BOSTON, Dec. 2, 2010 /PRNewswire-FirstCall/ -- Solos Endoscopy, Inc. (Pink Sheets :SNDY ) is pleased to announce that the Company generated revenues during the nine months ended September 30, 2010 in the amount of $345,146 versus $311,089 for the nine months ended September 30, 2009, which reflects an increase of 10.9%. The Company has posted its financial results for the third quarter ended September 30, 2010 on Pink Sheets OTC Markets website (http://www.otcmarkets.com/stock/SNDYD/financials).
For the three months ended September 30, 2010, Solos reported revenues of $134,426 versus $99,710 for the three months ended September 30, 2009. This was an increase of 34.8% for the three months during 2010 as compared to 2009. Revenue for the third quarter was driven by sales from the MammoView® line as well as strong sales from its standard product line with increased orders for the Company's Vascular Clamp System. In addition, the Company increased its inventories by $80,559 during the nine months ended September 30, 2010 and reported total assets of $2,408,829. The increase in inventories was attributed to inventory purchases made in the second and third quarter from European vendors when the dollar increased in value against the Euro.
"For the first nine months of 2010, we have delivered double-digit revenue growth in what continues to be a challenging economic environment," stated Bob Segersten, President of Solos Endoscopy, Inc.
Solos recently announced that the Company completed a capital restructuring initiative as part of a previously announced recapitalization plan in order to position itself for growth over the next twelve months. The recapitalization plan allows Solos greater flexibility to utilize the assets of the Company in the future for corporate purposes; including raising capital and acquisitions, with limited dilution of existing stockholder voting rights.
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.