BOSTON, Feb. 14, 2012 /PRNewswire/ -- Solos
Endoscopy, Inc. (OTCPK: SNDY) announced today that the Company's
Board of Directors has completed the retirement of one hundred
fifty million (150,000,000) common shares held by its officers and
directors in exchange for Series B Convertible Preferred Shares.
The common shares held by the officers and directors have now been
cancelled and returned back to the Company treasury. This
transaction represents a reduction of approximately 22% of the
Company's issued and outstanding common shares.
The retirement of common shares by the Company's officers and
directors will allow for greater flexibility to utilize the assets
of Solos for debt reduction, future financing, and services. The
Company intends to use proceeds from future financing for the
development of new instrument lines as well as further enhancements
to its MammoView® instrument line.
"This share retirement allows Solos to maintain the integrity of
its market while continuing to develop its new product line.
Management believes in our progress and is willing to take a long
term position in the Company's Series B Preferred Shares," stated
Bob Segersten, President of Solos
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:
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.