VANCOUVER, B.C., May 30, 2002 (PRIMEZONE) -- Pyng Technologies Corp. (OTCBB:PYNGF) (CDNX:PYT) and subsidiary Pyng Medical Corp. are pleased to provide the following information.
Pyng Medical Corp. has successfully negotiated a contract with the U.S. Department of Veterans Affairs. A Worldwide Federal Supply Schedule Contract has been assigned under No. V797P-4335a, the contract is effective June 1st, 2002 through May 31st, 2007.
This contract will enable Pyng Medical Corp. to market and sell directly the F.A.S.T.1 System for Adult Intraosseous Infusion to all the medical facilities of the Department of Veterans Affairs worldwide. It will also facilitate purchases through the Department of Defense. Marketing to these organizations is effectively provided through the ECAT System and the DOD EMALL Web sites. Pyng Medical Corp. will be going online with these systems as soon as possible. Direct contact points within the V.A. Administration are also provided through the V.A. Contract.
The Department of Veterans Affairs health care system has grown to 163 hospitals, with at least one in each of the 48 contiguous states, Puerto Rico and the District of Columbia. VA operates more than 800 ambulatory care and community-based outpatient clinics, 135 nursing homes, 43 domiciliary and 73 comprehensive home-care programs. VA health care facilities provide a broad spectrum of medical, surgical and rehabilitative care.
More than 3.8 million people received care in VA health care facilities in 2000. VA treated about 585,000 patients in VA hospitals and contract hospitals, 84,000 in nursing homes and 49,000 in domiciliary. VA's outpatient clinics registered approximately 38.4 million visits.
VA manages the largest medical education and health professions training program in the United States. VA facilities are affiliated with 107 medical schools and more than 1,200 other schools across the country. Each year, about 85,000 health professionals are trained in VA medical centers. More than half of the physicians practicing in the United States have had part of their professional education in the VA health care system.
Michael W. Jacobs President, Pyng Technologies Corp.
The Toronto 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.