WEST PALM BEACH, Fla., Nov. 3, 2011 /PRNewswire/ -- China Nuvo Solar Energy, Inc. (OTCQB: CNUV) today announced that it has signed a Non-Binding Letter of Intent ("LOI") to acquire a distributor of surgical implants. Pursuant to the terms of the LOI, the Company has contemplated that upon the anticipated closing of the transaction that the target distribution company would become a new wholly owned subsidiary of CNUV.
Mr. Thomas Toland, CEO of SurgLine was quoted as saying, "This target acquisition makes tremendous sense for our Company as we continue to identify distributors with complimentary business strategies which may allow us to further expand our distributorship network while enabling SurgLine to utilize their established relationships with hospitals, surgical centers and physicians. We will continue to identify and search for similar opportunities that fit this criteria and that makes sense for our Company and shareholders."
Mr. Toland went on to add, "In addition to the approximately $9 million annual run rate of revenues, this targeted distributor has tremendous market knowledge and experience and this potential acquisition would allow SurgLine to add critical expertise and depth to our management team."
Closing of the transaction is subject to customary conditions including, among other things, due diligence, the negotiation and execution of definitive agreements as well as the approval of both company's boards of directors and any necessary stockholder or regulatory approval.
About SurgLine, Inc.
SurgLine (www.surgline.com) is focused on sourcing and distributing high quality FDA approved surgical product for spine, trauma and sports medicine with anticipated savings that can range from 30% to 50% in real dollars when compared to the competition. Our clients include acute care hospitals, surgery centers and physician owned surgical hospitals. SurgLine's business strategy continues to be focused on reducing or eliminating the historical brand premium. SurgLine offers high quality medical and surgical products at substantial savings utilizing stocking distributors and institutional buyers by sourcing products globally without the historical brand premium and industry markup while passing the savings on to the end user.
About China Nuvo Solar Energy, Inc.
China Nuvo Solar Energy, Inc. is a holding company that in addition to SurgLine, wholly owns Nuvo Solar Energy, Inc., a development stage company that owns unique patent pending solar and photovoltaic related technology. The Company is also seeking other business opportunities. On October 18, 2011 China Nuvo Solar Energy, Inc., amended its articles of incorporation and changed its name to SurgLine International, Inc. The Company is in the process of working with the regulatory bodies to reflect the new name, symbol and Cusip number for quotation on the OTCQB.
This press release may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements are based on the Company's current expectations as to future events. However, the forward-looking events and circumstances discussed in this press release might not occur, and actual results could differ materially from those anticipated or implied in the forward-looking statements.
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SOURCE China Nuvo Solar Energy, Inc.