Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: Jack Rayfield who wrote (6959)	2/17/2003 12:22:39 AM
From: Edward W. Richmond	Read Replies (2) \| Respond to of 8117

Jack, I will email this issue to Michael Jacobs and I will call him tomorrow. If he has documentation showing May 10, 2003, I will ask for a copy. Regards, Ed

To: Jack Rayfield who wrote (6959)	2/17/2003 1:48:50 PM
From: m. jacobs	Read Replies (2) \| Respond to of 8117

February 22nd, 2002 Trading Symbol: PYT.V Nasdaq OTC - PYNGF PYNG TECHNOLOGIES CORP. HOLDS ITS 2002 ANNUAL SHAREHOLDERS’ MEETING VANCOUVER, BC – Mr. Terence Turner, director of Pyng Technologies Corp. (“Pyng”), 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 earnout 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 and 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.