VANCOUVER, B.C. March 18, 2003 (PRIMEZONE) Mr. Michael W. Jacobs, President of Pyng Technologies Corp. ("Pyng") (TSX Venture Exchange:PYT) (OTCBB:PYNGF) is pleased to announce that at the Annual General Meeting of the shareholders of Pyng held Monday, March 17, 2003, the shareholders elected Michael W. Jacobs, Richard A. Clinchy, III, David P. Currier, David L. Johnson, Kevin O'Neill and Dr. Charles V. Pollack, Jr. as directors of Pyng for the ensuing year. Each of these directors brings considerable business experience in the development and/or use, distribution, and marketing of medical devices and in particular, Pyng's life-saving medical device, the F.A.S.T. 1 System. Officers for the ensuing year have not yet been decided upon by the Board and an announcement in that respect will be made as soon as a decision is made.
At the Annual General Meeting, the shareholders also approved by special resolution an alteration of Pyng's Articles permitting the directors to appoint, between Annual General Meetings, one or more additional directors, provided that the number of directors so appointed does not exceed one-third of the number of directors elected or appointed at the previous annual general meeting. The proposed amalgamation between Pyng and its wholly owned subsidiary Pyng Medical Corp. was also approved by special resolution. The Directors will continue their cost-benefit analysis of completing the amalgamation and proceed with the amalgamation if to do so is in the best interest of the shareholders.
The shareholders also approved, on a disinterested shareholder basis, an ordinary resolution to the effect that the Escrow Agreement dated for reference July 15, 1992 (as amended by agreement dated February 20, 1998) among CIBC Mellon Trust Company (the "Escrow Agent"), Pyng, Michael W. Jacobs and Susan Winkler (the "Escrow Agreement") be amended by extending the date by which the shares that are subject to the Escrow Agreement are to be cancelled, from May 10, 2003 to May 10, 2008. At the directors meeting subsequent to the shareholders' meeting, the Board, on a disinterested basis, approved the Amending Agreement, having now been approved by the shareholders and authorized the filing with the TSX Venture Exchange for its consent to the extension.
As previously advised, Pyng was advised by the TSX Venture Exchange in February, 2002 that it had no objection to this amendment to the Escrow Agreement provided that the shareholders of Pyng approved it on a disinterested shareholder basis. Representatives of Pyng stated at the Meeting that it was Pyng's intention to begin a new era of corporate governance. The Board will improve on shareholder communications and financial reporting, arrange for more frequent Board meetings and maintain a significant level of Board representation that is independent of management. The Board will also focus on ensuring corporate integrity, transparency of all corporate activities and ultimately, enhancement of shareholder value.
For further information, please contact Michael W. Jacobs at 604-303-7964 or visit our web site at www.pyng.com.
ON BEHALF OF THE BOARD OF DIRECTORS, Michael W. Jacobs, President.
The Canadian Venture Exchange has neither reviewed nor approved of the contents of this news release. Safe Harbor Statement: This release may contain certain forward-looking statements including without limitation, projections, assumptions, expectations, product development objectives, commercial introduction, and potential advantages of the F.A.S.T. 1 System. Actual events or results may differ from the Company's expectations as a result of risk factors discussed in Pyng Technologies Corp. reports on file with the U.S. Securities and Exchange Commission, including, but not limited to, the Company's report on Form 20F for the year ended September 30, 2002.