SOURCE: Pyng Medical Corp.

January 30, 2006 09:00 ET

Pyng Founder Michael Jacobs Resigns as Chief Executive Officer, Pyng Appoints Interim Chief Executive Officer and New Chief Financial Officer

RICHMOND, BC -- (MARKET WIRE) -- January 30, 2006 -- Pyng Medical Corp. (the "Company") (TSX-V: PYT) (OTC: PYNGF) wishes to announce that Michael Jacobs, Founder, Chairman and Chief Executive Officer of the Company has resigned as Chief Executive Officer effective January 26, 2006, as part of the planned reorganization of management announced in the Company's news release of July 25, 2005. Kevin O'Neill has resigned as Chief Financial Officer to assume the position of interim Chief Executive Officer during the Company's previously announced executive search for a seasoned Chief Executive Officer to lead the Company to the next stage of its development and to drive its growth in the global market for the F.A.S.T. 1™ System. Mr. Steve Law, controller of the Company, has assumed the position of CFO effective January 26, 2006 in place of Mr. O'Neill. Kevin O'Neill has been with the Company since 1998 in various capacities and has served as a director since 2002 and as President since 2003.

Mr. Jacobs will remain chairman of the company, but will resign that office on March 1, 2006 when he will become a senior consultant to the Company. In this role, he will remain active in the strategic development of the Company, which he founded in 1988. Mr. Jacobs was instrumental in the company becoming a world leader in the field of intraosseous infusion. He now intends to devote more time to his family and the enjoyment of life.

The board, on behalf of the company and its shareholders, wish to express their thanks to Mr. Jacobs for his extraordinary drive, hard work and dedication to duty, all of which have contributed to the Company's success.

FOR AND ON BEHALF OF THE BOARD OF DIRECTORS

"Kevin O'Neill"

Kevin O'Neill

President and Chief Executive Officer

Contact Information

  • Contact:
    Pyng Medical Corp.
    (604) 303-7964