BOSTON, Nov. 22, 2011 /PRNewswire/ -- Solos Endoscopy, Inc.'s (OTCPK: SNDY) is pleased to announce that it finished the 3rd Quarter with a Net Profit of $73,895. Solos Endoscopy has consummated agreements which resulted in the Forgiveness of debt of $299,082 for the Three Months period ending September 30, 2011. The signed settlement agreement and new consulting agreement result in a reduction of ongoing expenses by approximately $40,000 per quarter.
Solos Endoscopy posted its financial statements for period ended September 30, 2011. While the Company saw a modest decrease in sales over the three month period, the Net Profit is a result of Management’s cost cutting and debt reduction efforts. Management is extremely pleased with the increase in demand for its new MammoView® instrument line.
The MammoView® instrument line, designed exclusively for breast endoscopy, has become crucial to early breast cancer screening as a method to significantly reduce breast cancer death rates. The Solos MammoView® Breast Endoscopy System is designed to distinguish and inspect suspicious pre-cancerous lesions that are undetectable by other methods as well as complement existing diagnosis and treatment options with direct endoscopic observation.
“Solos management has worked extremely hard to position the Company for future success. This is represented by our tireless efforts to work with our creditors, while remaining focused on future product development. We have allocated significant resources to the development of the MammoView® instrument line. The fact that we have taken this tremendous product from concept phase to sales in dozens of hospitals across the Country is truly amazing. I’d like to thank the shareholders for all their continued support,” stated Bob Segersten, President of Solos Endoscopy, Inc.
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About Solos Endoscopy, Inc.:
Solos Endoscopy, Inc. is a HealthCare instrument company whose mission is to develop and market high quality and innovative instruments for the screening, diagnosis, treatment and management of medical conditions. Additional information on its FDA approved products is available on the Company’s website at: www.solosendoscopy.com.
Safe Harbor: This release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 27E of the Securities Act of 1934. Statements contained in this release that are not historical facts may be deemed to be forward-looking statements. Investors are cautioned that forward-looking statements are inherently uncertain. Actual performance and results may differ materially from that projected or suggested herein due to certain risks and uncertainties including, without limitation, ability to obtain financing and regulatory and shareholder approval for anticipated actions.
Contact: Amanda Segersten, rsegersten@solosendoscopy.com
SOURCE Solos Endoscopy, Inc.
