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
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