BOSTON, Dec. 29, 2011 /PRNewswire/ -- Solos Endoscopy, Inc. (OTCPK: SNDY) is pleased to announce that the Company looks towards continued growth in 2012 through the development and sales of its high quality instruments for the screening, diagnosis, treatment and management of medical conditions. In 2011, Solos Endoscopy consummated agreements, which resulted in the forgiveness of approximately $300,000 in debt for the Company. The signed settlement agreement and new consulting agreement resulted in a reduction of ongoing expenses by approximately $40,000 per quarter that will carry over into 2012.
Throughout the year, Solos has focused its R & D efforts into the design and development of 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). These advantages include reduced pain due to smaller incisions and hemorrhaging, and shorter recovery time.
With a focus on relentless improvement, the Company announced the launch of its Veterinary Product Line of endoscopic equipment, scopes and instruments in June of 2011.The Solos Veterinary Product Line consists of more than 48 SKUs with prices ranging from $75 to $3900. According to the American Pet Product Association, in 2009, Consumers spent more than $45 Billion on their pets, with more than $12 Billion spent on Vet Care.
In conjunction with the introduction of the Veterinary Product Line, Solos launched its newly designed and interactive website, www.solosendoscopy.com on July 1, 2011. The updated look showcases streamlined navigation to allow for easy-to-use functionality, allowing users to quickly reference desired information making it easier for Hospitals, Clinics, Healthcare Centers, Medical Centers and Surgery Centers across the United States to identify and select from Solos' vast product line, which includes the Company's successful 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 undetectable by other methods as well as complement existing diagnosis and treatment options with direct endoscopic observation.
The Solos MammoView® system is currently in use at various teaching hospitals across the United States. Patients should be aware that mammary ductoscopy, utilizing the MammoView® system, is a means to detect, diagnose, and treat breast cancer years before surgery, physical exams or other external imaging that can reveal evidence of the disease. From July through November, mammary ductoscopy instrument sales accounted for approximately 40% of the total sales for the period.
"We are pleased with our efforts in 2011. We remain committed to our shareholders, vendors and those we supply and are appreciative of their support in 2012," 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.