VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 30, 2008) - Pyng Medical Corp. (TSX VENTURE:PYT) today released its unaudited second quarter fiscal 2008 results for the period ending March 31, 2008. Second quarter revenues of $1,444,769 exceeded the prior year period by $347,300 or 32%. Net income for the period was $138,722 compared to $77,429 in the prior year, with $55,546 of this difference due to the change in the US:Canadian dollar exchange rate.
"We are pleased to achieve sustained growth exceeding previous guidance as we continue ramping up sales of the FAST1(TM), the world's leading sternal IO system," said David Christie, President and CEO. "We also look forward to enhancing our product portfolio with complimentary technologies to build upon our leadership in resuscitative care."
Pyng's balance sheet remains strong with $1,813,494 in working capital, no long-term debt and an unutilized line-of-credit for $500,000. Cash flow from operations was $305,091 for the second quarter.
Full financial results for second quarter fiscal 2008 are available on SEDAR at www.sedar.com.
About Pyng Medical Corp.
Pyng Medical Corp. is the developer and manufacturer of the proprietary, award-winning FAST1(TM) Intraosseous Infusion System. Pyng has received the exclusive 2008 Medical Device Company of the Year Award from LifeSciences British Columbia for its sustained achievements in commercializing the Company's proprietary FAST1(TM) Intraosseous Infusion System. The Company was also 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.