BOSTON, Feb. 14, 2012 /PRNewswire/ -- Solos Endoscopy, Inc. (OTCPK: SNDY) announced today that the Company's Board of Directors has completed the retirement of one hundred fifty million (150,000,000) common shares held by its officers and directors in exchange for Series B Convertible Preferred Shares. The common shares held by the officers and directors have now been cancelled and returned back to the Company treasury. This transaction represents a reduction of approximately 22% of the Company's issued and outstanding common shares.
The retirement of common shares by the Company's officers and directors will allow for greater flexibility to utilize the assets of Solos for debt reduction, future financing, and services. The Company intends to use proceeds from future financing for the development of new instrument lines as well as further enhancements to its MammoView® instrument line.
"This share retirement allows Solos to maintain the integrity of its market while continuing to develop its new product line. Management believes in our progress and is willing to take a long term position in the Company's Series B Preferred Shares," stated Bob Segersten, President of Solos Endoscopy, Inc.
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.
SOURCE Solos Endoscopy, Inc.