VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jan. 30, 2007) - Pyng Medical Corp. (TSX VENTURE:PYT) released its audited fiscal 2006 year end results on Monday, January 29, 2007. Pyng reported record sales of $2,998,143 with earnings before interest, taxes, depreciation and amortization of $340,361 or 11% of sales. The company also reported a strong working capital of $840,480 with an unutilized line-of-credit of $500,000.
"Pyng is pleased to finish our year with record revenue and double-digit earnings (as a ratio of sales), but what really thrills me is the significant positive cash flow of $414,130 from operations and a rock solid Balance Sheet," said David Christie, President and CEO.
Full audited financial results for fiscal 2006 are available on SEDAR at www.sedar.com.
Pyng Medical Corp. is a world-leader in intraosseous infusion with its proprietary award-winning FAST1(TM) intraosseous infusion system. The FAST1(TM) is used extensively by the U.S. Department of Defense and by Emergency Medical Services around the globe.
On behalf of the board,
David Christie, Director, President and Chief Executive Officer
Pyng Medical Corp.
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.