SOURCE: Pyng Medical Corp.

February 13, 2006 09:00 ET

Pyng Medical Reports Record 2005 Results

RICHMOND, BC -- (MARKET WIRE) -- February 13, 2006 -- Pyng Medical Corp. (OTC BB: PYNGF) is pleased to announce filing of our audited financials for fiscal year 2005 (ending September 30 2005). All of our financial and related documents are available on WWW.SEDAR.COM.

Record sales of $2,797,744 for the fiscal year ending September 30th, 2005, an increase of 45% over 2004 sales of $1,928,484. Cost of sales was $902,354 providing a gross margin of $1,895,390 or 68% (2004: $1,164,098 or 60%). Cash flow from operations activities generated $70,387 and the company generated $442,506 in profit before EBITDA. Profit after EBITDA was $223,786.

Our improved cash flow allowed us to reduce outstanding debts. In FY 2005 Pyng Medical reduced a total of $30,813 in bank credit line and $50,000 in long-term debt (2004: long-term loan increased $48,237), a major contribution to our balance sheet. At September 30, 2005, the Company had a working capital of $512,068 (September 30, 2004: $83,966 deficiency), primarily due to increases in Cash and Accounts Receivable from sales growth."

Our annual AGM will be held at the offices of Lang Michener LLP at 1500-1055 West Georgia Street, Vancouver, British Columbia, on Friday, March 3, 2006, at 10 o'clock a.m., local time.

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

Contact Information

  • Contact:
    Brian McPherson
    email: Email Contact
    Tel: 604-303-7964 x-111