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

To: Stang who wrote (6860)	12/31/2002 11:49:35 AM
From: Stang	Read Replies (3) \| Respond to of 8117

BPI Corporate Update [Thu, Nov 21, 2002] At the end of fiscal 2001, The Company owned a 10.99% interest in Pyng Medical Corp. through Unicorn Medical Systems (BC) Ltd. Pyng has developed and holds the patents to the, F.A.S.T.1, an FDA approved medical device. Pyng is now attempting to market the device through its distributor network. As of December 31, 2001, BPI had invested approximately $461,000 in this venture. To maintain its minority interest in Pyng, the Company must continue to fund its proportionate share of the annual operating expenses to maintain is current equity interest. As of the Pyng Medical fiscal year ended September 30, 2001, BPI’s requirement to maintain its ownership interest required a payment of $99,832.00. The Board of Directors agreed with Management’s recommendation not to make further investments in Pyng and authorized Management to try to negotiate a sale of the Company’s minority interest to the majority holder, Pyng Technologies Inc., a public company listed on TSE. Management was unable to reach an agreement with Pyng Technologies Inc. and did not make the required payment and the Company’s interest has been reduced to 8.99%. During the year ending July 31, 2002, the Company was written down the investment. bpi-industries.com Stang