In Good Hands With Schiemann
His track record speaks for itself as it did not prevent Solos from achieving FDA-approvals for its 200+ medical devices. Nor did it prevent the company from achieving CE Mark certification and having global business status. Finally, it did not stop the company from being almost debt free and receive debt forgiveness from creditors. Cheers!
Solos Endoscopy Reduces Liabilities by More than $570,000
Company Expected to Achieve Positive Net Book Value for the Second Quarter 2012
BOSTON, April 25, 2012 /PRNewswire/ -- Solos Endoscopy, Inc.'s (OTCPK: SNDY) is pleased to announce that the Company has successfully reduced its liabilities on its Balance Sheet by more than $570,000. As a result, the Company expects to achieve a Positive Net Book Value when it posts its second quarter financials, and show significant reduction of its liabilities for the period ended March 31, 2012.
Solos Endoscopy recently issued Preferred Stock valued at $10 per share in order to reduce its liabilities by $315,000 and has reduced the remaining $140,000 in Preferred Stock payable as a forgiveness of debt. In addition, as result of other equity investments received, Solos Endoscopy has been able to reduce its payables by an additional $120,000. Solos Endoscopy previously consummated agreements, which resulted in the forgiveness of $457,471 in debt for the Company. The signed settlement agreement and new consulting agreement resulted in a reduction of ongoing expenses by approximately $60,000 per quarter that carried over into 2012. As a result, Solos Endoscopy was able to reduce its total liabilities to approximately $285,000.
Throughout 2011 and the first quarter of 2012, Solos has been focused on reducing its debt, and strengthening its Balance Sheet. The Company expects to be virtually debt free by the 2nd Quarter of 2012, and will begin to build its asset base by purchasing additional inventory of endoscopic equipment. Solos Endoscopy has developed several new modifications to its endoscopic instrument lines to accommodate the continual advances in Laparoscopic surgical procedures. The significant advances over the past several years have led to a number of advantages to the patient with laparoscopic surgery versus an open procedure (laparotomy). The demand for endoscope services is increasing due to an increase in the aging and chronically ill population worldwide. Advancements in endoscopic technologies and inclusion of various types of lighting sources, video cameras, real-time conversion of data into three-dimensional images are also driving this market.
The Solos MammoView® system is currently in use at various teaching hospitals across the United States. From July through November, mammary ductoscopy instrument sales accounted for approximately 40% of the total sales for the period.
"Solos management has made a real effort to reduce debt and position the Company for profitability. By working with its various creditors, management believes the Company can be virtually debt free by the 2nd quarter of 2012," stated Bob Segersten, President of Solos Endoscopy, Inc.
