Pyng Medical Corp.

Pyng Medical Corp.

March 05, 2008 14:52 ET

Pyng Medical Reports On Annual General Meeting

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 5, 2008) - Pyng Medical Corp. (TSX VENTURE:PYT) today reported the formal business of the Company's Annual General Meeting, held on March 5, 2008.

At the Annual General Meeting, the shareholders approved the following resolutions:

Election of Directors

Fixed the number of Directors at six and elected the persons proposed in the Information Circular to the Company's Board of Directors; namely, Kevin O'Neill, Michael Jacobs, David Christie, Alan Moloff, Robert Di Silvio, and Edward Bence.

Appointment of Auditors

The reappointment of Morgan & Company chartered accountants, as auditors of the Company.

Continuation and Amendment of the Share Option Plan

The amendment of the Company's Stock Option Plan to reflect the Company's graduation from Tier 2 to Tier 1 Issuer status.

Shareholder Rights Plan

The approval of a Shareholder Rights Plan Agreement to ensure the fair treatment of all shareholders in connection with any take-over bid for the outstanding common shares of the Company. The plan adopted by the Board of Directors on October 24, 2007, provides adequate time for shareholders and the Board to evaluate and assess a take-over bid without facing undue pressure or coercion; it also provides the Board with an opportunity to explore alternative transactions in order to maximize shareholder value.

Amendment to the Escrow Agreement

Approval was granted on a disinterested shareholder basis to adopt a new form of escrow agreement and reduce the number of escrow shares by 1,750,000. The new form of agreement will allow the remaining escrow shares to be released from escrow over time instead of on an earn out basis. The adoption of this new form of agreement and the proposed release schedule (three years), are subject to TSXV approval. The shareholders also approved a redistribution of the escrow shares such that these shares will be held by current members of the Board and Management, as well as the Company's Founders and Co-Inventors.

About Pyng Medical Corp.

Pyng Medical Corporation is the developer and manufacturer of the proprietary, award-winning FAST1™ Intraosseous Infusion System. FAST1™ is the most rapid, reliable and safe alternative to conventional IV infusion providing lifesaving vascular access for fluid and drug resuscitation in shock and trauma victims. Pyng was 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. With expanding markets in North America, Europe and Asia, the FAST1™ has worldwide application for use with hospitals, emergency medical services and military forces.

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.

Contact Information

  • Pyng Medical Corp.
    David Christie
    (604) 303-7964