VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - June 5, 2007) - Pyng Medical Corp. (TSX VENTURE:PYT) reports record breaking unit sales and gross revenue for May 2007. The number of FAST1(TM) units shipped out in May has doubled over prior year month figures and greatly exceeds any month on record.
Revenue for the month of May 2007 was $577,393, an increase of $289,582 or 101% compared to prior year sales of $287,811 in May 2006. The company's sales revenue quarter-to-date has reached an all time high of $890,638 and year-to-date revenue stands at $2,955,563 compared to $1,740,751 in the prior year period.
The significant increase in sales is attributed to a variety of business and marketing strategies that Pyng Medical Corp. has embarked on during the year. Income is tracking favorably and details will be posted at the end of the quarter along with full financial results.
"Operations Manager Jon Strong, along with the production team have done a phenomenal job of meeting this sharp increase in demand," said David Christie, President and Chief Executive Officer. "With sales on a rapid upward trajectory, we solidly demonstrated increased awareness of the FAST1(TM) Intraosseous Infusion System and confirmed that it fills a major need in the marketplace."
"The dedication and hard work of the production team has been exceptional in meeting the increased demand for product," said Jon Strong, Operations Manager. "This is a very exciting time as we continue to provide top quality product and service to our expanding our client base, while realizing dramatic and steady growth."
About Pyng Medical Corp.
Pyng Medical Corp. is a world leader in intraosseous infusion with its proprietary award-winning FAST1(TM) Intraosseous Infusion System, the only device able to provide rapid sternal access and delivery of life saving fluids and drugs to the heart of critically injured patients within seconds. The FAST1(TM) is used extensively by the U.S. Department of Defense and by Emergency Medical Services around the globe.
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Pyng Medical Corp.