BURNABY, B.C., Feb. 3, 2003 (PRIMEZONE) -- Pyng Medical Corp. (OTCBB:PYNGF) (TSX Venture Exchange:PYT) (a wholly owned subsidiary of Pyng Technologies Corp.) has been notified today by the U.S. Army Medical Department Center and School (AMEDD) that, effective immediately, the F.A.S.T.1 System for Adult Intraosseous Infusion will be added to three significant components in the U.S. Army's Medical Kit requirements. Written confirmation has been received from the U.S. Army Medical Department that the F.A.S.T.1 System would be added to three distinct areas of the U.S. Army's field kits. Inclusion of the F.A.S.T.1 System for Adult Intraosseous Infusion, designed, developed, and manufactured by Pyng Medical Corp. in Richmond, British Columbia, Canada, has been announced for the following:
The Combat Medics Bag (Military Code 2246) The Field Hospital Surgical Instrument and Medical Equipment Supply Set (Code 3246) The Ground Ambulance Medical Kits (Code 2256)
Procurement will be made utilizing Pyng Medical Corporation's assigned military stocking number N.S.N. 6515-01-453-0960. This represents a major milestone for Pyng Medical Corp. and it will, unquestionably, have a major impact on our future sales, production and growth.
Extensive interactions with AMEDD, led by Michael W. Jacobs, Chairman of Pyng Medical Corp., have now culminated in inclusion of the F.A.S.T. 1 in all of the field operation requirements where Combat Medics, Field Hospitals, and Ground Ambulances utilize medical kits. The logistics surrounding quantities, delivery, and schedules associated with these decisions will now be determined with two contact personnel in the U.S. Army at both Fort Sam Houston and Fort Detrick. Initial contact has already been made and we expect to have continuous follow up as we progress.
We have, over a significant time frame, continued to interact with the U.S. Army on the F.A.S.T.1 System and its potential for saving lives in a battlefield environment. These decisions signify the U.S. Army Medical Commands concurrence with this. The F.A.S.T.1 System will provide Combat Medics the ability to gain vascular access in shock and trauma patients in a quick, assured, safe, and reliable way in a battlefield environment. Pyng Medical Corp. has already seen acceptance for the F.A.S.T.1 in many areas of Special Operations for the U.S. Military. The F.A.S.T.1 System, now being utilized in over 500 civilian sites across America, provides emergency medical personnel the ability to gain vascular access in 60 seconds or less in shock and trauma patients.
For more information, please visit our web site 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.