                      acquire at $132 per share on or
                      before December 2009.
 
 A s
            adjusted for the Company’s 1-for-2000 reverse stock split, as of December 31,
            2007, the Company had 211,739 shares of common stock issued and outstanding,
            and
            2180 shares of preferred stock issued and outstanding.
 
 **ITEM
            12.****CERTAIN
            RELATIONSHIPS AND****RELATED
            TRANSACTIONS, AND****DIRECTOR
            INDEPENDENCE**
 
 **GCH
            Capital, Ltd., Palisades Capital, LLC, and Dojo Investments, Ltd.** On
            November 21, 2005, the Company entered into an agreement with GCH Capital,
            Ltd.,
            Palisades Capital, LLC, and Dojo Investments, Ltd (hereafter, referred
            to as the
“Investors”), to convert $380,000 of 5% convertible subordinated debentures
            currently outstanding on the Company’s financial statements, exercise the
            outstanding warrants, and waive all reset, price protection and anti-dilution
            rights. The Investors purchased the convertible subordinated debentures
            and
            warrants, as well as all related anti-dilution and reset rights related
            thereto,
            from the original investors that were part of private placement agreements
            occurring in 2004, and obtained signed releases from the original investors
            to
            release the Company from any remaining anti-dilution provisions and reset
            provisions which were part of such 2004 private placement agreements.
            In
            consideration for the conversion of the convertible
            subordinated debentures, exercise of the warrants and the renegotiation of
            the anti-dilution and reset provisions, the Company agreed to issue 49,500,000
            shares of its common stock to the Investors.
 
 **Media
            Finance en Suisse Holding GmbH.** On
            March
            31, 2006, the Company’s subsidiary Satellite Newspapers Suisse GmbH of Zug,
            Switzerland entered into a binding Secured Debenture Purchase Agreement
            whereby
            the Company sold $2,700,000 original principal amount of Series A Premium
            Secured Convertible Debenture (the “Debenture”) and its two subsidiaries
            Satellite Newspapers Content BV and Satellite Newspapers Trading BV,
            to Media
            Finance en Suisse Holding GmbH, for a total aggregate consideration of
            Two
            Million Seven Hundred Thousand ($2,700,000) U.S. Dollars. The Debentures
            are in
            the principal amounts of two million seven hundred thousand ($2,700,000)
            US
            Dollars, bear interest at the annual rate of Eight (8%) Percent, and
            are
            convertible into the shares of common stock of the Company at the conversion
            rate of $0.005 per share or 50% of the market price if the stock trades
            below
            $0.005.
 
 On
            June
            28, 2006, Media Finance en Suisse Holding GmbH converted $2,100,000 of
            its
            convertible debentures into Class A Preferred Stock of the Company. The
            conversion rate of the debenture was $0.0015, being 50% of the closing
            stock
            price at June 28, 2006. On January 12, 2007, Media Finance en Suisse
            Holding
            GmbH converted the final $600,000 of its debentures into Class A Preferred
            Stock
            of the Company. The conversion rate used for this conversion was $0.00115,
            being
            50% of the closing stock price at January 12, 2007. The Company issued
            shares of
            its preferred stock because authorized common stock was
            unavailable.
 
 25
 **Note.** The
            Company has received advances from an individual related to the present
            Chief
            Executive Officer as various times for working capital and to fund required
            operating expenses. Such advances are unsecured and bear interest as
            the rate of
            8% per year. The amount outstanding as of December 31, 2007 and December
            31,
            2006 aggregate $584,944 and $181,529, respectively.
 
 26
 **ITEM
                **13.****
              **EXHIBITS**
  
 (a)           Exhibits:
 Exhibit
                      Number
                  
                  Document
                      Description3(i)
                  
                  Corporate
                      Charter of Beck & Co. as filed with the Nevada Secretary of State on
                      April 6, 1998, incorporated by reference to the Company’s Registration
                      Statement on Form 10-SB filed with the Securities and Exchange
                      Commission
                      on April 4, 2000.3.1
                  
                  Amendment
                      to the Company’s Articles of Incorporation as filed with the Nevada
                      Secretary of State on March 31, 2000, changing the authorized
                      number of
                      shares of the Company.3.2
                  
                  Amendment
                      to the Company’s Articles of Incorporation as filed with the Nevada
                      Secretary of State on September 11, 2000, changing the name
                      of the
                      Company.3.3
                  
                  Amendment
                      to the Company’s Articles of Incorporation as filed with the Nevada
                      Secretary of State on September 12, 2000,3.4
                  
                  Amendment
                      to the Company’s Articles of Incorporation whereby the authorized number
                      of shares of the Company’s common stock increased from 200,000,000 to
                      500,000,000, incorporated by reference herein from Exhibit
                      3 to the
                      Company’s Form 8-K filed with the Securities and Exchange Commission
                      on
                      April 5, 2004 and as filed with the Nevada Secretary of State
                      on August
                      23, 2004.3.5
                  
                  Amendment
                      to the Company’s Articles of Incorporation whereby the Company changed its
                      corporate name, incorporated by reference herein from Exhibit
                      3 to the
                      Company’s Form 8-K filed with the Securities and Exchange Commission
                      on
                      December 5, 2005.3(ii)
                  
                  Bylaws
                      of Beck & Co., incorporated by reference to the Company’s Registration
                      Statement on Form 10-SB filed with the Securities and Exchange
                      Commission
                      on July 6, 1999.3.6
                  
                  Amendment
                      to the Company’s Articles of Incorporation whereby the Company changed its
                      corporate name, as filed with the Nevada Secretary of State
                      on December
                      12, 200710.1
                  
                  Settlement
                      Agreement between the Company and Mssrs. Fred De Vries and
                      Renato Mariani,
                      incorporated by reference herein from Exhibit 10 to the Company’s Form 8-K
                      filed with the Securities and Exchange Commission on March
                      27, 2007, File
                      No. 07721776.
 
 27
 10.2
                
                Employment
                    Contract between the Company and Roy Piceni.10.3
                
                Employment
                    Contract between the Company and Randy Hibma.31
                
                Certification
                    pursuant to Section 302 of the Sarbanes-Oxley Act.32
                
                Certification
                    Pursuant to 18 U.S.C. Section 1350 as adopted Pursuant to Section
                    906 of
                    the Sarbanes-Oxley Act of
                    2002
  **ITEM
                **14.****
              **PRINCIPAL
                  ACCOUNTANTS FEES AND
                  SERVICES**
  
 The
        following table sets forth fees billed to us by our auditors during the fiscal
        years ended December 31, 2007 and December 31, 2006 for: (i) services rendered
        for the audit of our annual financial statements and the review of our quarterly
        financial statements, (ii) services by our auditor that are reasonably related
        to the performance of the audit or review of our financial statements and
        that
        are not reported as Audit Fees, (iii) services rendered in connection with
        tax
        compliance, tax advice and tax planning, and (iv) all other fees for services
        rendered.
  28
 
 FIRM
              
              FISCAL
                  YEAR 2007
              
              FISCAL
                  YEAR 2006Meyler
                    & Company, LLC
 (i),
                    (ii) Audit Related Fees
                
                $
                39,050
                
                $
                51,600(iii)
                    Tax Fees
                
                $
                0
                
                $
                0(iv)
                    All Other Fees
                
                $
                0
                
                $
                0**TOTAL
                    FEES**
 FIRM
              
              FISCAL
                  YEAR 2007
              
              FISCAL
                  YEAR 2006Meyler
                  & Company, LLC
              
              $
              39,050
              
              $
              51,600
  29
  **SIGNATURES**
 In
        accordance with Section 13 or 15(d) of the Exchange Act, the registrant caused
        this report to be signed on its behalf by the undersigned, hereunto duly
        authorized.
  **GENMED
                  HOLDING CORP.**Dated:
                  April 15, 2008
              
              /s/ 
                  Roy PiceniRoy
                  Piceni, Chief Executive Officer and Chairman of the Board of
                  Directors
 Dated:
                  April 15, 2008
              
              /s/Randy
                  HibmaChief
                  Financial Officer and President