VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 29, 2008) - Pyng Medical Corp. (TSX VENTURE:PYT) today released its unaudited first quarter fiscal 2008 results for the period ending December 31, 2007. First quarter revenues of $1,311,207 exceeded the prior year period by $343,751 or 36%. Net income for the period was $57,119 compared to $149,834 in the prior year, with $75,524 of this difference due to the change in the US:Canadian dollar exchange rate.
"We are pleased with our top-line results to date and expect strong revenue growth to continue as we enhance our international distributor network and execute on our growth-oriented business strategy," said David Christie, President and CEO.
"Despite difficult market conditions and continued weakness in the US economy, we are continuing to grow the business and ramp up sales internationally while evaluating several potential value-based acquisition opportunities to broaden our product portfolio," adds Christie.
Pyng's balance sheet remains strong with $1,666,326 in working capital, no long-term debt and an unutilized line-of-credit for $500,000. Cash flow from operations was $181,338 for the first quarter.
Full financial results for first quarter fiscal 2008 are available on SEDAR at www.sedar.com. Pyng's quarterly conference call and webcast will occur at 10:30 am Pacific Time, Wednesday January 30, 2008.
Dial-in numbers: Web Cast: https://pyng.webex.com North American toll-free: 1-888-300-8232 Password: q1results Local or international: 604-427-3427 Conference ID#: 32448683
About Pyng Medical Corp.
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 with hospitals, emergency medical services and military forces.
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.