WEST PALM BEACH, Fla., July 21, 2011 /PRNewswire/ -- China Nuvo Solar Energy, Inc. (OTCQB: CNUV) today announced that it has signed a Definitive Agreement to acquire medical and surgical supply company SurgLine, Inc. ("SurgLine"). Pursuant to the terms of the Agreement, China Nuvo Solar ("Company") would acquire one hundred percent of the outstanding common stock of SurgLine. The closing of the transaction is subject to customary closing conditions including among other things, the completion of the schedules, the certified audit of SurgLine, accompanying due diligence as well as any necessary approvals. The parties believe the transaction will close by August 31, 2011. Further details of the agreement will be released in the near future. The Company will continue to trade under the stock ticker "CNUV" with SurgLine becoming a wholly owned subsidiary of the Company, upon the completion of the transaction
Industry experts estimate the healthcare sector consumes over 16% of the economy and is growing, combined with the 70 million baby boomers that have entered or will be entering retirement age putting additional pressure on the healthcare system.
"This acquisition of SurgLine is an exciting opportunity for the Company and is part of our strategy to increase shareholder value. The SurgLine business model is to help reduce costs in healthcare by providing high quality medical and surgical products for a significantly lower cost, thereby reducing the historical brand premium markup being paid by healthcare end users, including hospitals, outpatient surgery centers, medical clinics and physicians," stated Henry Fong, CEO of China Nuvo Solar Energy.
"SurgLine's business model is to become the value leader in high quality, low cost surgical products. Our signature product line, Surg, is designed to be of equal or better quality, than national brands. We sell products through our established distribution network and institutional buyers through key industry relationships. Our management team has over 100 years of healthcare experience and has built and developed signification relationships with distributors, institutional buyers and global manufacturers. We believe our sourcing and competitive advantage is based on our years of international business relationships with nearly 200 worldwide manufacturers. This allows us to source high quality, high volume, high margin products and pass the cost savings to our customers," commented Tom Toland, CEO and Founder of SurgLine.
About SurgLine, Inc.
SurgLine (www.surgline.com) sources and distributes high quality medical products at discount prices, thereby reducing the historical brand premium paid by healthcare providers. SurgLine offers medical and surgical supplies and products at substantial savings through stocking distributors and institutional buyers by sourcing products globally without the historical brand premium and industry markup. SurgLine's management team is well-respected and experienced in the healthcare industry.
About China Nuvo Solar Energy
China Nuvo Solar Energy, Inc. is a development stage company that owns unique patent pending solar and photovoltaic related technology.
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:
Henry Fong, President
|SOURCE China Nuvo Solar Energy, Inc.|
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