VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - July 10, 2006) - Pyng Medical Corp. (TSX VENTURE:PYT) is pleased to announce Fiscal 2006 Q3 and YTD sales results (FY 2005 applicable period results in parenthesis, all sales CDN $).
Total sales for Q3 2006 were $987,761 ($942,782), a 4.8% increase over Q3 2005. FY 2006 YTD sales were $2,107,288 ($1,957,416), a 7.7% increase over the equivalent FY 2005 period. Full third quarter financial results will be available on SEDAR in early August 2006.
Increased sales were reported in all sectors and in particular from distributors who were recently appointed to address opportunities created by the ILCOR guideline changes (see May 1 2006 news release). Pyng recently increased its North American distribution channels from three distributors to now 10. Internationally, increased activity has resulted with sales in the UK and Germany.
Dr. Richard Clinchy, Pyng's Director of Business Development, noted, "Our diversification strategy in response to the ILCOR changes is showing results. We are experiencing sales from our new distributors and increased inquiries due to the heightened market interest in IO and our concerted marketing activities."
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.