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.
For Further Information Contact:
Tom Toland
949-698-8485
SOURCE China Nuvo Solar Energy, Inc.