Pyng Medical Reports Double Digit Record Sales Growth for Four Years in a Row
RICHMOND, BC, Oct 11, 2005 (MARKET WIRE via COMTEX) --
Pyng Medical Corp. (TSX-V: PYT) (OTC: PYNGF) is pleased to announce that the F.A.S.T.1 System medical device sales continued their double digit growth for fiscal 2005 with the company's projections having been met and record sales set for Fiscal 2005 ending September 30th, 2005.
Fiscal 2005 sales climbed 48% to a record $2,802,241 (2004 - $1,928,000). The fourth quarter added $844,527 in sales ($674,000 in 2004) to continue the strong overall upward momentum.
Sales of the F.A.S.T.1 System continue to climb at a rapid rate, year over year, since the F.A.S.T.1 System was first introduced. This current report represents 4 straight years where Pyng Medical has reported double digit growth since the company first reported sales from its F.A.S.T.1 System, in fiscal 2001.
Annual sales trends are indicative of the strong and sustainable growth that is occurring with the world's only automatic depth controlled sternal I/O system, the F.A.S.T.1. Pyng Medical continues to increase sales an average of 60% per year since inception.
Increases in Military purchases in North America and Europe coupled with strong performance in the civilian section saw in excess of 20,000 F.A.S.T.1 Systems for Adult Intraosseous Infusion delivered to the marketplace from our ISO Certified and FDA approved manufacturing facility. Product prices increases in Q2 also contributed to a strong fiscal performance. The product mix in civilian markets compared to military was estimated at 55% civilian and 45% Military.
Continued growth is anticipated for fiscal 2006 as more civilian emergency medical sites and military medics utilize the F.A.S.T.1 System to saves lives in both trauma and cardiac emergency circumstances. Results from independent medical research is also proving the effectiveness of intra-osseous (IO) infusion and increasing our product acceptance.
Pyng Medical Corp. will build on our established presence in North America and Europe and move to rapidly enhance our distribution channels globally and we are poised to set new records again for fiscal 2006.
For further information please contact Pyng Medical Corp. at 1-604-303-7964 or visit our web site at www.pyng.com
Michael W. Jacobs, Chairman, Pyng Medical Corp.
The TSX Venture Exchange has neither approved nor reviewed the contents of this news release.
Safe Harbour Statement; Forward-Looking Statements: This release may contain forward-looking statements.
Based on management's expectations, estimates and projections. All statements that address expectations or projections about the future, including statements about the Company's strategy for growth, product development, market position, expected expenditures and financial results are forward looking statements. Some of the forward looking statements may be identified by words like "expects," "anticipates," "plans," "intends," "projects," "indicates," and similar expressions. These statements are not guarantees of future performance and involve a number of risks, uncertainties and assumptions. Many factors, including those discussed more fully elsewhere in this release and in documents which may be filed with the British Columbia Securities Commission, the Alberta Securities Commission, the Ontario Securities Commission, the TSX Venture Exchange, as well as other Commissions, could cause results to differ materially from those stated. These factors include, but are not limited to changes in the laws, regulations, policies and economic conditions, including inflation, interest and foreign currency exchange rates, of countries in which the Company does business; competitive pressures; successful integration of structural changes, including restructuring plans, acquisitions, divestitures and alliances; cost of raw material, research and development of new products, including regulatory approval and market acceptance; and seasonality of sales in some products. |
