BURNABY, B.C., Canada, Jan. 14, 2003 (PRIMEZONE) -- Pyng Technologies Corp. (TSX Venture Exchange:PYT) (OTCBB:PYNGF) is pleased to announce that subsidiary Pyng Medical Corp. has reached sales of over $247,800, the highest quarter ever, for Fiscal Year 2003-Q1 ending December 31st, 2002. This is a 72 percent increase over the previous quarter. The average monthly sales to-date for Fiscal Year 2003 now exceeds $82,600 per month, which is approximately 68 percent ahead of the average monthly sales for Fiscal Year 2002, which ended September 30th, 2002.
In October 2002 we passed another milestone, $1,000,000 in sales revenue since the F.A.S.T. 1 was introduced. We are ending this year with our month of highest sales, which was $137,000, a great way to end a year and to start the New Year. Military sales have been particularly strong over the last quarter. Effective January 10, 2003, we have already received $98,800 in new orders.
The F.A.S.T. 1 System for Adult Intraosseous Infusion has been adopted for use in over 500 different ground ambulance services, aero-medical emergency and transportation services, and military groups, including U.S. Special Forces and U.S. Marines, serving active duty since it was first introduced. The U.S. Coast Guard also has adopted the System in specific locations as have the medical services group at the Whitehouse. The F.A.S.T. 1 System is a disposable medical device, which is replaced after use by the sites utilizing the product. No doubt about it, the F.A.S.T.1 System is being used every day to save lives.
Plans are now underway for our AGM, which will be announced as soon as we have completed our agenda. The AGM is expected to be in March of 2003. Pyng continues to interact on a strategic partnership and to seek capital to expand its markets. These markets have now been enhanced with our quality approvals to ISO 9001, EN46001, ISO 13485 and a CE Mark for Europe.
To all shareholders of Pyng Technologies Corp. we hope you have a very Happy New Year.
For more information, please visit our website at www.pyng.com or call 604-303-7964 or 1-800-349-7964 or fax 604-303-7987.
On behalf of the Board,
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 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.