BOSTON, April 19, 2011 /PRNewswire/ -- Solos Endoscopy, Inc. (OTCPK: SNDY) announced today that the Company has posted its unaudited financial results for the year ended December 31, 2010 on the OTC Markets website (http://www.otcmarkets.com/pink/quote/quote.jsp?symbol=sndy).
As filed in the Company's financials, the net loss for the fiscal year ended December 31, 2010 was $1,192,481. The net loss as reported in the financials decreased by $1,118,724, as compared to the fiscal year ended December 31, 2009, in which Solos reported a net loss of $2,311,205. Revenues for the twelve months ended December 31, 2010 increased to $429,473 versus $421,882 for the period ended December 31, 2009, a gain of $7,591. Gross profit increased by $100,400 for the fiscal year 2010 versus 2009 due to product purchases made in the last three quarters of 2010 when the value of the dollar increased against the Euro. The Company's balance sheet included total assets of $2,418,652 as of December 31, 2010 versus $2,285,281 in total assets reported at the end of 2009. The increase in assets was largely due to significant inventory purchases at favorable terms to the Company.
"We are pleased to report the financial results of 2010. The positive results indicate that we are going in the right direction and serving our shareholders in a fiscally responsible manner," stated Bob Segersten, President of Solos Endoscopy, Inc. "The increase in procedures utilizing minimally invasive techniques, coupled with new product development, positions the Company for continued growth in 2011."
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.