SurgLine International, Inc. Signs Three Year Agreement To Provide Rural California Area Patients With Its Orthopedic Spinal Implant Product, Parties Project $4 Million In Revenues Over Life Of Agreement
WEST PALM BEACH, Fla., May 16, 2012 /PRNewswire/ -- SurgLine International, Inc. (OTC/QB: SGLN.PK)
Thomas Toland, CEO of SGLN and SurgLine, Inc. ("SurgLine") announced today that the Company has signed an agreement that will allow it to offer its low cost surgical implants products to Castlegate Holdings, LLC., ("Castlegate"). Castlegate provides product, product financing and AR management to rural hospitals, ambulatory surgical centers, and orthopedic and neurosurgical groups. Castlegate projects that it will utilize SurgLine's products for approximately twenty (20) surgical spine cases per month. The agreement has a three year term and the parties estimate monthly sales to begin at $100,000 per month.
"We are pleased to announce today this agreement with Castlegate and to work with them in servicing patients in rural communities throughout California," Mr. Toland stated. "Our core strategy is to bring our top quality spine product to markets that previously had been paying for more expensive products and replace those high cost products with our high quality, lower cost alternative. As we plan to expand our product line during the Agreement, the parties expect to increase monthly surgeries and the related revenues therein."
"Our provider clients are focused on ways to continue to provide and deliver the best quality care and products, but they are also trying to reduce cost by sourcing and using "best of breed" products with the most competitive pricing, and we think SurgLine is an excellent fit for this solution," stated Brad Hoffman, Managing Director of Castlegate Holdings.
About SurgLine, Inc.
SurgLine (www.surgline.com) sources and distributes high quality FDA approved medical and surgical products at discount prices, thereby reducing or eliminating the historical brand premium paid by healthcare providers including acute care hospitals, surgery centers, surgical hospital, self-insured employers and insurance companies. SurgLine offers high quality medical and surgical supplies and products at substantial savings utilizing stocking distributors and institutional buyers by sourcing products globally without the historical brand premium and industry markup.
About SurgLine International, Inc.
SurgLine International, Inc. is a holding company that in addition to SurgLine, wholly owns Nuvo Solar Energy, Inc., a development stage company that owns unique patent pending solar and photovoltaic related technology. The Company is also seeking other business opportunities.
This press release may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements are based on the Company's current expectations as to future events. However, the forward-looking events and circumstances discussed in this press release might not occur, and actual results could differ materially from those anticipated or implied in the forward-looking statements.
About Castlegate Holdings, LLC
Castlegate provides product, financing and AR management to hospitals, ambulatory surgical centers, and orthopedic and neuro surgical groups.
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