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

To: Grant MacMillan who wrote (3311)	3/3/1999 1:13:00 PM
From: Jim Gary	Read Replies (1) \| Respond to of 8117

Grant: From the above web site here is the last item in the list, the president's report to shareholders, which summarizes the activities for the first quarter ending 12/31/98. The other forms reported are the full financial records comparing year to year results, etc. Hope this is of help. (I trust the error in reporting a bookmark noted below is the Pyng web site pyng.com -- what is printed below is what appears in the report.) Jim ==================================================== PYNG TECHNOLOGIES CORP. VSE.PYT OTC.BB-PYNGF QUARTERLY REPORT TO DECEMBER 31 st -1998 Dear Shareholder, We have had a very productive quarter to December 31 st 1998 with much progress in our field trial work and several new events that have taken place in both the civilian and military market place for The F.A.S.T 1 System for Adult Intraosseous Infusion. First we will discuss the financial aspects of Pyng Technologies Corp. and then into the details of the current events for Pyng Medical Corp. Canadian Custom Profiles Ltd. had sales of $28,682.00 before cost of sales of $17,420.00, which generated a gross margin of $11,262.00. Other income from interest was $23,283.00 for a total gross margin of $34,545.00 prior to research and development cost associated with the F.A.S.T 1 System for Adult Intraosseous Infusion. Pyng Technologies Corp. through a Private Placement raised $823,970.00 during this quarter. We also received funds from the exercise of warrants of $414,275.00 for total revenue of $1,238,245.00. This revenue plus that which was on hand at the start of the quarter has taken our cash position to $2,063,150.00 Inventory, marketable securities, accounts receivable, and other receivables bring our total liquid asset position to $2,347,235.00. All details of our financial position our outlined in our quarterly report to December 31 st , 1998 attached. Some of the many current events that have taken place over this last quarter are as follows, · October 22nd/98 Private Placement announced and is over subscribed. · October 28 th /98 Pyng Medical Corp. receives a great response to the F.A.S.T 1 System at the American College of Emergency Physicians in San Diego, Cal. · Nov. 4 th /98 Virginia State Police Department through their EMS Med. Flight · Detachment signs on to the F.A.S.T 1 field trial sites. · Nov. 20 th /98 US Military clears the F.A.S.T 1 for purchase #6515-0-453-0960 · Dec. 17 th /98 US Army request Pyng Medical staff to train the instructors at the John F Kennedy Special Warfare Center and School at Fort Bragg, North Carolina. All of the above were made as detailed news releases and are available on our web site at Error! Bookmark not defined. Field trial work has been delivering truly great results and we are fully confident as we begin the process of designing and organizing for mass production. The funds are in place and the F.A.S.T 1 System has shown, without a doubt, that it does save lives in the hands of emergency caregivers in the pre-hospital and emergency hospital environments. We have also delivered out our first military orders to Fort Benning Georgia. I believe that we have had another great quarter and your dedicated staff continues to advance the F.A.S.T 1 System to market on a daily basis. Yours sincerely, Michael W. Jacobs, President