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

To: Gary H who wrote (639)	3/3/1998 3:17:00 PM
From: esxtarus	Read Replies (1) \| Respond to of 8117

Pyng Technologies Corp.Tuesday, March 03, 1998 * Related Information EVALUATION AND ANALYSIS OF PYNG TECHNOLOGY (PYT:VSE) The underlying analysis has been prepared against the backdrop of recent fundamental developments with respect to Pyng Technology's common stock as currently traded on the Vancouver Stock Exchange (Canada). The definitive purpose of the report is to provide an evaluation of the fair market value of the equity as it relates to assigned market value. It is important to note that the dynamics of this publicly traded company, from here on, will essentially change on a weekly basis. The most important and forceful underlying dynamic, is the fact that with the achievement of receiving a broad multipoint patent and its submission to the World Patent organization for filing, F.A.S.T. 1 System (tm) gains validity by all those countries that are signatories of the International Patent Treaty. The "System" has become a Pyng Technology Proprietary Product, with FDA approval. In an attempt to define penetration and market size, we have been sufficiently challenged. However, after comprehensive review of the business plan which covers the F.A.S.T.1 System (tm) in it's use in emergency medicine and through general application, it is quite apparent the original numbers established are quite conservative. This was very apparent in the fact the original plan did not adequately include all branches of military demands. The recent announcements that the United States Military, NATO and combined countries are also going to utilize the "System" are, for the purposes of this report, viewed as substantial added value. As no statistical data has ever been developed for these military applications, it is proper to assume that they are sizable. It is also a realistic assumption that many other military entities will adopt the F.A.S.T. 1 System (tm). Two key points of interest as noted below, The F.A.S.T. 1 System (tm) as currently defined with multipoint patent protection and FDA approval, has sizeable stand alone value The original market size statistical data was developed for the United States market only. It is highly probably that other countries may in fact have very similar anticipated demands to that of the United States (both civilian and military). It is anticipated that assigned stock market values, from now on, over time will increase rather dramatically. It is also expected that a natural progression of venue changes will occur, such as a listing move to other markets (TSE or Nasdaq). However, the most advantageous scenario would be a strategic alliance or buy out by a major medical company. At that point, market valuation would be maximized and a value assignment between Seventy Five Dollars and One Hundred Twenty Five Dollars per share (Canadian) could possibly be attained given the minimal amount of share dilution the company has achieved at this stage of it's life cycle. While we view this target as a mid to long term objective, we feel it is a reasonable expectation given the global nature of the markets. It is recommended, therefore, that components of our portfolio represented by Pyng Technology common stock be considered a long term hold, while in more absolute terms, the dynamics affecting Pyng Technology are not absolutely predictable. A buy out or merger with a medical company is a likely future scenario at much higher prices.