Blast from the Past...
----------------------
February 25, 2002 08:10
Pyng Technologies Corp.: 2002 Annual Shareholders' Meeting/Subsequent Events
Jump to first matched term
VANCOUVER, British Columbia--(BUSINESS WIRE)--Feb. 25, 2002--Mr. Terence Turner, director of Pyng Technologies Corp. ("Pyng") (CDNX:PYT) (OTCBB:PYNGF), announced today that at the annual meeting of the shareholders held on February 15, 2002, Michael W. Jacobs, Pawel Lukowski, Dr. Charles V. Pollack, Jr. and Terence Turner were re-elected as directors until the next annual general meeting. Jung & Lee, Chartered Accountants, were re-appointed as auditors.
The meeting had also been called for the purpose of considering a proposal to convert Pyng's 3,750,000 escrowed shares from an earn out formula basis to a time release formula basis as now permitted under the policies of the Canadian Venture Exchange. Mr. Michael Jacobs, President of Pyng Technologies Corp. ("Pyng"), in an earlier news release stated that he had been advised by his legal counsel that the form of proxy for use at the annual general meeting to be held on February 15, 2002, contained a clerical error with respect to the resolution on the matter of conversion of Pyng's escrow shares from a performance release basis to a time release basis, as now permitted (subject to disinterested shareholder approval) under CDNX policy. Pyng Technologies Corp. was also advised on February 11th, 2002 that the CDNX had approved, subject to majority of the minority vote, an extension of the performance-based escrow. This approval came after the proxy materials had already been disseminated and therefore could not be considered at that time.
It was decided at the meeting to adjourn and reconvene in approximately 30 days, to give sufficient time for the distribution to all shareholders of a proper form of proxy.
Subsequent to the meeting, Mr. Michael Jacobs, Pyng's President and Chief Executive Officer and the holder of 3,550,000 escrow shares, determined, through consultation with the Board members, Pyng Medical executives, and a representative from minority shareholders that the preference was to maintain performance based escrow.
Mr. Jacobs cannot vote on escrow issues but he has clearly indicated to Board members and representatives of minority shareholders that he would accept performance share continuance. Accordingly, he requested the Board that the matter be withdrawn entirely. The Board agreed, and the meeting has now been terminated.
Pyng Technologies Corp. also disclosed in the Annual Report to Shareholders that the company intends to raise capital.
The Company will consider the options that are available to it and we would welcome input from any existing shareholder. Methods for consideration would include Private Placements, A Rights Offering, Convertible Debentures, or alternatives that will enable the company to move forward with its revised business plan to expand our market penetration and volume production. We need to maintain a strong presence in the emergency medical field by increased exposure through trade shows and the media as well as increasing the awareness of the F.A.S.T.1 System with State, County, and local Emergency Medical Services so that we can further penetrate the market in the USA and other countries.
Further information on the company is available on our web site at www.pyng.com or you may contact our office at 1-800-349-7964 or in Canada at 1-604-303-7964.
On Behalf of the Board,
Terence B. Turner, Director.
Safe Harbour Statement: This release may contain certain forward-looking statements including without limitation, projections, assumptions, expectations, product development objectives, commercial introduction, and potential advantages of the F.A.S.T.1 System. Actual events or results may differ from the Company's expectations as a result of risk factors discussed in Pyng Technologies Corp. reports on the file with the U.S. Securities and Exchange Commission, including, but not limited to, the Company's report on Form 20F for the year ended September 30, 2001.
The Canadian Venture Exchange has neither reviewed nor approved of the contents of this news release.
CONTACT: Pyng Medical Corp.
Catherine Merryman, 604/303-7964 x 101
----------
Stang |
