WEST PALM BEACH, Fla., March 19, 2012 /PRNewswire/ -- SurgLine International, Inc. (SGLN.PK) and SurgLine, Inc. ("SurgLine") today announced that the management team and certain consultants to SGLN and SurgLine have completed the return of over 1,000,000,000 shares of common stock to the Company. This announcement is the follow up to the previous press release whereby the executives of SurgLine had agreed to an additional six month lock up of the restricted shares they were issued of SGLN in the September 1, 2011 acquisition.
Thomas Toland, CEO of SGLN and SurgLine stated, "The return of the billion shares of common stock, representing over 17% of all of our outstanding shares, by our management team and others was done in order that we do not further dilute our other shareholders while at the same time, allowing the Company to pursue our working capital requirements to grow our business and other opportunities as may become available. I believe that by each of us returning 25% of our shares show the long term confidence we have in becoming a successful participant in the multibillion markets of surgical and medical implants for spine and trauma procedures. The returned shares will be utilized through private placements and other means to purchase inventory that our distributors require for resale."
In addition Mr. Toland was quoted as saying, "As we continue to meet with hospitals, surgery centers, insurance companies and others, the response to our product line, quality and pricing, continues to open eyes throughout the industry. The cost savings our Company can bring to our customers, end users, and most importantly their patients, while maintaining or improving the quality of their health and healthcare is evident to all. We have completed additional product fairs in numerous locations and being able to get additional inventory in the marketplace is our next step in our business model to grow revenues."