Pyng Technologies Corp -
Pyng signs production contract with Comptec
Pyng Technologies Corp PYT
Shares issued 9,788,905 1999-09-07 close $1.45
Wednesday Sep 8 1999
Mr. Michael Jacobs reports
Pyng Technologies' subsidiary Pyng Medical Corp. has, effective Sept. 7, 1999, entered into a contract with Comptec International Ltd. to expedite the process of mass production on the F.A.S.T. 1 System for adult intraosseous infusion. The three-phase contract calls for Comptec to provide the following services. Work on Phase 1 of this contract, worth over $100,000, will start immediately.
Phase 1 -- plastic component design development for injection moulding, ease of assembly, flow mould analysis, and end-product functionality to the requirements of Pyng Medical Corp. Each plastic component will be developed to the level of detailed and dimensioned professional engineer data files that will be used for the design of injection moulding tooling. The final designs are to be validated for overall function and performance by Pyng. Pyng Medical engineering staff will be fully active in this phase.
Phase 2 -- design and build of injection moulding tools. Production level tooling will be designed and built to produce the components as designed in phase one. Tooling design, materials, and construction will support a minimum production life of 300,000 units. Comptec will support and maintain the tooling. Pyng Medical will be the owner of all tooling developed under this contract.
Phase 3 -- production of all injection moulded components as tooled in Phase 2 of contract. All F.A.S.T. 1 components will be manufactured under a detailed control plan which will cover the total process from resin/raw materials specification, manufacturing process(es), and process and product verification procedures. This control plan, which will be fully compliant to ISO 9001, will be the reference for all production runs of the F.A.S.T. 1 System within Comptec International Ltd. and Pyng Medical Corp. quality assurance systems. Comptec is a registered ISO 9001 company.
Pyng Medical, after a rigorous review of several qualified companies, has made Comptec its choice. Comptec is a company with the skills to define both the needs and the solutions, a company with the engineering expertise to oversee the entire process, from part design, tool and mould making, parts handling systems to assembly lines and automation. The added benefit to Pyng Medical is that Comptec has its head office and main manufacturing facility in Surrey, B.C., and is very convenient to Pyng Medical staff as the company enters this important production phase on the F.A.S.T. 1 System. Comptec also has facilities in Custer, Wash., and Montauban, France.
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