VANCOUVER, B.C., Jan. 13, 2003 (PRIMEZONE) -- Pyng Technologies Corp. (TSX Venture Exchange:PYT) (OTCBB:PYNGF) and BPI Industries Inc. (TSX Venture:BPR) (Pink Sheets:BPITF) have, today, entered into an agreement whereby Pyng Technologies Corp. has agreed to purchase and BPI Industries Inc. has agreed to sell all interest held by Unicorn Medical Systems Inc. (A wholly owned subsidiary of BPI Industries Inc.) in Pyng Medical Corp. Pyng Technologies Corp. owns approximately 92.4 percent of Pyng Medical Corp. and Unicorn Medical Systems Inc. owns approximately 7.6 percent, after giving effect to the dilution to Unicorn Medical Systems Inc. which had previously advised Pyng that it did not intend to pay for its pro rata share of research and development costs incurred in the last two fiscal years.
Pyng Technologies Corp. will issue 450,000 shares, valued at 26 cents per share, to acquire the interest in Pyng Medical Corp. not already owned by it. These shares will be subject to a 4-month statutory and exchange imposed resale restriction, and as well, BPI has agreed not to sell more than 25,000 shares per month, accumulative. The shares will be released in tranches, the first being 300,000 on receipt of regulatory approval and the balance in tranches of 75,000 each, in the next two twelve month periods after approval is received.
BPI Industries Inc. has agreed to deliver 1,799,840 shares in Pyng Medical Corp. a private corporation, which Unicorn Medical Systems Inc. (a wholly owned subsidiary of BPI Industries Inc.) acquired at 25 cents each. BPI Industries Inc. is concentrating all its efforts into the oil and gas business while Pyng Technologies Corp. through Pyng Medical Corp. has concentrated all its efforts into the development of the F.A.S.T. 1 System for Adult Intraosseous Infusion. Both companies have agreed that their mutual interest is best served by this agreement and recognize that the agreement is subject to the approval of the TSX Exchange.
Michael W. Jacobs, President Pyng Technologies Corp.
Keith A. Ebert, Vice President, Corporate Development BPI Industries Inc.
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 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.