Solos Endoscopy, Inc. Posts Financial Results for Year Ending 2009
BOSTON, April 16 /PRNewswire-FirstCall/ -- Solos Endoscopy, Inc. (Pink Sheets: SNDY) announced today that the Company has posted its financial results for the year ending December 31, 2009 on Pink Sheets OTC Markets website (http://www.otcmarkets.com/pink/quote/quote.jsp?symbol=sndy).
At the end of the fiscal year, the balance sheet included Total Assets of $2,285,281 and the Company decreased its total liabilities by $66,572 versus the fiscal year ending 2008. The Company reported revenues for the twelve months ending December 31, 2009 of $421,882. During the same period, Solos reported an operating loss of $790,213, of which, $480,000 was paid in the form of stock for various business and consulting services. In addition, management determined that an impairment loss of $1.5 million was necessary as it relates to an original investment made in the manufacturing, marketing and sales of a line of mastoscopes it acquired in 2006.
In 2009, Solos continued to aggressively market and develop its MammoView® line of surgical endoscopic instruments. The Company's current outlook for 2010 includes new product development for the MammoView® product line as well as market expansion through its efforts to meet the requirements of the ISO 13485 standard and ultimately obtain the CE Mark and the permission to sell medical devices in the European Union and Canada.
"Despite the difficult economic environment of 2009, Solos remained focused on maintaining a consistent level of revenues, while we continued research and development of our MammoView product line," stated Bob Segersten, President of Solos Endoscopy, Inc. "Looking to 2010, we expect to expand our revenue generating capabilities through our efforts to market our products worldwide."
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.