WEST PALM BEACH, Fla.,
Sept. 24, 2012 /PRNewswire/ --
SurgLine International Inc. ("SurgLine") (SGLN.PK) is
providing this update regarding trading in the company's
securities.
SurgLine International, Inc. was named in an Order of Suspension
of Trading (the "Order") dated September 17,
2012 from the US Securities and Exchange Commission (the
"SEC"). Pursuant to the Order, trading in the Company's
securities is suspended from September 17,
2012 through September 28,
2012. According to the Order, the SEC states, that it
appears that there is a lack of current and accurate information
and questions have arisen concerning the adequacy and accuracy of
press releases and public filings concerning the Company's
operations.
Upon receipt of the Order, the company immediately began an
action plan to remedy the situation.
The Company has been in contact with the SEC and pursuant to
those communications the Company is cooperating with the SEC and
will be voluntarily producing documents in support of all
statements under inquiry, in our public filings, press releases and
agreements, if any.
The Company is working with broker dealer(s) that upon the
automatic lifting of the suspension will be filing the necessary
Form 15c2-11 with the Financial Industry Regulatory Agency
("FINRA"). Once approved by FINRA, the Company would be able
to resume trading on the Over the Counter Quotation Board
("OTCQB"). It is important to note, that while there are no
mandatory time responses from FINRA, the Company will work
diligently with FINRA in processing the appropriate forms and any
questions that may arise during the process.
Until we receive FINRA approval, the Company's stock will trade
on the Grey Market. On the Grey market, there are no broker-dealers
quoting the security. The security is not listed, traded or quoted
on any U.S. stock exchange or the OTC Markets. Trades in grey
market stocks are reported by broker-dealers to their Self
Regulatory Organization (SRO) and the SRO distributes the trade
data to market data vendors and financial websites so investors can
track price and volume. Since grey market securities are not traded
or quoted on an exchange or interdealer quotation system,
investor's bids and offers are not collected in a central spot so
market transparency is diminished and Best Execution of orders is
difficult.
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 wholly
owns SurgLine. 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.
For Further Information Contact:
Thomas Toland
949-698-8485
SOURCE SurgLine International Inc.