SOURCE: Pyng Medical Corp.

July 25, 2005 09:00 ET

Pyng Medical Organizes to Grow Company to Next Level

RICHMOND, BC -- (MARKET WIRE) -- July 25, 2005 -- Michael W. Jacobs, Founder, CEO and Chairman of Pyng Medical Corp (TSX-V: PYT) (OTC BB: PYNGF) in consultation with the Board of Directors, is pleased to announce that the company has embarked upon a search for a seasoned Chief Executive Officer to take over from Mr. Jacobs. An executive search committee, drawn from the board members and lead by Mr. Jacobs, has been formed. This search will take place over the next six months or sooner and potentially employ a professional management consultant to expedite the process. The company will be actively seeking an individual who brings to the position a proven record in the development of rapid growth companies like Pyng Medical Corp.

Pyng Medical, founded by Michael W. Jacobs, has been brought to the point of growth where it is now a viable medical device manufacturer, is reporting major sales growth, has achieved profitability and is poised for even more significant growth via new strategic directions.

With Pyng Medical now firmly established, Mr. Jacobs believes that now is the appropriate time for him to pass the reins over to a CEO who will be aggressive in the development of a global market for the F.A.S.T.1 System, engage in new product developments and embark on strategic partnering and potential acquisitions.

The selected candidate will have proven leadership abilities and will bring to the table the appropriate skills sets to move Pyng Medical Corp to the next level of growth and profitability.

Michael W. Jacobs will remain as Chairman, act as a consultant to the new CEO and remain actively involved in the European market place.

For further information please contact Pyng Medical Corp. at 1-604-303-7964 or visit our web site at www.pyng.com.

Michael W. Jacobs Chairman
Pyng Medical Corp
The Toronto Venture Exchange has neither reviewed nor approved of the contents of this News Release. Safe Harbor Statement: This release may contain certain forward-looking statements including without limitation, projections, assumptions, expectations, product development objectives, commercial introduction, and potential advantages of the F.A.S.T.1™ System. Actual events or results may differ from the Company's expectations as a result of risk factors discussed in Pyng Medical Corp. reports on file with the U.S. Securities and Exchange Commission.

Contact Information

  • Contact:
    Pyng Medical Corp.
    1-604-303-7964