VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 30, 2008) - Pyng Medical Corp. (TSX VENTURE:PYT) today released its unaudited third quarter fiscal 2008 results for the period ending June 30, 2008, marking the Company's seventh consecutive quarter of growth and profitability. Third quarter revenues of $1,624,967 exceeded the prior year period by 20%. Net income for the period increased to $97,573 compared to $47,684 in the third quarter of 2007. Pyng Medical also achieved two priority business development milestones during the quarter which significantly enhance the Company's future revenue potential.
In May 2008, Pyng received regulatory clearance from the US Food and Drug Administration (FDA) and Health Canada for the expanded use of its proprietary FAST1(R) Intraosseous Infusion System to include adolescent patient populations, in addition to adults. In June 2008, the Company expanded its product portfolio by acquiring the trauma assets of California-based Bio Cybernetics International (BCI), including the market leading T-POD(R) Pelvic Stabilizer, MAT(R) Tourniquet and CRIC(TM) Cricothyrotomy Kit.
"The third quarter of 2008 was a period of substantial growth that increases the Company's unique expertise in resuscitative care and dramatically enhances future revenue potential from product sales," said David Christie, President and CEO. "It's been a swift and seamless transition. We are now selling a complimentary suite of market leading products through an expanded international distribution network into large markets, including hospitals, emergency medical services and military forces worldwide. With our enhanced management team, we look forward to commercially launching CRIC(TM) upon receipt of US FDA clearance which we expect to receive this fall."
Pyng's balance sheet remains strong with $968,062 in working capital, $1 million operating loan and $1 million line-of-credit. Cash flow also remains strong with earnings before interest, taxes, depreciation and amortization of approximately $715,000 year-to-date at the end of the third quarter.
Pyng's quarterly conference call and webcast will occur at 10:00 am Pacific Time, Thursday July 31, 2008.
North American toll-free: 1-888-300-8232
Local or international: 647-427-3427
Conference ID#: 58146299
Web Cast: https://pyng.webex.com
Full financial results for third quarter fiscal 2008 are available on SEDAR at www.sedar.com.
About Pyng Medical Corp.
Pyng Medical Corp. commercializes award-winning trauma and resuscitation products for front-line critical care personnel. Creators of the FAST1(R) Intraosseous Infusion System, Pyng's expanded product portfolio includes a variety of innovative, lifesaving tools. With growing markets in North America, Europe and Asia, Pyng offers user-preferred medical devices for use by hospital staff, emergency medical services and military forces worldwide. Pyng has received the exclusive 2008 Medical Device Company of the Year Award from Life Sciences British Columbia for its sustained achievements in commercializing the Company's proprietary FAST1(R), the only medical device able to provide rapid sternal access for administering drugs and fluids to the heart in seconds. The Company 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.
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.
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Pyng Medical Corp.