VANCOUVER, B.C., Oct. 25, 2002 (PRIMEZONE) -- Pyng Technologies Corp. and subsidiary Pyng Medical Corp. are pleased to provide the following update:
As of September 30th, 2002, Pyng Medical Corp. had $600,000 of sales for the year which represents a 60 percent increase over last year. The sales have come from all sectors including the Military, civilian Emergency Medical Services and Hospitals. An initial order has been processed from our Veterans Affairs contract in September. Sales from the Military constitute about 20 percent of all sales and we anticipate that that will continue to grow along with other markets.
Sales in October to date are approaching $70,000. Our distributors have seen an increase in sales, and we are pleased that we will be adding MSS Ltd. in the Northwest Territories and Yukon to our list of distributors. Our recently announced approvals in International regulatory bodies including ISO 9001:1994, ISO 13485:1996, EN 46001:1996, Canadian Medical Device Regulations 1998 and Medical Device Directive 93/42/EEC Annex II for CE marking has the potential to generate sales in Europe as we seek out distribution channels there.
Pyng Technologies Corp. continues to seek out an appropriate partner in the F.A.S.T.1 project and we are prepared to adopt corporate and governance changes to accommodate a qualified partner that can provide both a capital injection and sales and marketing expertise on an International level. We also continue to seek new capital that is essential to enable us to expand, through a comprehensive marketing and sales plan. It is necessary to have the capital or the support of a strategic partner in order to achieve this plan. We are currently communicating with, as an ongoing process, some potential investment and/ or strategic partnership groups. Should this happen we will be seeking out shareholder approval for any transaction that might affect the company.
We are currently in the process of preparing for our year-end report for fiscal 2002 and we will be making announcements for all shareholders on dates, policy, governance and corporate changes that will be submitted in the Annual Report. We would ask that all shareholders make sure that they are on our mail out list for dissemination of information.
For 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 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.