Solos Endoscopy, Inc. Reports Elimination of its Derivative Liability
WESTPORT, July 23, 2019 /PRNewswire/ -- Solos Endoscopy, Inc. (OTCPK: SNDY) a provider of quality medical devices to hospitals and clinics across the country, has announced that as of June 30, 2019, all remaining outstanding shares of its Series B Preferred Stock have been converted into shares of Common Stock. Consequently the Company will eliminate from its June 30, 2019 balance sheet the remaining $910,000 Derivative Liability related to such Stock.
Chief Executive Officer Dom Gatto stated, “This is another great step for the company as we continue to strengthen our capital structure. When current management took control in May 2017, the Company had a Derivative Liability of approximately $2,400,000. That Liability now has been completely removed from our Balance Sheet. We believe our efforts will clear the way for our future plans and will create significant value for our shareholders."
About Solos Endoscopy, Inc.: Solos Endoscopy Inc. has long provided quality healthcare instruments to Hospitals across the United States. For more than 30 Years, from medical schools to hospitals, surgeons have relied on Solos Endoscopy to develop medical devices, and procedural techniques for the screening, diagnosis, treatment and management of disease and medical conditions. Additional information on its line of products is available on the Company's website at: www.solosendoscopy.com.
Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934 and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding the potential future plans and objectives of the company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Technical complications that may arise could prevent the prompt implementation of any strategically significant plan(s) outlined above. The company cautions that these forward-looking statements are further qualified by other factors including, but not limited to, those set forth in the company's Annual Report filing and other filings with the OTC Markets Group (available at www.otcmarkets.com). The company undertakes no obligation to publicly update or revise any statements in this release, whether as a result of new information, future events, or otherwise.