Pyng Medical Corp.
TSX VENTURE : PYT

Pyng Medical Corp.

March 25, 2008 19:36 ET

TSX Venture Exchange Approves Pyng Medical's Escrow Conversion

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 25, 2008) - Pyng Medical Corp. (the "Company") (TSX VENTURE:PYT) announces today that the TSX Venture Exchange (the "Exchange") has approved an amendment to the Company's escrow agreement dated July 15, 1992 (the "Original Escrow Agreement") by replacing it with the Exchange's form of escrow agreement known as Form 5D.

The amendment to the Original Escrow Agreement was approved by the Company's shareholders on a disinterested basis, along with the cancellation of 1,750,000 escrow shares out of 3,750,000 escrow shares and a redistribution of the remaining 2,000,000 escrow shares among founders, current directors and current officers/employees.

The Company is a Tier 1 issuer and the new release formula respecting the 2,000,000 escrow shares will be as follows:



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Release Dates Percentage of Escrow Shares to be Released
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60 days after the date of this
news release (May 24, 2008) 1/10 of the Escrow Shares
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September 24, 2008 1/6 of the remaining Escrow Shares
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March 24, 2009 1/5 of the remaining Escrow Shares
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September 24, 2009 1/4 of the remaining Escrow Shares
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March 24, 2010 1/3 of the remaining Escrow Shares
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September 24, 2010 1/2 of the remaining Escrow Shares
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March 24, 2011 all of the remaining Escrow Shares
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Under Exchange policy, the date of the first release will be May 24, 2008 at which time 10% of the 2,000,000 shares remaining in escrow will be released pro rata to the holders of the escrow shares. All future releases will also be effected on a pro rata basis.

About Pyng Medical Corp.

Pyng Medical Corp. is the developer and manufacturer of the proprietary, award-winning FAST1™ Intraosseous Infusion System. Earlier this month, Pyng Medical received the exclusive 2008 Medical Device Company of the Year award from LifeSciences BC for its sustained achievements in commercializing the FAST1™. Pyng was also 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
    Website: www.pyng.com