Dr Johnson,
Since you are around, would you be nice enough to clarify the following post (said post being mine).
I'm sure the clarification will be appreciated by all.
While trying to decipher PYT's corporate structure, we ran into some 'murky waters'.
Please correct me if I'm wrong in implying the following:
PYNG Technologies Inc was incorporated in 1987 under provincial law.
PYNG Technologies Inc became PYNG Technologies Corp when it became a reporting issuer (initial public offering done in May, 1988 which corresponds to the 88/05/16 mentioned in the Dun & Bradstreet report included below).
PYNG Technologies Corp (PYT), being the parent company, has 2 subsidiaries.
Canadian Custom Profiles Ltd and Pyng medical (90%, the other 10% being held by BPI).
Now, if PYNG Technologies Inc is PYNG Technologies Corp then why doesn't the following report (which was last updated on 98/12/01) mention Pyng medical as being one of Pyng Technologies Inc's subsidiairies.
The following is the Dun & Bradstreet summary mentioned above:
1) PYNG Technologies Corp [which is the parent company trading on the VSE]
Business Name: Pyng Technologies Corp
D&B D-U-N-S® Number: 25-646-9586
Address: 7983 Progress Way
City: DELTA
State/Province: British Columbia
Country: CANADA
Zip/Post Code: V4G 1A3
Telephone: 6049469655
Fax Number: 6049467635
Operating Status: Active
Executive(s): Michael Jacobs, President
Industry Sector(s): 3841 - Surgical and medical instruments
Year Started: 1988
Total Employees: 7
Annual Sales (US$ 000): 372
Annual Sales (Local Currency 530 000)
Business Structure: This is a SINGLE Location
----------------------------------------------------------------------
2) PYNG Technologies Inc.
Same address as the above:
a) was last updated by D&B on 98/12/01,
b) D&B # 24-725-1390 .......... SIC# 6711 2821
c) public company registered BC law on 88/05/16
d) Employees = 2
e) Subsidiary = Canadian Custom Profiles Ltd of Delta, BC
f) Headquarters location
g) Operation = holding company
********************************************************************************
The reason why I am asking the following is that without Pyng Medical, Pyng Technologies Corp is almost as good as an empty shell. That brings us to the patents held by Pyng Medical.
As noted on Pyng's web site, Pyng Medical Corp. was formed on December 2, 1992 as a B.C. based biomedical joint venture partnership to secure the Worldwide License Agreement of the Board of Regents of the University of California to the Intraosseous Infusion technology and relevant patents. This License was obtained on September 1,1993. Since then Pyng has received its own stand-alone patent for its unique technology and has developed the F.A.S.T.1TM, First Access for Shock and Trauma, the world's first adult intraosseous infusion system.
Therefore, am I correct in assuming that Pyng Medical Corp (after having conducted further work) is the sole owner of the following stand alone patents (my take on the above excerpt)? Or is there an agreement between the UoC and Pyng Tech permitting the latter to market and sell devices developed by their "joint venture"?
I have not heard of anything in this regard and am of the opinion, after having done my DD, that Pyng Medical is the sole owner of said patents and that Pyng Medical is 90% held by Pyng Tech Corp and 10% held by BPI.
In short, I just want to make sure that Pyng Tech Corp will not be paying royalties to any third parties, such as U of C
Device : F.A.S.T. 1 Intaosseous Infusion System
Initial Patent (5/17/94)
patents.uspto.gov
Additional Patent Protection (10/6/98)*****
patents.uspto.gov.
* Pyng medical received vital additional patent protection from the US Patent Office for the FAST 1 Intraosseous Infusion System. The coverage is in addition to patents and trademarks already owned by Pyng Medical on Intraosseous Infusion.
Thank you for your patience and your time!
Kind Regards
Ari |
