RICHMOND, BRITISH COLUMBIA--(Marketwire - Nov. 28, 2007) - Pyng Medical Corporation (TSX VENTURE:PYT) today released its audited fiscal 2007 year end results demonstrating 60% revenue growth compared to fiscal 2006 and more than a ten-fold increase in income. Pyng reported record sales of $4,807,705 with net income after tax of $858,788 or 18% of sales.
"In fiscal 2007, we achieved consecutive quarterly revenue growth and profits throughout the year and significantly exceeded our guidance with respect to year-end income," said David Christie, President and CEO. "We also made substantive progress expanding beyond the US to introduce our lead commercial product into large international markets laying the foundation for continued significant revenue growth."
"As well, we are aggressively pursuing in-licensing and strategic acquisition opportunities to broaden our product portfolio and compliment the market-leading performance of our FAST1(TM) medical device," adds Christie.
The Company recorded earnings before interest, taxes, depreciation and amortization, and stock based compensation of $899,420 or 19% of sales. Pyng also reported working capital of $1,588,771 with no loans outstanding and an unutilized line-of-credit of $500,000.
Full audited financial results for fiscal 2007 are available on SEDAR at www.sedar.com.
On behalf of the board,
David Christie, Director, President and Chief Executive Officer
Pyng Medical Corp.
About Pyng Medical Corporation
Pyng Medical Corporation is a Canadian medical device company that developed and commercially launched its proprietary, award-winning FAST1(TM) Intraosseous Infusion System as its lead clinical product. FAST1(TM) is the most rapid, reliable and safe alternative to conventional IV infusion, providing lifesaving vascular access for fluid and drug resuscitation in shock and trauma victims.
Pyng was selected in the "2007 TSX Venture 50" Top 10 companies in Life Sciences, based on solid financial metrics for the year ending December 31, 2006. With expanding markets in North America, Europe and Asia, the FAST1(TM) has worldwide application for use in hospitals, Emergency Medical Service and military.
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.
President and CEO