WEST PALM BEACH, Fla., Sept. 24, 2012 /PRNewswire/ -- SurgLine International Inc. ("SurgLine") (SGLN.PK) is providing this update regarding trading in the company's securities.
SurgLine International, Inc. was named in an Order of Suspension of Trading (the "Order") dated September 17, 2012 from the US Securities and Exchange Commission (the "SEC"). Pursuant to the Order, trading in the Company's securities is suspended from September 17, 2012 through September 28, 2012. According to the Order, the SEC states, that it appears that there is a lack of current and accurate information and questions have arisen concerning the adequacy and accuracy of press releases and public filings concerning the Company's operations.
Upon receipt of the Order, the company immediately began an action plan to remedy the situation.
The Company has been in contact with the SEC and pursuant to those communications the Company is cooperating with the SEC and will be voluntarily producing documents in support of all statements under inquiry, in our public filings, press releases and agreements, if any.
The Company is working with broker dealer(s) that upon the automatic lifting of the suspension will be filing the necessary Form 15c2-11 with the Financial Industry Regulatory Agency ("FINRA"). Once approved by FINRA, the Company would be able to resume trading on the Over the Counter Quotation Board ("OTCQB"). It is important to note, that while there are no mandatory time responses from FINRA, the Company will work diligently with FINRA in processing the appropriate forms and any questions that may arise during the process.
Until we receive FINRA approval, the Company's stock will trade on the Grey Market. On the Grey market, there are no broker-dealers quoting the security. The security is not listed, traded or quoted on any U.S. stock exchange or the OTC Markets. Trades in grey market stocks are reported by broker-dealers to their Self Regulatory Organization (SRO) and the SRO distributes the trade data to market data vendors and financial websites so investors can track price and volume. Since grey market securities are not traded or quoted on an exchange or interdealer quotation system, investor's bids and offers are not collected in a central spot so market transparency is diminished and Best Execution of orders is difficult.
About SurgLine, Inc.
SurgLine (www.surgline.com) sources and distributes high quality FDA approved medical and surgical products at discount prices, thereby reducing or eliminating the historical brand premium paid by healthcare providers including acute care hospitals, surgery centers, surgical hospital, self-insured employers and insurance companies. SurgLine offers high quality medical and surgical supplies and products at substantial savings utilizing stocking distributors and institutional buyers by sourcing products globally without the historical brand premium and industry markup.
About SurgLine International, Inc.
SurgLine International, Inc. is a holding company that wholly owns SurgLine. The Company is also seeking other business opportunities.
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 SurgLine International Inc.