Pyng Medical Corp. Announces It Has Closed a $600,000 Private Placement
Published: Dec 30, 2010
VANCOUVER, BRITISH COLUMBIA--(Marketwire - December 30, 2010) - Pyng Medical Corp. ("Pyng") (TSX VENTURE: PYT) announced today that all necessary regulatory and other required approvals have been obtained and on December 29, 2010 it issued, on a non-brokered private placement basis, 3,000,000 common shares at $0.20 per share for net proceeds of $600,000 to a single investor, MDR Specialty Distribution Corporation of Williamsburg, Virginia ("MDR"). MDR is a wholesale medical supplier distributor with revenues in excess of US$50,000,000 per year. One of the principals of MDR, Mr. Herbert A. Toms 3rd, was appointed to the Pyng board of directors upon closing of the placement. Mr. Toms, one of the founders of MDR, has been in the medical device supply business for over 12 years. Mr. Toms brings extensive experience and knowledge to Pyng regarding both domestic and international medical device warehousing and distribution.
There were no finder's fees payable in connection with the placement. All securities issued in connection with the placement are subject to a statutory hold period of four months plus a day from December 29, 2010, the date of issuance, in accordance with applicable securities legislation.
The proceeds of the placement will be used for general working capital and to pursue international sales opportunities.
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.
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.
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.
Pyng Medical Corp.
Chief Financial Officer & Corporate Secretary