Solos taps new CFO

May 21, 2010 by MassDevice staff

Solos Endoscopy Inc. taps Fred Schiemann to be its new CFO and board member.

Solos Endoscopy logo

Solos Endoscopy Inc. (OTC:SNDY) tapped Fred Schiemann to be its new CFO and board member.

Schiemann was CFO of Xtreme Oil & Gas Inc. and "several" other corporations, according to a press release, and is treasurer of Biz2Biz.com.

The Boston, Mass.-based endoscopic instruments and imaging equipment maker's move is likely aimed at righting its fiscal ship, which has weathered some storms of late. Solos Endoscopy's sales slipped 2 percent and net losses soared 338 percent to $2.3 million in the year ending Dec. 31, 2009. The company failed to meet its sales forecast and posted vastly wider net losses as it issued the long-delayed results in April.

"As we move forward with a strategy for continued growth, it is imperative that we bring a top-level executive on board to assure Solos' financial health," president Bob Segersten said in prepared remarks.

In April Solos completed the first phase of its quality management systems initiative, moving it one step closer to being able to win CE Mark approval in the European Union.

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