SOURCE: Pyng Medical Corp.

July 11, 2005 09:00 ET

Pyng Medical Reports Dramatic Sales Increase for Third Quarter

VANCOUVER, BC -- (MARKET WIRE) -- July 11, 2005 -- Pyng Medical Corp. (TSX: PYT) (OTC BB: PYNGF) is pleased to announce a dramatic increase in sales for the third quarter ending June 30, 2005. Total revenue for the quarter increased to $942,000 and the 9 months to a total of $1,956,000. This year to date is an increase of 93% from the previous two quarters' total of $1,014,000. This dramatic increase in revenue puts Pyng Medical Corp. on a strong footing for fiscal 2005 as traditionally the last quarter ending in September represents the largest quarter for sales.

By comparison fiscal 2004 revenue for nine months was reported at $1,253,816 and third quarter sales were $583,000. The increase in revenue in the third quarter 2005 represents a 62% increase over 2004 and is consistent with our projections for this year. Sales for all of fiscal 2004 were $1,928,000 and Pyng Medical Corp. has now surpassed that in the first nine months of fiscal 2005.

The number of F.A.S.T.1 Medical Systems delivered to date for nine months increased to well over 15,000. We have recently announced a planned increase in production to 3,500 units per month and we anticipate that we will adjust that upwards in the foreseeable future.

Once again Pyng Medical Corp. has benefited from its strategy of increasing product awareness, maximizing training in the field, a planned penetration of the European market, and maximizing efficiencies in production, quality and engineering.

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

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