China Nuvo Solar Announces Definitive Agreement Signed to Acquire Medical Products company SurgLine, Inc.
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