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Tue, January 22, 2013 Pyng Medical Corp. Announces Manufacturing Transfer and New Partnerships
January 22, 2013 09:30 ET
Pyng Medical Corp. Announces Manufacturing Transfer and New Partnerships
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 22, 2013) - Pyng Medical Corp. (TSX VENTURE:PYT) (the "Company") today announced the completion of the manufacturing transfer of its highest volume product, FAST1, to Donatelle Plastics, Inc. ([ http://www.donatellemedical.com ]) of New Brighton, Minnesota, USA. Founded as a privately owned tool design and fabrication business in 1967, Donatelle has evolved into an FDA compliant, ISO-9001:2000 and -13485:2003 certified full-service medical device manufacturer that ships product worldwide. The Company has also begun to forge a technology partnership with Donatelle, with the goal of improving the efficiency of current products and bringing new products to market in the future. The Company is no longer performing manufacturing operations in Richmond, BC, Canada, but Richmond remains the Company's headquarters.
The Company today also announced that MDR Specialty Distribution Corp, of Newport News, Virginia, USA, has become its new North American Warehouse. This move was executed to reduce costs, enhance logistics of the entire supply-chain, and improve customer service. The company has already realized benefits in these areas since this transfer was finalized. Both MDR and Excelera Corp. (the Company's largest shareholder with approximately 17.7% of the Company's outstanding shares) are held under common ownership.
About Pyng Medical Corp.
Pyng Medical Corp. commercializes award-winning trauma and resuscitation products for front-line critical care personnel. Pyng's expanded product portfolio includes a variety of innovative, lifesaving tools. With growing markets in North America, Europe and Asia, Pyng offers user-preferred medical devices for use by hospital staff, emergency medical services and military forces worldwide.
More information about the Company is available on SEDAR at [ www.sedar.com ] under the Company's profile and on its website: [ www.pyng.com ].
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 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.
Neither the TSX Venture Exchange nor its Regulatory Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
