Pyng Medical Corp.

Pyng Medical Corp.

February 03, 2012 20:02 ET

Pyng Medical Corp. Announces Bridge Loan

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 3, 2012) - Pyng Medical Corp. (TSX VENTURE:PYT) ("Pyng" or the "Company") today announced a loan (the "Loan") in the amount of US$220,000 from its largest shareholder Excelera Corporation ("Excelera"). The Loan carries interest at 11% per annum, is unsecured, and does not include an equity component. The total principal and interest is due on April 12, 2012.

Excelera currently beneficially owns or controls 19.99% of the outstanding common shares of Pyng. These shares were transferred to Excelera from MDR Specialty Distribution Corp. ("MDR") as a result of a reorganization of MDR. Herb Toms, the Chairman of Pyng, beneficially owns or controls 80% of the common shares of Excelera and MDR.

Pyng also expects to develop a long-term financing arrangement of up to US$1,000,000 with Excelera, which the Loan will roll into, that is expected to provide additional funds to complete critical product development activity.

The Company also announced that Robert Di Silvio has replaced Herb Toms as a member of the Audit Committee.

About Pyng Medical Corp.

Pyng Medical Corp. commercializes award-winning trauma and resuscitation products for front-line critical care personnel. Pyng's expanded product portfolio includes a variety of innovative, lifesaving tools. With growing markets in North America, Europe and Asia, Pyng offers user-preferred medical devices for use by hospital staff, emergency medical services and military forces worldwide.

Safe Harbour Statement; Forward-Looking Statements: This release may contain forward-looking statements based on management's expectations, estimates and projections. All statements that address expectations or projections about the future, including statements about the Company's strategy for growth, product development, market position, expected expenditures and financial results are forward-looking statements. Some of the forward-looking statements may be identified by words like "expects", "anticipates", "plans", "intends", "projects", "indicates", and similar expressions. These statements are not guarantees of future performance and involve a number of risks, uncertainties and assumptions. Many factors, including those discussed more fully elsewhere in this release and in documents which may be filed with the British Columbia Securities Commission, the Alberta Securities Commission, the Ontario Securities Commission, the TSX Venture Exchange, as well as other USA Commissions, could cause results to differ materially from those stated. These factors include, but are not limited to changes in the laws, regulations, policies and economic conditions, including inflation, interest and foreign currency exchange rates, of countries in which the Company does business; competitive pressures; successful integration of structural changes, including restructuring plans, acquisitions, divestitures and alliances; cost of raw material, research and development of new products, including regulatory approval and market acceptance; and seasonality of sales in some products.

Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Pyng Medical Corp.
    George Dorin
    Chief Financial Officer