PRESS RELEASE
News Release: Pyng Medical Corp. January 10th, 2005
Pyng Medical Reports Record 2004 Results
PYT.-CDNX- PYNGF –OTT-BB
A previous news release issued January 10th had typographic errors and has been corrected:
Pyng Medical Corp. (Formerly Pyng Technologies Corp.) is pleased to announce record sales of $1,928,484 for the fiscal year ending September 30th, 2004, an increase of 67% over 2003 sales of $1,154,762. Cost of sales was $764,386 providing a gross margin of $1,164,098 or 60%. Operating cash flows from manufacturing activities of $36,057 were generated, and EBITDA (Earnings before Interest, Taxes, Depreciation and Amortization) were $70,657.
These results can be attributed to continued growth in USA sales, both military and civilian, and continued operational efficiencies being achieved in the PMC Richmond, BC production facility. Now that Pyng Medical Corp. is providing positive cash flow we will be able to make further investments to increase sales and profits of our flagship product the F.A.S.T1TM and also embark on a strategy of bringing new products to the market, either alone or .through acquisitions.
For the Board of Directors
Michael W. Jacobs,
CEO, Pyng Medical Corp.
For further information contact Mr. Michael Jacobs at info@pyng.com or by telephone at (604) 303-7964 x 108.
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, 2003.
Sheryl de Koning
Office Manager
Pyng Medical Corporation
800-349-7964 x107
sdekoning@pyng.com
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