This is the form of material change report required under section 67(1) of the
Securities Act.
FORM 27
Securities Act
MATERIAL CHANGE REPORT UNDER SECTION 67(1) OF THE ACT
Item 1. Reporting Issuer
PYNG TECHNOLOGIES CORP
c/o Michael Jacobs
7983 Progress Way
Delta, British Columbia, V4G 1A3
Telephone: (604) 946-1136
Item 2. Date of Material Change
March 2, 1998
Item 3. Press Release
March 2, 1998
Item 4. Summary of Material Change
Pyng Technologies' subsidiary, Pyng Medical Corp, has received from
National Defence Headquarters, a NATO Commercial and Government
Entity (NCAGE), code number 3AM69. This number allows all NATO
members access to the FAST 1 intraosseous infusion system designed by
Pyng Medical Corp.
Item 5. Full Description of Material Change
Mr. Michael Jacobs reports Pyng Technologies' subsidiary, Pyng
Medical Corp. has received from National Defence Headquarters, a
NATO Commercial and Government Entity (NCAGE), code number
3AM69.
The code number 3AM69 has been assigned in favour of Pyng Medical
Corp from the Directorate of Cataloguing which allows all NATO
members to access the FAST 1 system for intraosseous infusion through
the NATO cataloguing system. This NATO number follows the recently
announced National Stocking Number from the US Military Central
Defense Supply Centre (No. 6516-01-453-0960). The FAST 1 developed
by Pyng Medical Corp is the only FDA approved intraosseous infusion
system for sternal access in adults. The system allows vascular access
to be achieved within 90 seconds of delivery of drugs or life saving
fluids when conventional methods fail or are not available due to shock
and trauma. Pyng Medical Corp has worked extensively with the US
Military and has received ethical approval for field trials on the FAST
1 System in both Canada and the US. Pyng Medical Corp staff members
are currently preparing to travel to Baltimore, Maryland to train
emergency physicians and nurses at the University of Maryland Medical
Centre. XXX Training on the Fast 1 system has already been completed at
St. Paul's Hospital in Vancouver and at Royal Columbian Hospital in New
Westminster, B.C. with initial production units delivered for use. XXX
Pyng Medical Corp is 90% owned by senior board listed Pyng
Technologies and 10% by BPI Industries, both listed on the VSE.
Item 8. Senior Officers
The following senior officer of the Issuer is knowledgeable about the
material change and may be contacted by the Commission at the address
and telephone number:
Michael Jacobs, Director and President
7983 Progress Way
Delta, British Columbia
V4G 1A3
Telephone: (604) 946-1136
I found this report under the SEDAR documents for PYNG. It gives me some concerns.
Firstly, I cannot find any press release for this date, March 2. This seems to be a compilation of several press releases we have seen about that time..
I am concerned about the statement I have enclosed with XXX. This appears to state that production devices have been delivered to these medical institutions and are ready and approved for general use.
How come they haven't been used or if they have, what was the reaction/result? It is not feasible that they have not received trauma victims in the last 3-4 weeks, is it?
If the company has a production capacity, how big is it and are they ready now for orders?
I am really confused by these submissions to SEDAR by PYNG. Like many others here, I firmly believe the future of this company now rests in production and financing either of which can easily mess up an emerging company quickly.
Do they now have a production capacity and, if so, what capacity?
George, maybe you can get answers. |
