Shares of Solos Endoscopy Inc. (PINK: SNDY), a healthcare instrument company focusing on the development and marketing of high quality and innovative instruments for the screening, diagnosis, treatment and management of medical conditions, are soaring today after the company announced that it has reduced its liabilities by over $570,000.
SNDY shares are currently trading 9.52% higher at $0.0115 on volume of 12.13 million.
Solos Endoscopy said that it successfully reduced its liabilities by over $570,000 and as a result, SNDY now expects to achieve positive net book value when it releases its second-quarter results.
SNDY has been focused on reducing its debt since 2011 and strengthening its balance sheet. SNDY expects to eliminate its entire debt by the end of the current quarter. Once the company is debt free, it will start to build its asset base by acquiring additional inventory of endoscopic equipment.
Bob Segersten, President of Solos Endoscopy, said that SNDY’s management has made a real effort to slash its debt and position the company for profitability. Segersten added that by working with various creditors of SNDY, management believes that the company can be virtually debt free by the end of this quarter.
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