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Gold/Mining/Energy : PYNG Technologies -- Ignore unavailable to you. Want to Upgrade?

To: Chris L. who wrote (4037)	6/26/1999 12:51:00 AM
From: Jack Rayfield	Read Replies (2) \| Respond to of 8117

Chris L. In general, I share your positive long term perspective on Pyng. I just wanted to provide a couple of minor corrections to the statements you presented. As March 31, 1999: Outstanding shares are------------ 9,921,922 Stock Options in the money------------17,000 (as of today) Stock Options out of the money-------635,900 (strike around 2.10) Warrants outstanding in the money----119,318 (1.01 strike) Warrants out of the money------------420,393 (1.96/2.26) Depending on how you define fully diluted shares they would be 10,058,240 (outstanding shares plus in the money options and warrants) or 11,114,533 (outstanding plus all options and warrants). I personally would use the 11MM number in any calculations performed. Because that is the amount that would be outstanding or in the money in the event of reasonable run up. As of 9/30/98 Mr. Jacobs beneficially owned or controlled 3,881,132 shares which is 39% of the outstanding shares. I am not sure if this number includes the 150K of stock options reported in the 9/30/98 statements (2.09 amended down from 4.97 original issue price). I disagree with the statement that the device is unproven. I have talked to several of the field test sites and all of them report that the device performed as advertised. All of them said it provided a sure method of access, flowrates within the perimeters advertised, access times averaging 60 sec as reported in the poster presentation. The only issue in my opinion that is left to determine is whether a substantial market exists for a device that provides sure access in 60 sec and good flowrates at a price of $98.50, if the protocol used is last resort when IV access can not be established in a reasonable time (this is the protocol that the sites I talked with in general stated was used in field trials). This is still a huge question in my mind. I personally believe that the protocols used will eventually expand to include usage after one IV attempt fails and as a first line alternative in time critical medical emergencies. If this comes to pass then there is no doubt in my mind the FAST 1 will be wildly sucessful and we will all be well rewarded for our patience. But there is no way to know this will come to pass and nothing I have seen or heard leads me to believe this will be the case in the near future (one year to eighteen months). I would love to hear Dr. Johnson's take on this and get an idea of what it will take to move the protocol in this direction. Obviously I think it can be done but I have no idea what it will take or the timeframe required. But the first step is finalizing the design and initiating mass production none of this means anything if the product is not available. I am really disappointed that the May 31 date reported by Ed the intended cutoff date for design changes has come and gone with no comment from Pyng as to why the design has not been finalized. It is particularly unfortunate that this was an open issue at the time of the Discovery Expo meetings.