BOSTON, May 16, 2012 /PRNewswire/ -- Solos Endoscopy, Inc. (OTCPK: SNDY) is pleased to announce that the Company has posted a Net Profit of $131,083 for period ending March 31, 2012. The Net Profit is a significant improvement from the ($509,210) net loss which was posted in the first quarter 2011.
Solos Endoscopy's sales increased from $80,494 for period ending March 31, 2011 to $96,665 for the same period this year. Solos Endoscopy increased sales by approximately 20% while reducing operating expenses from $535,957 for the period ending March 31, 2011 to just $129,475 for period ending March 31, 2012.
Solos Endoscopy's Net Profit is a result of a dramatic decrease in operating expenses combined with the forgiveness of more than $200,000 in debt. The Solos debt reduction efforts have reduced Solos Endoscopy's Total Liabilities from $855,295 for period ending March 31, 2011 to just $360,054 for period ending March 31, 2012. Solos Endoscopy posted Total Assets of $2,310,658 for period ending March 31, 2012. As a result for the first time, Solos Endoscopy has a Positive Net Book Value.
Solos Endoscopy posted its first quarter financials on www.otcmarkets.com. The Company has also released its "President's Report" for distribution to its shareholders.
"I am encouraged by our tremendous progress. Solos has been able to reduce its debts and increase its sales in a very short period of time which has helped position the Company for ongoing profitability," 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.