Pyng Medical Corp.

Pyng Medical Corp.

March 17, 2009 09:00 ET

Pyng Medical Corp. Announces Election of Directors at 2009 Annual General Meeting and Executive Restructuring

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 17, 2009) - Pyng Medical Corp. (the "Company") (TSX VENTURE:PYT) announced yesterday that at the Annual General Meeting of the shareholders held on March 11, 2009, the following persons were elected as directors: Robert ("Bob") DiSilvio, Kevin O'Neill, Michael Jacobs, R.J. ("Bud") Evans, Al Moloff and David Christie.

The Company also announced yesterday that it is restructuring its executive to address its strategic plan and business objectives. Effective immediately, David Christie no longer holds the positions of Chief Executive Officer and President. He remains a director and is working with the Board in support of a smooth transition while he pursues other business interests.

At a Board Meeting held yesterday, Bob DiSilvio was appointed as Chief Executive Officer of the Company, intended to be on an interim basis, with the immediate objective of recruiting a new Chief Executive Officer. Steve Law was appointed as Chief Financial Officer. The Company's Audit Committee and Compensation Committee were also reconstituted for the ensuing year.

Mr. O'Neill stated on behalf of the Board of Directors "We wish to thank David Christie for his contributions over the past two years and also to wish him well in his future endeavours."

On behalf of the Board of Directors of Pyng Medical Corp.

Kevin O'Neill, Director, Pyng Medical Corp.

About Pyng Medical Corp.

Pyng Medical Corp. commercializes award-winning trauma and resuscitation products for front-line critical care personnel. Creators of the FAST1® Intraosseous Infusion System, 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. Pyng has received the exclusive 2008 Medical Device Company of the Year Award from Life Sciences British Columbia for its sustained achievements in commercializing the Company's proprietary FAST1®, the only medical device able to provide rapid sternal access for administering drugs and fluids to the heart in seconds. The Company was also selected in the "2007 TSX Venture 50" Top 10 companies in Life Sciences based on solid financial metrics for the year ending December 31, 2006.

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.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

The TSX Venture Exchange nor its Regulation Services 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.
    Bob DiSilvio
    1-800-349-7964 (x208)