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

To: esxtarus who wrote (7273)	9/1/2003 10:29:36 AM
From: esxtarus	Read Replies (1) \| Respond to of 8117

news release Mr. Michael Jacobs reports PYNG TECHNOLOGIES CORP. ANNOUNCES QUARTERLY REPORT ENDING JUNE 30TH, 2003 Pyng Medical Corp. has had a very good nine-month period with sales increasing to $886,330 after adjustments for exchange rate differentials. This is a 90-per-cent increase in sales compared with the same fiscal period 2002. Financial highlights Pyng Medical had sales of $886,330 during this time frame, which represented a 90-per-cent increase in sales over the same period 2002. Gross margin increased to $619,513 with interest gain of $28,131 and a gain on settlement of accounts payable of $59,150 bringing the total to $706,794 for this period. Expenses incurred during this period were $806,804 prior to allowance for amortization of capital assets and deferred research and development which amounted to $96,174. The loss for the period including amortization expenses was $196,184 compared with a loss of $395,664 for the same period in fiscal 2002. Current assets including accounts receivable, inventory and prepaid stood at $372,813 and total assets including deferred research and development, capital assets, and patents were $4,252,011. Liabilities were as follows: bank line of credit $156,840; and accounts payable (including both Pyng Medical and Pyng Technologies) $286,827, for current liabilities of $453,012. Long-term liabilities total $151,522, which comprises a capital equipment loan. Over 580 medical sites in the United States have adopted the FAST1 system. Substantial sales have occurred with the U.S. military special forces during this time frame and the company has reason to believe that this will continue over the long term. Suspension of activities associated with the Iraq war has had some effect on sales during July and August but that was to be expected given the rapid buildup. Currently Pyng Medical has been notified of a request for proposals that has been issued from the U.S. Army for the proposed acquisition of medical kits for up to 15,000 units per year over a five-year period. This is an ID/IQ (indefinite delivery/quantity) contract. The U.S. Army supply source will determine how many kits are actually required. Three kits are on the request for supply. The FAST1 system is included in these kits. Pyng Medical has also entered into a distribution and pricing agreement with the Defence Supply Center, in Philadelphia. The company has also submitted a proposal to the U.S. Army under the small business innovation research. This was a request from the U.S. Army to develop a reusable sternal intraosseous infusion system. The current version of the FAST1 system manufactured by Pyng Medical is not reusable and must be disposed of whenever it has been used. The U.S. Army envisions a multiuse device which would be light, rugged, reusable and easily used in a combat setting. The company believes the FAST1 system can be readily adapted to meet these requirements using a replaceable cartridge. The SBIR, which is open to submissions, comes in two phases. Phase one requires a concept and or prototype to be developed that would meet the requirements for a reusable I/O system; the U.S. Army's preference for the I/O device is for a sternal device but other alternatives will be considered if they meet specific criteria. The FAST1 system is the only Food and Drug Administration approved sternal device and is currently being used in the special forces and has been approved for the above mentioned kits and the product has already been used in both Afghanistan and Iraq. Phase one financing under the SBIR is for up to $70,000 (U.S.). Phase two, if the company is successful, the project could potentially provide financing of up to $750,000 (U.S.) for development of the reusable device up to the commercialization stage. The determination of the successful contractor will be made in November of 2003. In other events the new board of directors has approved a budget which concentrates on manufacturing and sales. The approved budget calls for specific reductions in administration and development costs while preserving and enhancing marketing and sales. These cost reductions will have a positive effect on overall costs over the long term and will also help cash flow in the short term. Effective July 4, 2003, David Johnson (president, Pyng Medical) and Judy Findlay (chief executive officer) have left the company to pursue their desired career objectives and their keen interests in developing new products. They will no longer retain their respective positions with the company. In the interim, Kevin O'Neill, the newly appointed chairman of Pyng Medical, and Michael Jacobs (director) will be assisting Pyng Medical's current management and staff in running the company in keeping with the renewed focus on sales and profitability. The reduction in costs associated with these changes is intended to have a long-lasting effect on profitability and will help the company's cash flow situation in the short term. Pyng Medical through Pyng Technologies, its parent company, continues to seek investment capital to expand its marketing and sales opportunities in both the North American and overseas markets. Pyng Technologies will seek ways of raising $1-million or portions of over the next 12 months. Consideration is being given to a convertible debenture with interest attached to the debenture with the right to convert into stock. The company anticipates raising capital at this time to meet potential and current obligations particularly associated with the potential in military orders and the expansion of markets. Positive activities in the European market, Turkey, Spain, England, the military and domestic markets have the potential to expand sales in the near term and this will require additional capital. Note: Ads are shown to non-subscribers and trial subscribers only. Users who are logged in with paid subscriptions will not be shown any ads. Top Print this Page Old Site \| Home \| Products \| Help \| Contact Us \| Your Account \| System Status © 2003 Canjex Publishing Ltd. All rights reserved. Terms of Use, Privacy Policy