NEWS RELEASE heres some of the news we were waiting for ---Subj: News Release
Date: 98-06-09 19:40:40 EDT
From: pyngmed@axionet.com (Pyng Medical Employee)
To: pyngmed@axionet.com ('pyngmed@axionet.com')
PYNG TECHNOLOGIES CORP.
PYT.V JUNE 10TH,1998
NEWS RELEASE
PYNG MEDICAL AND RURAL/METRO CORP. REACH AGREEMENT
Pyng Technologies Corp. is pleased to announce that subsidiary Pyng Medical Corp. and Rural/Metro Corporation of Scottsdale, Arizona have reached agreement on introduction of the F.A.S.T 1 System for Adult Intraosseous Infusion into one of America's leading Ambulance Services. Rural/Metro Corporation is one of America's largest and most advanced Ambulance Services with services in over 350 communities in America, Canada, and South America. With annual revenue of over $440,000,000.00, and over 9,000 employees Rural/Metro Corporation provide health and safety services to more than 12 million people throughout North and South America annually and respond to more than 1,500,000 calls for assistance annually.
The agreement, which also represents the first revenue stream for Pyng Medical Corp., calls for use of the F.A.S.T 1 System by Rural/Metro Corporations advanced life support paramedics in the pre-hospital environment subject to the following conditions
Pilot use at one selected site to be acted upon immediately.
Expansion of the study to include several (4 to 8) busy sites in geographically distinct areas (including San Diego, Orlando, and Phoenix) or as selected by Rural/Metro Corp. subject to regional board approval.
Wide-spread use and promotion of the F.A.S.T 1 System throughout the Rural/Metro Corporation sites following validation of the F.A.S.T 1 System in the above mentioned sites.
Pyng Medical Corp. will undertake the training of the first groups of users of the F.A.S.T 1 System and will train the trainers from the participating sites.
Rural/Metro Corporation and Arizona Heart Hospital will train subsequent groups of users and will provide input to Pyng Medical Corp. on improved development of the F.A.S.T 1 Training System.
Rural/Metro Corporation agrees to provide any required logistical and regulatory support needed to rapidly start studies and uses of the F.A.S.T 1 System throughout the Rural/Metro system.
Pyng Medical Corp. has agreed to sell Rural/Metro Corporation the F.A.S.T 1 product at a reduced rate, for the initial study phase only, at $50.00 U.S. On successful completion of the study Rural/Metro Corporation will purchase product at regular marketing costs less volume discount.
Pyng Medical Corp. is very pleased with this agreement with Rural/Metro Corporation as they advance the use of the F.A.S.T 1 System with one of North Americas largest and most progressive Ambulance Services
For further information please contact Michael W. Jacobs, President/CEO at 1800-349-7964 or visit our web site at www.pyng.com
The VSE has neither approved or reviewed the contents of this news release
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