VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - July 30, 2007) - Pyng Medical Corp. (TSX VENTURE:PYT) reports record financial results for the third quarter of its 2007 fiscal year, ending June 30, 2007. The quarter's significant revenue growth offset a nine-point drop in the US dollar, while control on operating expenditures ensured the Company maintained its commitment of consecutive income-generating quarters. Pyng has implemented a 4.5% price increase on July 1st to help offset further deterioration in the US dollar, given that 91% of its revenue comes from the US market.
"The continued strong income performance of Pyng is a testament to our mastery of the basics. We are driving our top-line through the strength of our world-class distribution partners, while keeping a close eye on expenditures. By keeping incremental costs variable, we were able to quickly reduce them when the US dollar tumbled in April," said David Christie, President and Chief Executive Officer. "We continue to be fully committed to delivering on our promise of profitability throughout this fiscal year and remain confident that we will meet or exceed our year-end income target."
Revenues for the quarter were $1,356,251, an increase of 37.7% over the prior year period and net income was $47,685. Year-to-date revenues were $3,421,176, an increase of 62.5% over prior year with net income of $274,948, an increase of 55.1%. Cash flow from operations year-to-date was $604,601, an increase of 68% over the prior year.
The Company's full third quarter results are available at the SEDAR Web site (www.sedar.com). A Webcast discussing results will be broadcast at 10:00 a.m. PST on Tuesday, July 31, 2007. Those interested in attending can send an email to firstname.lastname@example.org for details on how to participate.
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.
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Pyng Medical Corp.