VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 14, 2013) - Pyng Medical Corp. (TSX VENTURE:PYT) (the "Company") today announced that it has issued a Promissory Note dated October 1, 2013 (the "Note") and related General Security Agreement dated October 31, 2013 with its strategic manufacturing partner (the "Strategic Partner"). The Note has a principal sum of US$1,000,000, plus interest of 12% per annum, and is payable in blended monthly principal and interest payments up to and including September 30, 2015. The Note represents payment of various accounts payable, past due interest, and some prepaid costs related to new products under development.
A security interest was granted to the Strategic Partner by way of a General Security Agreement over all the assets of Pyng, but subordinate to an existing first senior position held by the holders of Pyng's existing Convertible Debentures outstanding in the amount of CDN$545,000, which mature on August 10, 2014. If the Convertible Debentures are reissued, this first senior position will stay in effect to a maximum of CDN$545,000.
More information about the Company is available on SEDAR at www.sedar.com under the Company's profile and on our website: www.pyng.com.
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.
Neither 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.
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.