BOSTON, March 20 /PRNewswire-FirstCall/ -- Solos Endoscopy, Inc. (Pink Sheets: SNDY) is pleased to announce that the Company has signed an agreement with Lifeline Biotechnologies, Inc. (Pink Sheets: LLBO) to sell the Ovascope and Mastascope product line to Lifeline Biotechnologies for a combination of stock, assumption of debt and other consideration. Solos Endoscopy originally purchased the products from Lifeline Biotechnologies in 2007.
Lifeline Biotechnologies has agreed to assume a convertible debt from Solos, which will result in less dilution for its shareholders. In addition, the sale of the Ovascope and Mastascope will allow Solos to use its resources to support its expanding core business. Solos is currently in negotiations with Lifeline regarding distribution rights to these products once they are finally ready for the market. Solos will continue to focus its efforts in the area of women's healthcare by concentrating on its Mammoview product line, which is currently sold to hospitals nationwide.
"Although we feel that there is great potential in the Mastascope and Ovascope technology, due to the current state of the economy, our resources will be better utilized in strengthening our current product lines to an expanding customer base," stated Bob Segersten, President of Solos Endoscopy, Inc.
About Solos Endoscopy, Inc.:
Solos Endoscopy, Inc. is a healthcare technology company whose mission is to develop and market breakthrough technology, applications, medical devices and procedural techniques for the screening, diagnosis, treatment and management of medical conditions. Backed by technical support, Solos' sales team can help make the right buying decisions for the hospital, surgery center, or physician office. Additional information 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.|
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