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

To: Edward W. Richmond who wrote (6712)	4/24/2002 10:50:51 PM
From: PeteK	Read Replies (1) \| Respond to of 8117

Pyng arranges $385,000 financing Pyng Technologies Corp PYT Shares issued 10,535,478 Apr 23 close $0.49 Wed 24 Apr 2002 News Release Mr. Michael Jacobs reports Pyng Technologies intends to raise up to $385,000 by issuing, on a private placement basis, up to 855,555 units at a price of 45 cents per unit. Each unit will comprise one common share in the capital of the company and one non-transferable common share purchase warrant. One common share purchase warrant is exercisable to purchase an additional share at a price of 55 cents for a two-year period from the date of issuance. The net proceeds from the placement will be used as follows: hire a marketing/sales director and a training co-ordinator; continue a comprehensive marketing and sales strategy in North America; initiate co-operative studies on the F.A.S.T.1 system in key target market EMS services throughout North America; provide direct sales and technical assistance to distributor sales personnel and the EMS industry at large; enhance the manufacturing processes, purchase specialized tooling for the manufacture of the component parts of the F.A.S.T.1 system; complete all regulatory approval processes in the next targeted markets, Europe, Asia, Australasia and other areas; and expand market opportunities for the F.A.S.T.1 intraosseous infusion technology by completing the development of derivative products. Completion of the private placement is subject to all necessary regulatory approvals. WARNING: The company relies upon litigation protection for "forward-looking" statements. (c) Copyright 2002 Canjex Publishing Ltd. stockwatch.com