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

To: Stang who wrote (6827)	9/10/2002 4:24:49 PM
From: LOR	Read Replies (1) \| Respond to of 8117

BRAVO PYNG....Now, WHERE are the orders????? "This is a significant milestone for Pyng Medical Corporation. The granting of the CE Marking for the F.A.S.T.1 System allows entry of the F.A.S.T.1 system and related products into the European Union. These Internationally recognized standards, the CE Marking and registered conformity to ISO standards for medical device design and manufacture, combined with our FDA approval in the United States, will provide Pyng Medical with clear access to every major growth market for the F.A.S.T. 1 System around the world." WOW....I'M IMPRESSED......EXCEPT if they can't get sizeable orders in Canada and the U.S. of A. how the heck are they going to storm Europe???? LOR

To: Stang who wrote (6827)	9/13/2002 12:52:36 AM
From: Stang	Read Replies (2) \| Respond to of 8117

PYNG TECHNOLOGIES CORP. June 30, 2002 Schedule C: Management Discussion PYNG TECHNOLOGIES CORP. Unit #7 – 13511 Crestwood Place, Richmond B.C. V6V 2E9, Canada Fax 604 303-7964 Phone 604 303-7987 Website: pyng.com E-mail: pyngmed@axionet.com TSX Venture—PYT – OTCBB- PYNGF QUARTERLY REPORT ENDING June 30 TH , 2002 Dear Shareholder, This report will outline Pyng Technologies Corp. and Pyng Medical Corp. We will endeavor to cover all aspects of operations and financial reporting. The financials are attached and have been prepared by Jung and Lee, our auditors. Comparisons are also attached to the financials This Report covers primarily all operations at Pyng Medical Corp the operating subsidiary that is now producing the F.A.S.T.1. 1 System for Adult Intraosseous Infusion and is the primary source of income for the Company. Pyng Medical Corp. Sales for the nine months of this fiscal quarter were $467,849.00 providing average sales per month of $51,983.00. This is indicative of a trend upwards as compared to last year when sales were $294,138.00 for the same period with average monthly sales for 2001 in this time frame were $32,682. Sales for this nine month period where, in fact some 60 percent higher than the corresponding period in 2001. Military sales have contributed about 20 perecent of this volume and we are confident that that will continue to rise. The Costs of Sales for the period ending June 30, 2002 were $196,458.00.00 providing a Gross Margin of $271,301.00. Gain on Settlement of payables and Interest earned added $107,527.00 bringing the Gross Margin to $378,768.00 prior to expenditures and costs associated with operations and administration.. Total expenditures for the quarter for both Pyng Technologies and Pyng Medical Corp. were $279,855.00 The combined net loss for both Pyng Technologies and Pyng Medical during this nine month period was $$364,404.00 compared to $795,420.00 during the fiscal period March 30 th , 2001. This represents earnings per share loss of .034 compared to .074 for the same period in fiscal 2001. We are seeing a trend in increased sales but have yet to reach the break even point which we projected would be in this current year. We are making large internal costs cutting measures to offset costs and continue to persue increased sales through our distribution network. While cash flow increase in this quarter ongoing expenditures drew down our available cash. We have publicly announced our desire to raise more capital and or enter into an agreement with a strategic partner which could provide the necessary finacing as well as marketing capabilities which are the weak area for Pyng Medical Corp. Amortization and Depreciation for this period was $71,429.99 . Cash and term deposits and accounts receivable at the end of this period were $252,906 .00 with Inventory and prepaid totaling $203,455.00 Total liabilities including long-term loans payable of $192,270.00 were $416,529.00 down from $619,000 in comparable 2001.. Expenses for the period less amortization and depreciation were $703,008.00. Accounts payable are primarily made up of Accounting, Legal, and other expenses that are associated with Pyng Technologies Corp. as a public company. See Attached financials for full details. Other Business To date we have not signed nor have any involvement with third party investor relation’s contracts. Legal proceedings: In late December Pyng Technologies became aware of a nuisance lawsuit self filed by a former employee. The bases of this suit are for claimed wrongful dismissal. It is interesting to note this self-filed claim was made some seven years after the employee no longer worked for the company. We consider the lawsuit to be spurious at best and the claimant has made no formal claim. All regulatory filings for British Columbia, Alberta, and the US Securities Commission have been filed. Pyng Medical Corp. has arranged for a line of credit with the Richmond Savings Credit Union totaling $400,000 that can be drawn on at any time. $200,000 of this line of credit is for capital equipment needs and $200,000 for operating needs. BPI Industries, the minority shareholder in Pyng Medical Corp., has a commitment to pay 10.99 percent of the expenditures for the fiscal period October 1 st 2000 to September 30 th 2001 BPI Industries portion is $99,938.00 Failure to make this payment will reduce the share holdings of BPI into Pyng Medical Corp. by the appropriate amount and increase Pyng Technologies Corp. holdings in Pyng Medical Corp. BPI had not made payments to date for fiscal 2001 and it is our intention to reduce their shareholdings. BPI has indicated through a public notice that it will not make its payments for fiscal 2001 and there is no indication that they will make them for 2002 either. Pyng Medical Corp. and Pyng Technologies Corp. will move to dilute the interest of BPI for failure to make these payments and therefore will increase its position. The full extent of the dilution will be made after the September 20002 year end. It is however expected to exceed 50 percent of the existing BPI holdings in Pyng Medical Corp. There have been no management changes during this quarter Full accounting details are attached and Jung details notes to the financials and Lee chartered accountants. Management has been and continues to implement strong costs control measures. While expenditures in administration, production, and engineering are being closely watched for potential reductions. While we are looking at and acting upon ways to decrease costs there is a definitive need to increase expenditures in marketing. In order to do this we need to raise capital and it should be noted that the stock price has diminished substantially over the last nine months, which appears to be the case in most all small cap stocks. Raising capital at this low price will inevitably require dilution. The task is to penetrate the market place more effectively through our expanding distribution network and through increase target market advertising and presents. Increased media advertising, conference presence, distribution channels, and educational forums will contribute to continue increased sales however they will also add to costs and until such time as the capital is available we will have to curtail these actions to meet our most basic need. One again we thank the shareholders for their support. On behalf of the Board. Michael W. Jacobs, Chairman / Founder sedar.com Sep 12 2002 Interim financial statements - English PDF 39 K sedar.com Stang