Well Scott you lost alot of credibility with me!! Here is the News Release. He who panic's is lost
Pyng Technologies Corp
PYT
Shares issued 7677856
1998-03-13 close $5.85
Monday Mar 16 1998
Mr Michael Jacobs reports
The company wishes to address several media rumours concerning the company
and the FAST 1 system. These rumours have been brought to the company's
attention by the VSE.
First, it was rumoured that the FAST 1 system will be featured on an
undetermined NBC television program. This rumour has been circulating on the
Internet and the company has no knowledge either of its source or its truthfulness.
Secondly, a rumour concerning a feature article to appear in Bloomberg is
apparently also circulating. Mr Jacobs was interviewed by the Bloomberg news
service in late February. Any publication concerning this interview by Bloomberg
is not a matter within the control of the company.
Mr Jacobs also reports
The FAST 1 Adult Intraosseous Infusion System has received formal recognition
from the FDS's Office of Device Evaluation in its annual report for the fiscal year
1997 as a significant medical breakthrough.
Thirty-five devices have been recognized by the ODE in several categories out of
20,000 submissions received and reviewed. The ODE recognizes these devices,
including the FAST 1 as "significant medical breakthroughs because they are first
of a kind, eg, they use a new technology or energy source, or they provide a
major diagnostic or therapeutic advancement, such as reducing hospital stays,
replacing the need for surgical intervention and reducing the time needed for
diagnostic determination." The FAST 1 is the world's first adult intraosseous
infusion system approved by the US FDA.
Pyng has just been advised by the FDS Office of Device Evaluation that its annual
report is available on the Internet at the FDA website (www.fda.gov/cdrh).
Mr Jacobs also reports
The FAST 1 Intraosseous Infusion System produced by the company's
subsidiary, Pyng Medical Corp, has been successfully used on a conscious, live
human subject.
The FAST 1 was designed to achieve fast, reliable vascular access under
emergency conditions in the pre-hospital environment.
Pyng Medical recently completed training of emergency physicians at University of
Maryland Medical Centre. Following the training, Dr Tom Stair, research director,
the University of Maryland School of Medicine, decided he wanted to know what
the FAST 1 would feel like and volunteered to have it used on him.
Dr Stair and a colleague developed a fast (60 seconds) procedure for
anaesthetizing the skin over the sternal insertion site. This procedure is suitable for
use by some paramedics. Using this freezing procedure, the FAST 1 system was
used on Dr Stair. Fluids were rapidly infused into him. He experienced no pain. In
fact, Dr Stair reported that the procedure caused less pain than giving blood.
Daily follow-ups for the three days following the procedure showed no medical
complications.
Thanks to Dr Stair and colleagues, Pyng Medical has demonstrated that within 2.5
minutes or less, a paramedic can reliably and simply achieve vascular access in a
conscious patient. This discovery means market penetration will likely be greater
and faster than is predicted in the company's financial projections.
(c) Copyright 1997 Canjex Publishing Ltd. canada-stockwatch.com |
