Thought it worth posting again.. Look at where we are now...
1 2 3 easy
May 1, 2012
Dear Shareholders,
I am very pleased to be able to communicate with our shareholders directly and to give you an update on our impressive progress to date.
Solos Endoscopy, Inc. has been at the forefront of breakthrough medical devices and technologies for the treatment and management of diseases for over 20 years. The Company markets over 200 instruments to the endoscopic market and is continuing to develop new and innovative products designed to enhance the ability of medical professionals to expand the utilization of minimally invasive techniques to new surgical applications.
The company has, for the second time in three years, successfully completed the Food and Drug Administration (FDA) Level I Baseline Inspection in which it received a NAI (No Action Indicated) for the inspection. It is standard for the FDA to perform unannounced inspections periodically for medical device manufacturers, and the successful inspection by the FDA validates the Company's quality system and its strict adherence to that system.
In addition to the FDA approval for our product line, the Company has taken the initial steps to obtain the CE Mark for its MammoView® line of surgical endoscopy instruments. This will allow the MammoView® line to be sold throughout the European Economic Union (EEU), which according to a 2009 report published by Frost & Sullivan represents $94 Billion, or 30%, of the worldwide demand for medical instruments.
Last year, the Company had to temporarily suspend its progress towards its CE Mark and ISO 13485 Certification due to structural and financial reasons. However, Solos Endoscopy is pleased to report that it has completed Phase I, has re-engaged Expert Resource and is now ready to proceed with its CE Mark and ISO 13485 Certification for the Solos product line including the MamoView®. Solos management plans to release a separate update regarding its CE Mark and ISO Certification to its shareholders in the next few weeks.
Solos Endoscopy’s core business is the development and marketing of medical technology, applications, medical devices and procedural techniques for the screening, diagnosis, treatment and management of disease and medical conditions. In 2011, Solos Endoscopy consummated agreements, which resulted in the forgiveness of $457,471 in debt for the Company. The signed settlement agreement and new consulting agreement resulted in a reduction of ongoing expenses by approximately $60,000 per quarter that has carried over into 2012. As a result, Solos Endoscopy was able to reduce its Net Loss by more than $688,000.
Throughout the year, Solos has focused its R & D efforts into the design and development of new modifications to its endoscopic instrument lines to accommodate the continual advances in Laparoscopic surgical procedures. The significant advances over the past several years have led to a number of advantages to the patient with laparoscopic surgery versus an open procedure (laparotomy). These advantages include reduced pain due to smaller incisions and hemorrhaging, and shorter recovery time.
The demand for endoscope services is increasing due to an increase in the aging and chronically ill population worldwide. Advancements in endoscopic technologies and inclusion of various types of lighting sources, video cameras, real-time conversion of data into three-dimensional images are also driving this market. Endoscopy procedures have become highly effective in the diagnosis, treatment, and management of cancer patients. Many now consider endoscopy to have become the gold standard for cancer diagnosis and treatment, as well as for many other medical conditions.
Solos has launched its newly designed and interactive website, www.solosendoscopy.com on July 1, 2011. The updated look showcases streamlined navigation to allow for easy-to-use functionality, allowing users to quickly
reference desired information making it easier for Hospitals, Clinics, Healthcare Centers, Medical Centers and
Surgery Centers across the United States to identify and select from Solos' vast product line, which includes the
Company's successful MammoView® instrument line.
The MammoView® instrument line, designed exclusively for breast endoscopy, has become crucial to early breast
cancer screening as a method to significantly reduce breast cancer death rates. The Solos MammoView® Breast
Endoscopy System is designed to distinguish and inspect suspicious pre-cancerous lesions undetectable by other
methods as well as complement existing diagnosis and treatment options with direct endoscopic observation. The
Solos MammoView® system is currently in use at various teaching hospitals across the United States.
Solos Endoscopy generated revenues during the year ended December 31, 2011 in the amount of $328,612 versus
$429,473 for the year ended December 31, 2010. The Company’s net loss during the year ended December 31, 2011
was $503,787 versus a loss of $1,192,481 for the year ended December 31, 2010. Therefore the Company, due to a
reduction in consulting services costs of $200,000, a decrease in general and administrative expenses of $131,658
and forgiveness of debt in the amount of $457,471 for the year ended December 31, 2011, has significantly reduced
its loss from operations for the year ended December 31, 2011, as compared to the year ended December 31, 2010,
in the amount of $688,694.
Solos Endoscopy finished the first quarter of 2012 with a 16% increase in sales as compared to the first quarter of
2011. Going forward, Solos management plans to make a real effort to reduce debt and position the Company for
profitability. By working with its various creditors, management believes the Company can be virtually debt free by
the 2nd quarter of 2012.
Solos’ main focus is to strengthen the Company’s bottom line. Solos is implementing several strategies to
accomplish this goal:
I. The Company has dramatically reduced its debt, and is now building its asset base through the
acquisition of new endoscopic equipment. By focusing on building its inventory of Disposable
instruments, the Company can enjoy a faster turnover which will result in increased revenues. Solos
Disposables have the highest profit margins of all their various endoscopic instruments.
II. Solos Endoscopy will focus on new product development. As discussed above, demand for minimally
invasive endoscopic procedures is on the rise globally. Solos believes it must continue to develop new
products to meet this demand. Solos plans on working towards the international launch of its product
lines as it continues to strengthen its national distribution channels in the United States. This should
result in an increase in sales through 2012 and beyond.
III. Solos Endoscopy plans on developing new strategic partnerships and joint ventures. Our goal of
maintaining a low overhead, with little debt, while expanding our product distribution internationally,
means that it is necessary for Solos to look for new partnerships with Company’s who are willing to
share the cost of both new product development and distribution. This strategy should result in a
positive bottom line and real value for all shareholders.
In closing, I want to thank each of you for your patience and continued support of Solos Endoscopy. We will
continue to keep our shareholders updated through regular posting on www.otcmarkets.com and Company press
releases. To learn more information about the Company and its products visit www.solosendoscopy.com .
Regards,
Robert Segersten
President and CEO
Solos Endoscopy, Inc.
1 2 3 easy
May 1, 2012
Dear Shareholders,
I am very pleased to be able to communicate with our shareholders directly and to give you an update on our impressive progress to date.
Solos Endoscopy, Inc. has been at the forefront of breakthrough medical devices and technologies for the treatment and management of diseases for over 20 years. The Company markets over 200 instruments to the endoscopic market and is continuing to develop new and innovative products designed to enhance the ability of medical professionals to expand the utilization of minimally invasive techniques to new surgical applications.
The company has, for the second time in three years, successfully completed the Food and Drug Administration (FDA) Level I Baseline Inspection in which it received a NAI (No Action Indicated) for the inspection. It is standard for the FDA to perform unannounced inspections periodically for medical device manufacturers, and the successful inspection by the FDA validates the Company's quality system and its strict adherence to that system.
In addition to the FDA approval for our product line, the Company has taken the initial steps to obtain the CE Mark for its MammoView® line of surgical endoscopy instruments. This will allow the MammoView® line to be sold throughout the European Economic Union (EEU), which according to a 2009 report published by Frost & Sullivan represents $94 Billion, or 30%, of the worldwide demand for medical instruments.
Last year, the Company had to temporarily suspend its progress towards its CE Mark and ISO 13485 Certification due to structural and financial reasons. However, Solos Endoscopy is pleased to report that it has completed Phase I, has re-engaged Expert Resource and is now ready to proceed with its CE Mark and ISO 13485 Certification for the Solos product line including the MamoView®. Solos management plans to release a separate update regarding its CE Mark and ISO Certification to its shareholders in the next few weeks.
Solos Endoscopy’s core business is the development and marketing of medical technology, applications, medical devices and procedural techniques for the screening, diagnosis, treatment and management of disease and medical conditions. In 2011, Solos Endoscopy consummated agreements, which resulted in the forgiveness of $457,471 in debt for the Company. The signed settlement agreement and new consulting agreement resulted in a reduction of ongoing expenses by approximately $60,000 per quarter that has carried over into 2012. As a result, Solos Endoscopy was able to reduce its Net Loss by more than $688,000.
Throughout the year, Solos has focused its R & D efforts into the design and development of new modifications to its endoscopic instrument lines to accommodate the continual advances in Laparoscopic surgical procedures. The significant advances over the past several years have led to a number of advantages to the patient with laparoscopic surgery versus an open procedure (laparotomy). These advantages include reduced pain due to smaller incisions and hemorrhaging, and shorter recovery time.
The demand for endoscope services is increasing due to an increase in the aging and chronically ill population worldwide. Advancements in endoscopic technologies and inclusion of various types of lighting sources, video cameras, real-time conversion of data into three-dimensional images are also driving this market. Endoscopy procedures have become highly effective in the diagnosis, treatment, and management of cancer patients. Many now consider endoscopy to have become the gold standard for cancer diagnosis and treatment, as well as for many other medical conditions.
Solos has launched its newly designed and interactive website, www.solosendoscopy.com on July 1, 2011. The updated look showcases streamlined navigation to allow for easy-to-use functionality, allowing users to quickly
reference desired information making it easier for Hospitals, Clinics, Healthcare Centers, Medical Centers and
Surgery Centers across the United States to identify and select from Solos' vast product line, which includes the
Company's successful MammoView® instrument line.
The MammoView® instrument line, designed exclusively for breast endoscopy, has become crucial to early breast
cancer screening as a method to significantly reduce breast cancer death rates. The Solos MammoView® Breast
Endoscopy System is designed to distinguish and inspect suspicious pre-cancerous lesions undetectable by other
methods as well as complement existing diagnosis and treatment options with direct endoscopic observation. The
Solos MammoView® system is currently in use at various teaching hospitals across the United States.
Solos Endoscopy generated revenues during the year ended December 31, 2011 in the amount of $328,612 versus
$429,473 for the year ended December 31, 2010. The Company’s net loss during the year ended December 31, 2011
was $503,787 versus a loss of $1,192,481 for the year ended December 31, 2010. Therefore the Company, due to a
reduction in consulting services costs of $200,000, a decrease in general and administrative expenses of $131,658
and forgiveness of debt in the amount of $457,471 for the year ended December 31, 2011, has significantly reduced
its loss from operations for the year ended December 31, 2011, as compared to the year ended December 31, 2010,
in the amount of $688,694.
Solos Endoscopy finished the first quarter of 2012 with a 16% increase in sales as compared to the first quarter of
2011. Going forward, Solos management plans to make a real effort to reduce debt and position the Company for
profitability. By working with its various creditors, management believes the Company can be virtually debt free by
the 2nd quarter of 2012.
Solos’ main focus is to strengthen the Company’s bottom line. Solos is implementing several strategies to
accomplish this goal:
I. The Company has dramatically reduced its debt, and is now building its asset base through the
acquisition of new endoscopic equipment. By focusing on building its inventory of Disposable
instruments, the Company can enjoy a faster turnover which will result in increased revenues. Solos
Disposables have the highest profit margins of all their various endoscopic instruments.
II. Solos Endoscopy will focus on new product development. As discussed above, demand for minimally
invasive endoscopic procedures is on the rise globally. Solos believes it must continue to develop new
products to meet this demand. Solos plans on working towards the international launch of its product
lines as it continues to strengthen its national distribution channels in the United States. This should
result in an increase in sales through 2012 and beyond.
III. Solos Endoscopy plans on developing new strategic partnerships and joint ventures. Our goal of
maintaining a low overhead, with little debt, while expanding our product distribution internationally,
means that it is necessary for Solos to look for new partnerships with Company’s who are willing to
share the cost of both new product development and distribution. This strategy should result in a
positive bottom line and real value for all shareholders.
In closing, I want to thank each of you for your patience and continued support of Solos Endoscopy. We will
continue to keep our shareholders updated through regular posting on www.otcmarkets.com and Company press
releases. To learn more information about the Company and its products visit www.solosendoscopy.com .
Regards,
Robert Segersten
President and CEO
Solos Endoscopy, Inc.
