VANCOUVER, British Columbia, April 15, 2002 (PRIMEZONE) -- Pyng Technologies Corp. (OTCBB:PYNGF) (CDNX:PYT) and subsidiary Pyng Medical Corp. are pleased to provide the following information.
On Friday, April 12, 2002 Stock watch reported that Pyng Medical Corp. had filed a lawsuit for the return of Pyng Medical Corp. production tooling from a former supplier. A Court Order to return tooling, which is owned by Pyng Medical Corp., was issued in order to mitigate the risk of delays in production caused by a protracted termination of the business relationship with the former supplier.
Pyng Medical Corp. has identified, qualified, and contracted with a new supplier for production of F.A.S.T. 1 System components and the tooling is now at their facilities for continued production of F.A.S.T.1 components.
There will be no effect on production as Pyng Medical Corp. has sufficient production components on hand and more component orders have been placed with our new supplier.
Pyng Medical Corp. actions were appropriate under the circumstances that were presented to us and while having to go to a court order was a necessary action in order not to delay production this issue is now resolved.
For information, please visit our Web site at www.pyng.com or call 604-303-7964 or 1-800-349-7964.
On behalf of the Board, Michael W. Jacobs, President, Pyng Technologies Corp.
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 the 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, 2001.