VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - April 10, 2006) - Pyng Medical Corp. (TSX VENTURE:PYT) is pleased to announce Fiscal 2006 Q2 and YTD sales results (FY 2005 applicable period results in parenthesis, all sales CDN $).
Total sales for Q2 2006 were $703,463 ($591,225), a 19% increase over Q2 2005. FY 2006 YTD revenues were $1,119,654 ($1,014,634) a 10% increase over the equivalent FY 2005 period. Pyng Medical has a strong working capital of over $560,000; largely due to cash of over $170,000 and accounts receivable of $419,000. Full second quarter financial results will be available on SEDAR in early May 2006.
Dr. Richard Clinchy, Pyng's Director Business Development, noted, "Q1 sales are traditionally slow due to budget allocations not being immediately in place after the US government's year end. This years Q1's normal seasonal situation was further exacerbated due to US Congressional budget allocation issues and which carried into the New Year. Q2 results however were stronger and in particular March sales were a record, with 2,678 units being shipped. Pyng is once again positioned to experience our traditional strong sales results in the last two quarters of the year."
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.